Superannuation (Interest) Regulations (Amendment) (Cth)

Statutory Rules 1987 No. 71

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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 30 January 1987.

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 sub-regulation (1) “1985” and “16.42 per cent” and substituting “1986” and “14.949 per cent” respectively; and

(b) by omitting from paragraph (2) (b) “1985” (wherever occurring) and “16.42 per cent” and substituting “1986” and “14.949 per cent” respectively.

Schedule

3. The Schedule to the Principal Regulations is amended by adding at the end—

“Financial year that commenced on 1 July 1985………….16.714 per cent per annum.”.

 

(S.R. 12/87)––Cat. No.  10/12.1.1987

 

Application

4. (1) The provisions of regulation 6 of the Principal Regulations, as amended by these Regulations, apply to and 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

(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 sub-regulation (1) that is defined in the Principal Regulations has the same meaning for the purposes of that sub-regulation as it has in those Regulations.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 January 1987.

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.

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