Superannuation (Productivity Benefit) Declaration No. 9 (Cth)

Statutory  Rules  1991   No. 127¹

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Superannuation (Productivity Benefit)

Declaration No. 9

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

Dated 5 June 1991.

RALPH WILLIS

Minister for Finance

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Citation

1.  This Declaration may be cited as Superannuation (Productivity Benefit) Declaration No. 9.

Commencement

2.  This Declaration commences on1 July 1991.

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:

eq

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 0.13, 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 1991 in respect of 10-year non-rebate Treasury Bonds, plus an amount equal to 2% per annum.

Revocation

4.  Superannuation (Productivity Benefit) Declaration No. 5  ² is revoked.

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NOTES

1.      Notified in the Commonwealth of Australia Gazette on 21 June 1991.

2.      Statutory Rules 1990 No. 176.