Superannuation (Productivity Benefit) (2003-2004 Second Interest Factor) Declaration 2003 (Cth)

Superannuation (Productivity Benefit) (2003–2004 Second Interest Factor) Declaration 2003

Statutory Rules 2003 No. 176¹

I, NICHOLAS HUGH MINCHIN, Minister for Finance and Administration, make this Declaration under paragraph 3E (1) (b) of the Superannuation (Productivity Benefit) Act 1988.

Dated 25 June 2003

NICK MINCHIN

Minister for Finance and Administration

1. Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2003–2004 Second Interest Factor) Declaration 2003.

1. Commencement

This Declaration commences on gazettal.

1. Definitions

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 2003 — the number of days in the period:

(i)    starting on the day following the last day of the last pay period of the employee ending before 1 July 2003; 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 2003 — the number of days between:

(i)    the day following the last day of the last pay period of the employee ending before 1 July 2003; 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 2003 and in respect of whom an interim benefit does not become payable during that year — the number of days between:

(i)    the day following the last day of the last pay period of the employee ending before 1 July 2003; and

(ii)    30 June 2003.

1. Declared second interest factor

For section 8A of the Act, the declared second interest factor for the financial year starting on 1 July 2003 is:

Note

1.       Notified in the Commonwealth of Australia Gazette on 30 June 2003.