Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2005 (Cth)

Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2005

Family Law (Superannuation) Regulations 2001

I, PETER COLIN MARTIN, Australian Government Actuary:

(a)   acting under subregulation 45D (3) of the Family Law (Superannuation) Regulations 2001, determine that the interest rate for the adjustment period, being the financial year beginning on 1 July 2005, is 0.073; and

(b)   acting under subregulation 45D (4) of those Regulations, determine that the method set out in Schedule 1 is the method for calculating the interest rate for an adjustment period of less than 12 months that begins and ends in the financial year beginning on 1 July 2005; and

(c)   acting under subregulation 45D (6) of those Regulations:

(i)   determine, for the purposes of subparagraph 45D (5) (b) (i) of those Regulations, that the method set out in Schedule 2 is the method for calculating the interest rate for an adjustment period of exactly 12 months beginning before the end of the financial year ending on 30 June 2005 and ending in the next financial year; and

(ii)   determine, for the purposes of subparagraph 45D (5) (b) (ii) of those Regulations, that the method set out in Schedule 3 is the method for calculating the interest rate for an adjustment period of less than 12 months beginning before the end of the financial year ending on 30 June 2005 and ending in the next financial year.

This Determination commences on 1 July 2005.

Dated 20 June 2005

PETER COLIN MARTIN

Australian Government Actuary

Schedule 1       Method — Adjustment period of less than 12 months in the 2005-06 financial year

(paragraph (b))

The method for calculating the interest rate for the adjustment period is:

where:

d is the number of days in the adjustment period.

Schedule 2       Method — Adjustment period of exactly 12 months bridging the 2004-05 and 2005-06 financial years

(subparagraph (c) (i))

The method for calculating the interest rate for the adjustment period is:

where:

d1 is the number of days in the adjustment period in the financial year ending on 30 June 2005.

d2 is the number of days in the adjustment period in the financial year beginning on 1 July 2005.

Schedule 3       Method — Adjustment period of less than 12 months bridging the 2004-05 and 2005-06 financial years

(subparagraph (c) (ii))

The method for calculating the interest rate for the adjustment period is:

where:

d1 is the number of days in the adjustment period in the financial year ending on 30 June 2005.

d2 is the number of days in the adjustment period in the financial year beginning on 1 July 2005.