Superannuation (Interest) Regulations (Amendment) (Cth)

Statutory Rules 1982 No. 3181

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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 23 November 1982.

 N. M. STEPHEN

 Governor-General

 By His Excellency’s Command,

MARGARET GUILFOYLE

Minister of State for Finance

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Interpretation

 1. Regulation 4 of the Superannuation (Interest) Regulations is amended—

• (a)

  by omitting “benefit payable to or” from sub-paragraph (a) (ii) of the definition of “termination day” and substituting “accumulated contributions”;

• (b)

  by omitting “pension or lump sum benefit” from sub-paragraph (b) (ii) of that definition and substituting “accumulated contributions”; and

• (c)

  by omitting “benefit payable to or” (wherever occurring) from

  sub-paragraphs (c) (ii) and (d) (ii) of that definition and substituting “accumulated contributions”.

Calculation of interest

 2. Regulation 6 of the Superannuation (Interest) Regulations is amended by omitting from sub-regulations (1) and (2) “1980” (wherever occurring) and substituting “1981”.

Schedule

 3. The Schedule to the Superannuation (Interest) Regulations is amended by adding at the end thereof—

 

“Financial year that commenced on 1 July 1980 12.110 per cent per annum”.

Application

4.

(1) The provisions of regulation 6 of the Superannuation (Interest) 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 Superannuation (Interest) 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 26 November 1982.

2. Statutory Rules 1978 No. 253 as amended to date. For previous amendments see Note 2 to Statutory Rules 1982 No. 43 and see also