Superannuation (Interest) Regulations (Amendment) (Cth)

Statutory Rules 1989 N o. 360

Superannuation (Interest) Regulations2

(Amendment)

I, T H E G O V E R N O R - G E N E R A L 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 14 December 1989.

BILL HAYDEN

Governor-General

By His Excel lency'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 o f the Principal Regulations is amended:

(a)

by omitting from subregulation (1) "1 July 1989" and "13.12 per

cen t " and substituting "1 October 1989" and "13.07 per cent"

respectively;

(b)

by omitting from subregulation (2) "1 July 1989" (wherever

occurring) and "13.12 per cent" and substituting "1 October 1989"

and "13.07 per cent " respectively.

Schedule

3. T h e Schedule to the Principal Regulations is amended by adding at

the end of Part I I:

"Quarter that commenced on 1 July 1989 23.838 per cent per annum".

(S.R. 386-89) Cat. No. 14/5.12.1989

2	Superannuation	(Interest)	1989 No. 360
Application

4. (1) T h e 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 o f 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 ) A n 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 21 December 1989.

2. Statutory Rules 1978 No. 253 as amended to date. For previous amendments see Note 2 to Statutory Rules 1989 No. 33 and see also Statutory Rules 1989 Nos. 33, 106 and 240.

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