Superannuation (Interest) Regulations (Amendment) (Cth)

Statutory Rules 1981 No. 171

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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 18 February 1981.

 ZELMAN COWEN

 Governor-General

 By His Excellency’s Command,

MARGARET GUILFOYLE

Minister of State for Finance

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Calculation of interest

 1. Regulation 6 of the Superannuation (Interest) Regulations is amended—

• (a)

  by omitting from sub-regulation (1) “8.942” and substituting “9.300” respectively; and

• (b)

  by omitting from paragraph (2) (b) “8.942” and substituting “9.300”.

Schedule

 2. The Schedule to the Superannuation (Interest) Regulations is amended by omitting “8.942” from Column 2 and substituting “9.300”.

Application

3.(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 that person ceases to be an eligible employee on or after the date of commencement of these Regulations; or

• (b)

  if—

  • (i)

    that person has ceased, before that date, to be an eligible employee; and

  • (ii)

    the amount or rate of the benefit payable under the Act in relation to that person is determined by the Commissioner on or after that date.

 (2) An expression 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 19 February 1981.

2. Statutory Rules 1978 No. 253 as amended by 1980 No. 98.