Superannuation (Interest) Regulations (Amendment) (Cth)

Statutory Rules 1988 No. 2291

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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 15 September 1988.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

J. S. Dawkins

Minister of State for Employment Education and Training for and on behalf of the Minister of State for Finance

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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) “1987” and “8 per cent” and substituting “1988” and “11.89 per cent” respectively;

(b) by omitting from subregulation (2) “1987” (wherever occurring) and “8 per cent” and substituting “1988” and “11.89 per cent” respectively.

Schedule

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

“Financial year that commenced on 1 July 1987 ………..12.000 per cent per annum”.

 

(S.R. 258/88)––Cat. No. 16/9.9.1988

 

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 September 1988.

2. Statutory Rules 1978 No. 253 as amended to date. For previous amendments, see Note 2 to Statutory Rules 1988 No. 33 and see also Statutory Rules 1988 Nos. 33 and 113.

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