Superannuation (Interest) Regulations (Amendment) (Cth)

Statutory Rules 1990 No. 731

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 15 March 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

Peter Walsh

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 October 1989” and “13.07 per cent” and substituting “1 January 1990” and “13.35%” respectively;

(b) by omitting from subregulation (2) “1 October 1989” (wherever occurring) and “13.07 per cent” and substituting “1 January 1990” and “13.35%” respectively.

Schedule

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

“Quarter that commenced on 1 October 1989 6.415% per annum”.

 

(S.R. 71/90)—Cat. No. 14/1.3.1990

 

Application

4. (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

(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 16 March 1990.

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; 1988 Nos. 33, 113, 229, 274 and 336; 1989 Nos. 33, 106, 240 and 360.

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