Superannuation (Interest) Regulations (Amendment) (Cth)

Statutory Rules 1989 No. 1061

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 31 May 1989.

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 January 1989” and “13.76 per cent” and substituting “1 April 1989” and “13.69 per cent” respectively;

(b) by omitting from subregulation (2) “1 January 1989” (wherever occurring) and “13.76 per cent” and substituting “1 April 1989” and “13.69 per cent” respectively.

Schedule

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

“Quarter that commenced on 1 January 1989 9.098 per cent per annum”.

 

(S.R. 149/89)—Cat. No. 14/24.5.1989.

 

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 31 May 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 No. 33.

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