Superannuation (Interest) Regulations (Cth)
made under the
This compilation was prepared on 8 June 2004
taking into account amendments up to SR 1990 No. 127
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
These Regulations may be cited as the Superannuation (Interest) Regulations.
These Regulations shall be deemed to have taken effect from and including 1 July 1976.
The Superannuation (Interest) Regulations (being Statutory Rules 1976 No. 258) are repealed.
In these Regulations, unless the contrary intention appears:
first day of interest , in relation to a prescribed amount, means:
(a) where the prescribed amount, being a prescribed amount referred to in paragraph (a), (b), (c) or (e) of the definition of
prescribed amount , is deducted from the salary of the person referred to in whichever of those paragraphs is applicable:
(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 prescribed amount, being a prescribed amount referred to in paragraph (a), (b), (c) or (e) of the definition of
prescribed amount , is not deducted from the salary of the person referred to in whichever of those paragraphs is applicable:
(i) if the day on which the amount was paid to the Commissioner was a contribution day — that day; or
(ii) if that day was not a contribution day — the contribution day next following that day;
(c) where the prescribed amount is a prescribed amount referred to in paragraph (d) of the definition of
prescribed amount — the commencing day;(d) where the prescribed amount is a prescribed amount referred to in paragraph (g) or (h) of the definition of
prescribed amount — the day next following the day that was the last day of service of the person referred to in whichever of those paragraphs is applicable upon that person ceasing to be an eligible employee as referred to in paragraph 7A (2) (a) of the Act;(e) where the prescribed amount is a prescribed amount referred to in paragraph (f), (j), (k) or (n) of the definition of
prescribed amount :
(i) if the day on which the prescribed amount was paid to the Fund was a contribution day — that day; or
(ii) if that day was not a contribution day — the contribution day next following that day; and
(f) where the prescribed amount is a prescribed amount referred to in paragraph (m) of the definition of
prescribed amount :
(i) if the day on which the amount was paid to the Commissioner was a contribution day — that day; or
(ii) if that day was not a contribution day — the contribution day next following that day.
prescribed amount , in relation to a person who has ceased to be an eligible employee, means:
(a) a basic or supplementary contribution paid by the person to the Commissioner on or after his first day of service;
(b) an amount deemed by virtue of paragraph 128 (2) (a) of the Act to be basic contributions paid by the person to the Commissioner under the Act on or after his first day of service;
(c) an amount deemed by virtue of subsection 129 (2) of the Act to be an amount of supplementary contributions paid by the person to the Commissioner under the Act on or after his first day of service;
(d) an amount deemed by virtue of subsection 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 the person under the Act on the commencing day;
(e) an additional contribution paid by the person to the Commissioner on or after his first day of service under subsection 186 (9) of the Act;
(f) an amount paid to the Fund under subsection 112 (5) of the Act in respect of the person, being a person referred to in subsection 7A (1) of the Act, upon the person again becoming an eligible employee as referred to in paragraph 7A (1) (b) of the Act;
(g) an amount that was the person’s accumulated basic contributions upon the person, being a person referred to in subsection 7A (2) of the Act, ceasing to be an eligible employee as referred to in paragraph 7A (2) (a) of the Act;
(h) an amount that was the person’s accumulated supplementary contributions upon the person, being a person referred to in subsection 7A (2) of the Act, ceasing to be an eligible employee as referred to in paragraph 7A (2) (a) of the Act;
(j) an amount paid to the Fund under subsection 112 (9) of the Act in respect of the person, being a person referred to in subsection 7A (3) of the Act, upon his entitlement to deferred benefits being cancelled under subsection 76 (1) of the Act as referred to in subsection 7A (3) of the Act;
(k) an amount paid, or last paid, to the Fund under subsection 112 (9) of the Act in respect of the person, being a person referred to in subsection 7A (4) of the Act, upon his entitlement to deferred benefits being cancelled under subsection 143 (2) of the Act as referred to in subsection 7A (4) of the Act;
(m) an amount paid to the Commissioner by an eligible employee to whom section 14A applies, being an amount so paid under section 124C of the Act as modified in its application to that employee by regulation 5 of the Superannuation (Continuing Contributions for Benefits) Regulations; and
(n) an amount deemed to be paid to the Fund under subsection 112 (5) of the Act in respect of the person, being a person to whom subsection 7A (1) of the Act as modified by the Superannuation (Existing Invalidity Pensioners) Regulations applies, upon the person becoming an eligible employee.
termination day , in relation to a person who has ceased to be an eligible employee, means:
(a) subject to paragraphs (b) and (c), 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 accumulated contributions in respect of that person;
whichever is later;
(b) where, after 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, if deferred benefits become payable on more than one occasion after his last day of service, first become payable; or
(ii) the second pension pay day after the day on which the Commissioner has determined the amount of any accumulated contributions constituting or forming part of the deferred benefits payable or, if deferred benefits become payable on more than one occasion after his last day of service, first payable, to or in respect of that person;
whichever is later;
(c) where, upon the person ceasing to be an eligible employee, deferred benefits become applicable in relation to the person by virtue of Division 3 of Part IX of the Act but the deferred benefits do not become payable to the person:
(i) except where subparagraph (ii) applies — his last day of service; or
(ii) where the deferred benefits cease to be applicable in relation to the person by virtue of paragraph 139 (6) (b) of the Act — the day 14 days after the day on which the Commissioner has determined the amount of accumulated contributions in respect of the person; and
(d) 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 accumulated contributions in respect of that person;
whichever is later.
the Act means theSuperannuation Act 1976 .
For the purpose of ascertaining:
(a) the accumulated basic contributions or the accumulated supplementary contributions of a person who has ceased to be an eligible employee (whether for the first time or otherwise); or
(b) the amount that, by virtue of section 7A of the Act, is to be added to the amount that would, but for that section, be the amount of the accumulated basic contributions or accumulated supplementary contributions of a person who has ceased to be an eligible employee on an occasion earlier than his first day of service, or who, immediately before becoming an eligible employee, was an existing invalidity pensioner;
interest, calculated in accordance with regulation 6, is payable in respect of any amount that is a prescribed amount in relation to a person who has ceased to be an eligible employee in respect of the period commencing on the day that is the first day of interest in relation to the prescribed amount and ending on the day that is the termination day in relation to the person.
(1) Where the period of interest in respect of a prescribed amount in relation to a person who has ceased to be an eligible employee commences on or after 1 April 1990, interest payable in respect of that prescribed amount shall be deemed to have accrued during the whole of the period of interest at the rate of 13.52% per annum.
(2) Where the period of interest in respect of a prescribed amount, in relation to a person who has ceased to be an eligible employee, commences before 1 April 1990, interest payable in respect of that prescribed amount shall be deemed to have accrued:
(a) during a part or, where there is more than one such part, each part of the period of interest that is comprised of a financial year, or part of a financial year, specified in column 1 of Part I of the Schedule (or, where the period of interest is comprised wholly of such a financial year or part of such a financial year, during the whole of the period of interest), at the rate of interest applicable in respect of the financial year that comprises, or part of which comprises, that part of the period of interest (or the whole of the period of interest, as the case requires);
(b) during the part or, where there is more than one such part, each part of the period of interest that is comprised of a quarter, or part of a quarter, specified in column 1 of Part II of the Schedule (or, where the period of interest is comprised wholly of such a quarter or part of such a quarter, during the whole of the period of interest), at the rate of interest applicable in respect of the quarter that comprises, or part of which comprises, that part of the period of interest (or the whole of the period of interest, as the case requires); and
(c) where the period of interest ends on or after 1 April 1990 — during the part of the period of interest that commences on 1 April 1990, at the rate of 13.52% per annum.
(3) Interest payable in respect of a prescribed amount in relation to a person who has ceased to be an eligible employee shall be deemed to have been compounded:
(a) where the period of interest commenced on or after 1 July 1988 — on 31 March, 30 June, 30 September and 31 December in each year; and
(b) where the period of interest commenced before 1 July 1988:
(i) in respect of that part of the period that ended on 30 June 1988 — on 30 June in each year; and
(ii) in respect of that part of the period that commenced on 1 July 1988 — on 31 March, 30 June, 30 September and 31 December in each year.
(4) For the purposes of subregulation (2):
(a) the rate of interest specified in column 2 of Part I of the Schedule opposite to the reference to a financial year in Column 1 of that Part is the rate of interest applicable in respect of that financial year; and
(b) the rate of interest specified in column 2 of Part II of the Schedule opposite to the reference to a quarter in column 1 of that Part is the rate of interest applicable in respect of that quarter.
(5) In this regulation,
period of interest , in respect of a prescribed amount, means the period in respect of which interest is, by virtue of regulation 5, payable in respect of the prescribed amount.(6) For the purposes of this regulation, a reference to a quarter shall be read as a reference to a period of 3 months commencing on 1 January, 1 April, 1 July or 1 October in any year.
(1) For the purposes of subparagraphs 145 (8) (a) (i) and 9 (a) (i) of the Act, where:
(a) the Commissioner is required, upon a life policy or life policies assigned by a person to the Commissioner in accordance with subsection 145 (3) of the Act becoming payable at or before the time when the person ceases to be an eligible employee, as referred to in subsection 145 (8) of the Act, to pay into the Superannuation Fund, in accordance with subparagraph 145 (8) (a) (i) of the Act, an amount equal to the amount that, but for subsection 145 (2) of the Act, would have been paid by the Commissioner into the Superannuation Fund under paragraph 128 (2) (a) of the Act; or
(b) the Commissioner is required, upon the Commissioner surrendering the life policy or life policies assigned by a person to the Commissioner in accordance with subsection 145 (3) of the Act where the person attains his minimum retiring age while he is an eligible employee or ceases to be such an eligible employee before he attains that age, as referred to in subsection 145 (9) of the Act, to pay into the Superannuation Fund, in accordance with subparagraph 145 (9) (a) (i) of the Act, the amount referred to in paragraph (a);
interest, calculated in accordance with subregulation (2), shall be payable in respect of that amount in respect of the period commencing on the day on which the person referred to in paragraph (a) or (b), as the case may be, made an election in accordance with paragraph 128 (1) (a) of the Act and ending on the day on which the life policy or life policies becomes or become payable or the day as at which the surrender value or surrender values of the life policy or life policies was or were calculated, as the case requires.
(2) For the purposes of calculating the amount of interest payable in respect of an amount referred to in subregulation (1), the provisions of regulation 6 and the Schedule shall apply as if:
(a) the reference to a prescribed amount in relation to a person who has ceased to be an eligible employee were a reference to an amount referred to in subregulation (1);
(b) the reference to the period of interest in respect of a prescribed amount were a reference to the period in respect of which interest is, by virtue of subregulation (1), payable in respect of an amount referred to in that subregulation; and
(c) subregulation (5) of that regulation were omitted.
(regulation 6)
Financial year that commenced on 1 July 1976 | 8.135 per cent per annum |
Financial year that commenced on 1 July 1977 | 8.414 per cent per annum |
Financial year that commenced on 1 July 1978 | 9.300 per cent per annum |
Financial year that commenced on 1 July 1979 | 9.637 per cent per annum |
Financial year that commenced on 1 July 1980 | 12.110 per cent per annum |
Financial year that commenced on 1 July 1981 | 11.655 per cent per annum |
Financial year that commenced on 1 July 1982 | 10.787 per cent per annum |
Financial year that commenced on 1 July 1983 | 13.490 per cent per annum |
Financial year that commenced on 1 July 1984 | 14.968 per cent per annum |
Financial year that commenced on 1 July 1985 | 16.714 per cent per annum |
Financial year that commenced on 1 July 1986 | 22.676 per cent per annum |
Financial year that commenced on 1 July 1987 | 12.000 per cent per annum |
Quarter that commenced on 1 July 1988 | 5.279 per cent per annum |
Quarter that commenced on 1 October 1988 | 5.415 per cent per annum |
Quarter that commenced on 1 January 1989 | 9.098 per cent per annum |
Quarter that commenced on 1 April 1989 | 15.836 per cent per annum |
Quarter that commenced on 1 July 1989 | 23.838 per cent per annum |
Quarter that commenced on 1 October 1989 | 6.415% per annum |
Quarter that commenced on 1 January 1990 | 0.000% per annum |
The Superannuation
(Interest) Regulations
(in force under the
For subsequent information
1978 No. 253 | 19 Dec 1978 | 1 July 1976 | |
1980 No. 98 | 12 May 1980 | 12 May 1980 | R. 3 |
1981 No. 17 | 19 Feb 1981 | 19 Feb 1981 | R. 3 |
1981 No. 38 | 13 Mar 1981 | 15 Mar 1981 | — |
1981 No. 213 | 31 July 1981 | 31 July 1981 | R. 3 |
1982 No. 43 | 24 Feb 1982 | 24 Feb 1982 | R. 2 |
1982 No. 318 | 26 Nov 1982 | 26 Nov 1982 | R. 4 |
1984 No. 34 | 15 Mar 1984 | 15 Mar 1984 | R. 3 |
1984 No. 156 | 23 July 1984 | 23 July 1984 | R. 3 |
1984 No. 240 | 17 Sept 1984 | 17 Sept 1984 | R. 2 |
1985 No. 33 | 1 Apr 1985 | 1 Apr 1985 | R. 3 |
1985 No. 226 | 10 Sept 1985 | 10 Sept 1985 | R. 2 |
1985 No. 328 | 9 Dec 1985 | 9 Dec 1985 | R. 2 |
1986 No. 15 | 13 Feb 1986 | 13 Feb 1986 | R. 4 |
1986 No. 139 | 20 June 1986 | 20 June 1986 | R. 3 |
1986 No. 250 | 19 Sept 1986 | 19 Sept 1986 | R. 3 |
1986 No. 389 | 22 Dec 1986 | 22 Dec 1986 | R. 3 |
1987 No. 7 | 30 Jan 1987 | 30 Jan 1987 | R. 4 |
1987 No. 44 | 27 Mar 1987 | 27 Mar 1987 | R. 3 |
1987 No. 99 | 1 June 1987 | 1 June 1987 | R. 3 |
1987 No. 199 | 21 Sept 1987 | 21 Sept 1987 | R. 3 |
1987 No. 271 | 27 Nov 1987 | 27 Nov 1987 | R. 4 |
1988 No. 33 | 17 Mar 1988 | 17 Mar 1988 | R. 3 |
1988 No. 113 | 3 June 1988 | 3 June 1988 | R. 3 |
1988 No. 229 | 16 Sept 1988 | 16 Sept 1988 | R. 4 |
1988 No. 274 | 15 Nov 1988 | 1 July 1976 | — |
1988 No. 336 | 15 Dec 1988 | 15 Dec 1988 | R. 4 |
1989 No. 33 | 14 Mar 1989 | 14 Mar 1989 | R. 4 |
1989 No. 106 | 31 May 1989 | 31 May 1989 | R. 4 |
1989 No. 240 | 11 Sept 1989 | 11 Sept 1989 | R. 4 |
1989 No. 360 | 15 Dec 1989 | 15 Dec 1989 | R. 4 |
1990 No. 73 | 16 Mar 1990 | 16 Mar 1990 | R. 4 |
1990 No. 127 | 19 June 1990 | 19 June 1990 | R. 4 |
am. = amended rep. = repealed rs. = repealed and substituted | |
R. 4......................................... | am. 1981 No. 38; 1982 No. 318; 1988 No. 274 |
R. 5......................................... | am. 1988 No. 274 |
R. 6......................................... |
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Schedule................................ |
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