Superannuation (Productivity Benefit) Declaration No. 13 (Cth)

Statutory  Rules  1992   No. 182¹

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Superannuation (Productivity Benefit)

Determination No. 13

I, RALPH WILLIS, Minister for Finance, make the following Determination under section 4G of the Superannuation (Productivity Benefit) Act 1988.

Dated 17th June 1992.

RALPH WILLIS

Minister for Finance

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Citation

1.  This Determination may be cited as Superannuation (Productivity Benefit) Determination No. 13.

Commencement

2.  This Determination commences on 1 July 1992.

Determination of way to calculate interest

3.  For the purposes of subsection 4G (1) of the Superannuation (Productivity Benefit) Act 1988, it is determined that the interest fixed under that section in relation to a fund on a day is to be calculated using the formula:

where:

“Amount”  means:

(a)  the amount that should have been paid to a declared fund under paragraph 4E (a) of that Act on the day on which an interim arrangement employee became a member of a declared fund; or

(b)  each amount that should have been paid to a declared fund under subsection 4F (1) of that Act on a day ascertained in accordance with subsection 4F (2) of that Act;

“Days”  means the number of days in the period:

(a)  commencing on the day on which the amount should have been paid; and

(b)  ending on the day immediately before the day on which the amount was paid;

“Interest”  means 0.1145.

[NOTE:  The factor representing “interest” is intended to represent the interest rate that is the assessed secondary market yield last published by the Reserve Bank before 1 June 1992 in respect of 10-year non-rebate Treasury Bonds, plus an amount equal to 2% per annum.]

Revocation

4.  Superannuation (Productivity Benefit) Declaration No. 9 ²  is revoked.

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NOTES

1.      Notified in the Commonwealth of Australia Gazette on 25 June 1992.

2.      Statutory Rules 1991 No. 127.