Commonwealth legislation

Superannuation (Productivity Benefit) Declaration No. 7

In ForceCTH

Jurisdiction

Commonwealth

Act Number

124 of 1991

Collection

legislative instrument

Plain English Summary

3/10 complexity

This Declaration sets the numerical rule used to calculate the “declared first interest factor” for the 1991–92 financial year under the Superannuation (Productivity Benefit) Act 1988. It fixes an interest rate of 0.11 and defines how to count days for different employee circumstances (fund employees, those entitled to interim benefits, or others), so administrators must apply that factor when computing productivity-benefit interest.

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Superannuation (Productivity Benefit) Declaration No. 7

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Statutory Rules 1991 No. 1241

__________________

Superannuation (Productivity Benefit)

Declaration No. 7

I, RALPH WILLIS, Minister for Finance, make the following Declaration under paragraph 3e (1) (a) of the Superannuation (Productivity Benefit) Act 1988.

Dated 5 June 1991.

RALPH WILLIS

Minister for Finance

____________

Citation

This Declaration may be cited as Superannuation (Productivity Benefit) Declaration No. 7.

Specified formula

For the purposes of section 8a of the Superannuation (Productivity Benefit) Act 1988, the factor ascertained using the following formula is declared to be the declared first interest factor for the financial year commencing on 1 July 1991:

where:

“Interest rate” means 0.11;

“Days” means:

(a) in the case of an employee who becomes a fund employee—the number of days between the date of the last day of the first pay period of the employee ending after 1 July 1991 and the day on which an amount first becomes payable under section 4f of that Act and including both of those days; or

(b) in the case of an employee who becomes entitled to receive an interim benefit under section 6 of that Act—the number of days between the date of the last day of the first pay period of the employee ending after 1 July 1991 and the day on which the employee became entitled to receive the benefit; or

(c) in the case of an employee who neither becomes a fund employee nor becomes entitled to receive an interim benefit the number of days between the date of the last day of the first pay period of the employee ending after 1 July 1991 and 30 June 1992.

____________________________________________________________

NOTE

Notified in the Commonwealth of Australia Gazette on 21 June 1991.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Superannuation (Productivity Benefit) Declaration No. 7