Superannuation (Interest) Regulations (Amendment) (Cth)

Statutory Rules 1988 No. 331

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Superannuation (Interest) Regulations2

(Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Superannuation Act 1976.

Dated 16 March 1988.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

Peter Walsh

Minister of State for Finance

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Principal Regulations

1. In these Regulations, “Principal Regulations” means the Superannuation (Interest) Regulations.

Calculation of interest

2. Regulation 6 of the Principal Regulations is amended:

(a) by omitting from subregulation (1) “0.000 per cent” and substituting “6 per cent”; and

(b) by omitting from paragraph (2) (b) “0.000 per cent” and substituting “6 per cent”.

Application

3. (1) The provisions of regulation 6 of the Principal Regulations, as amended by these Regulations, apply in relation to interest payable in respect of an amount that is a prescribed amount in relation to a person:

(a) if deferred benefits become payable in respect of the person after the date of commencement of these Regulations; or

(b) if:

(i) deferred benefits cease to be applicable in respect of the person; or

 

(S.R. 17/88) Cat. No.  16/8.3.1988

 

(ii) in the case of a person in respect of whom deferred benefits are not applicable—the person ceases to be an eligible employee; on or after that date.

(2) An expression used in subregulation (1) that is defined in the Principal Regulations has the same meaning for the purposes of that subregulation as it has in those Regulations.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 17 March 1988.

2. Statutory Rules 1978 No. 253 as amended by 1980 No. 98; 1981 Nos. 17, 38 and 213; 1982 Nos. 43 and 318; 1984 Nos. 34, 156 and 240; 1985 Nos. 33, 226 and 328; 1986 Nos. 15, 139, 250 and 389; 1987 Nos. 7, 44, 99, 199 and 271.

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