Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2007 (Cth)

Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2007

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 2007, is 0.060; 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 2007; and

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

(i)   determine, for 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 2007 and ending in the next financial year; and

(ii)   determine, for 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 2007 and ending in the next financial year.

This Determination commences on 1 July 2007.

Dated 19 June 2007

PETER COLIN MARTIN

Australian Government Actuary

Schedule 1       Method — Adjustment period of less than 12 months in the 2007–08 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
2006–07 and 2007–08 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 2007.

d2 is the number of days in the adjustment period in the financial year beginning on 1 July 2007.

Schedule 3       Method — Adjustment period of less than 12 months bridging the 2006–07 and 2007–08 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 2007.

d2 is the number of days in the adjustment period in the financial year beginning on 1 July 2007.