Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2013 (Cth)

Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2013

I, Peter Colin Martin, Australian Government Actuary, make the following determination under regulation 45D of the Family Law (Superannuation) Regulations 2001.

Dated: 28 June 2013

Peter Colin Martin

Australian Government Actuary

Contents

1............ Name of determination.................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Definition...................................................................................................................... 1

5............ Adjustment period—financial year................................................................................ 1

6............ Adjustment period—less than 12 months within financial year..................................... 1

7............ Adjustment period—12 months not within financial year............................................. 1

8............ Adjustment period—less than 12 months not within financial year............................... 2

1  Name of determination

This determination is the Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2013.

2  Commencement

This determination commences immediately after the commencement of the Family Law (Superannuation) Amendment (ABS) Regulation 2013.

3  Authority

This determination is made under regulation 45D of the Family Law (Superannuation) Regulations 2001.

4  Definition

In this determination:

regulations means the Family Law (Superannuation) Regulations 2001.

5  Adjustment period—financial year

For subregulation 45D(3) of the regulations, the interest rate for the adjustment period, being the financial year beginning on 1 July 2013, is 0.073.

6  Adjustment period—less than 12 months within financial year

(1)  This section applies to an adjustment period of less than 12 months that begins and ends in the financial year beginning on 1 July 2013.

(2)  For subregulation 45D(4) of the regulations, the method for working out the interest rate for the adjustment period is by using the formula:

where:

d is the number of days in the adjustment period.

7  Adjustment period—12 months not within financial year

(1)  This section applies to an adjustment period of 12 months that begins in the financial year beginning on 1 July 2012 and ends in the financial year beginning on 1 July 2013.

(2)  For subregulation 45D(6) of the regulations, the method for working out the interest rate for the adjustment period is by using the formula:

where:

d1 is the number of days in the adjustment period in the financial year beginning on 1 July 2012.

d2 is the number of days in the adjustment period in the financial year beginning on 1 July 2013.

8  Adjustment period—less than 12 months not within financial year

(1)  This section applies to an adjustment period of less than 12 months that begins in the financial year beginning on 1 July 2012 and ends in the financial year beginning on 1 July 2013.

(2)  For subregulation 45D(6) of the regulations, the method for working out the interest rate for the adjustment period is by using the formula:

where:

d1 is the number of days in the adjustment period in the financial year beginning on 1 July 2012.

d2 is the number of days in the adjustment period in the financial year beginning on 1 July 2013.