Superannuation (Interest) Regulations (Cth)

Statutory Rules

1976 No. 258

REGULATIONS UNDER THE SUPERANNUATION ACT 1976.*

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 thirtieth day of November, 1976.

JOHN R. KERR

Governor-General.

By His Excellency’s Command,

ERIC ROBINSON

Minister of State for Post and Telecommunications for

and on behalf of the Treasurer.

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SUPERANNUATION (INTEREST) REGULATIONS

Citation.

1. These Regulations may be cited as the Superannuation (Interest) Regulations.

Commencement.

2. These Regulations shall be deemed to have taken effect from and including 1 July 1976.

Interpretation.

3. (1) In these Regulations, unless the contrary intention appears—

“ day of payment ”, in relation to an amount paid into the Fund in respect of an eligible employee, means—

(a) where the amount is a contribution deducted from the salary of the eligible employee—

(i) if the day on which the amount was so deducted was a contribution day—that day; or

(ii) if that day was not a contribution day—the contribution day next following that day;

(b) where the amount is deemed by virtue of sub-section 177 (9), (10) or (11) of the Act to be an amount of basic contributions or supplementary contributions, as the case may be, paid by an existing contributor under the Act—the commencing day; or

(c) where paragraph (a) or (b) does not apply—

(i) if the day on which the amount was paid was a contribution day—that day; or

(ii) if that day was not a contribution day—the contribution day next following that day;

 

* Notified in the Australian Government Gazette on 3 December 1976.

“ termination day ”, in relation to a person who has ceased to be an eligible employee, means—

(a) subject to paragraph (b), where no benefit other than lump sum benefit is payable to or in respect of that person—

(i) his last day of service; or

(ii) the day 14 days after the day on which the Commissioner has determined the amount of benefit payable to or in respect of that person,

whichever is later;

(b) where, after his so ceasing to be an eligible employee, deferred benefits become payable to or in respect of that person under Division 3 of Part IX of the Act—

(i) the pension pay day next following the day on which the deferred benefits become payable; or

(ii) the second pension pay day after the day on which the Commissioner has determined the amount of any pension or lump sum benefit constituting or forming part of the deferred benefits payable to or in respect of that person,

whichever is later; or

(c) in any other case—

(i) the pension pay day next following that person’s last day of service; or

(ii) the second pension pay day after the day on which the Commissioner has determined the amount of benefit payable to or in respect of that person,

whichever is later;

“ the Act ” means the Superannuation Act 1976.

(2) A reference in these Regulations to an amount paid into the Fund is a reference to—

(a) a basic or supplementary contribution paid to the Commissioner;

(b) an amount paid to the Superannuation Fund under sub-section 112 (5) of the Act;

(c) an amount deemed by virtue of paragraph 128 (2) (a) of the Act to be basic contributions paid by a person to the Commissioner under the Act;

(d) an amount deemed by virtue of sub-section 129 (2) of the Act to be an amount of supplementary contributions paid by a person under the Act;

(e) an amount deemed by virtue of sub-section 177 (9), (10) or (11) of the Act to be an amount of basic contributions or supplementary contributions, as the case may be, paid by an existing contributor under the Act; or

(f) an additional contribution paid to the Commissioner under sub-section 186 (9) of the Act.

Interest payable on contributions, &c.

4. For the purpose of ascertaining the accumulated basic contributions or the accumulated supplementary contributions of a person who has ceased to be an eligible employee, interest calculated in accordance with regulation 5 is payable in respect of an amount paid into the Fund in respect of that person.

 

Calculation of interest.

5. For the purposes of regulation 4, interest payable in respect of an amount paid into the Fund in respect of a person shall be deemed—

(a) to have accrued at the prescribed rate from and including the day of payment of that amount to and including the day that is the termination day in relation to that person; and

(b) to have been compounded each year on 30 June.

Rate of interest for purposes of sub-paragraphs 145 (8) (a) (i) and 145 (9) (a) (i) of the Act.

6. For the purposes of sub-paragraphs 145 (8) (a) (i) and 145 (9) (a) (i) of the Act, compound interest shall be calculated at the prescribed rate.

Prescribed rate of interest.

7.