Superannuation (Interest) Regulations (Amendment) (Cth)

Statutory Rules

1980 No. 98

REGULATIONS UNDER THE SUPERANNUATION ACT 19761

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 this eighth day of May 1980.

 ZELMAN COWEN

 Governor-General

 By His Excellency’s Command,

ERIC L. ROBINSON

Minister of State for Finance

_______________

AMENDMENTS OF THE SUPERANNUATION (INTEREST)

REGULATIONS2

1Calculation of interest

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

• (a)

  by omitting from sub-regulation (1) “1978” and “8.414” and substituting “1979” and “8.942” respectively; and

• (b)

  by omitting from sub-regulation (2) “1978” (wherever occurring) and “8.414” and substituting “1979” and “8.942” respectively.

2Schedule

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

“Financial year that commenced on 1 July 1978  |8.942 per cent per annum”.

3Application

• (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 who ceases or has ceased to be an eligible employee and whose termination day occurs on or after the date of commencement of these Regulations.

• (2)

  The provisions of regulation 6 of the Superannuation (Interest) Regulations, as in force immediately before the commencement of these Regulations, continue to apply to and in relation to interest payable in respect of an amount that is a prescribed amount in relation to a person who has ceased to be an eligible employee and whose termination day occurred before the date of commencement of these Regulations.

• (3)

  An expression in this regulation that is defined in the Superannuation (Interest) Regulations has the same meaning for the purposes of this regulation as it has in those Regulations.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 12 May 1980.

2. Statutory Rules 1978 No. 253.