Superannuation (Productivity Benefit) 1997-98 First Interest Factor Declaration (Cth)

Statutory Rules 1997    No. 145¹

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Superannuation (Productivity Benefit) 1997-98 First Interest Factor Declaration

I, JOHN FAHEY, Minister for Finance, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.

Dated 18 June 1997.

JOHN FAHEY

Minister for Finance

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Citation

1.   This Declaration may be cited as the Superannuation (Productivity Benefit) 1997-98 First Interest Factor Declaration.

[Note: This Declaration commences on gazettal: see Acts Interpretation Act 1901, ss. 46A and 48.]

Interpretation

2.   In this Declaration:

“Act” means the Superannuation (Productivity Benefit) Act 1988;

“Days” means:

(a)   in the case of an employee who becomes a fund employee during the financial year starting on 1 July 1997—the number of days in the period:

(i)   starting on the last day of the first pay period of the employee ending after 1 July 1997; and

(ii) ending at the end of the day on which an amount first becomes payable under section 4F of the Act; or

(b) in the case of an employee in respect of whom an interim benefit becomes payable under section 6 of the Act during the financial year starting on 1 July 1997—the number of days between:

(i)   the last day of the first pay period of the employee ending after 1 July 1997; and

(ii)   the day on which the interim benefit became payable; or

(c)   in the case of an employee who does not become a fund employee during the financial year starting on 1 July 1997 and in respect of whom an interim benefit does not become payable during that year—the number of days between:

(i)   the last day of the first pay period of the employee ending after 1 July 1997; and

(ii)   30 June 1998.

Declared first interest factor

3. For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 1997 is:

0.0783 ´ Days

730.

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NOTE

1.   Notified in the Commonwealth of Australia Gazette on 25 June 1997.