Superannuation (Interest) Regulations (Amendment) (Cth)

Statutory Rules 1990 No. 1271

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 18 June 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

Bob Brown

Minister of State for Land Transport for and on behalf of the

Minister of State for Finance

 

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) “1 January 1990” and “13.35%” and substituting “1 April 1990” and “13.52%” respectively;

(b) by omitting from subregulation (2) “1 January 1990” (wherever occurring) and “13.35%” and substituting “1 April 1990” and “13.52%” respectively.

Schedule

3. The Schedule to the Principal Regulations is amended by adding at the end of Part II:

“Quarter that commenced on 1 January 1990 0.000% per

annum”.

 

(S.R. 167/90)—Cat. No. 14/6.6.1990

 

Application

4. (1) Regulation 6 of the Principal Regulations, as amended by these Regulations, applies 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 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 19 June 1990.

2. Statutory Rules 1978 No. 253 as amended to date. For previous amendments see Note 2 to Statutory Rules 1990 No. 73 and see also Statutory Rules 1990 No. 73.

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