Superannuation (Productivity Benefit) Declaration No. 5 (Cth)

1990 No. 176*1* SUPERANNUATION (PRODUCTIVITY BENEFIT) DECLARATION No. 5

*1* Notified in the Commonwealth of Australia Gazette on 29 June 1990.

1990 No. 176 SUPERANNUATION (PRODUCTIVITY BENEFIT) DECLARATION No. 5 - REG 1 
Citation 


                 DECLARATION UNDER SECTION 4G OF

        THE SUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988

  1. This Declaration may be cited as "Superannuation (Productivity Benefit)
Declaration No. 5".

1990 No. 176 SUPERANNUATION (PRODUCTIVITY BENEFIT) DECLARATION No. 5 - REG 2 
Commencement 


  2. This Declaration takes effect from 1 July 1990.

1990 No. 176 SUPERANNUATION (PRODUCTIVITY BENEFIT) DECLARATION No. 5 - REG 3 
Determination of interest 


  3. For the purposes of section 4G 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 as follows:

                            Amount X Interest X Days

                                      365

where:

  ''Amount'' means the amount that should have been paid to a declared fund
under paragraph 4E (a) of the Act on the day on which an interim arrangement
employee became a member of a declared fund or each amount that should have
been paid to a declared fund under subsection 4F (1) of the Act on a day
ascertained in accordance with subsection 4F (2) of the Act;

  ''Days'' means the number of days in the period commencing on the day on
which the amount should have been paid and ending on the day immediately
before the day on which the amount was paid;

  ''Interest'' means 0.1555, being the interest rate expressed as a decimal
per annum that is the assessed secondary market yield last published by the
Reserve Bank before 1 June 1990 in respect of 10-year non-rebate Treasury
Bonds, plus an amount equal to 2% per annum.