Commonwealth legislation

Superannuation (Productivity Benefit) Declaration No. 8

In ForceCTH

Jurisdiction

Commonwealth

Act Number

125 of 1991

Collection

legislative instrument

Plain English Summary

3/10 complexity

This Declaration fixes the numerical factor (the "declared second interest factor") used to calculate productivity‑benefit payments for the financial year beginning 1 July 1991 by prescribing a formula that uses an interest rate of 0.11 and specific day‑count rules. It applies to employees who become fund employees, employees who become entitled to an interim benefit under section 6 of the Act, and employees in neither category, changing how benefit amounts are computed rather than who is covered.

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Superannuation (Productivity Benefit) Declaration No. 8

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Statutory Rules 1991 No. 1251

__________________

Superannuation (Productivity Benefit)

Declaration No. 8

I, RALPH WILLIS, Minister for Finance, make the following Declaration under paragraph 3e (1) (b) 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. 8.

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 second 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 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. 8