Superannuation (Productivity Benefit) Penalty Interest Determination (Cth)
| Statutory Rules 1993 No. 1861 __________________ Superannuation (Productivity Benefit) Penalty Interest Determination I, RALPH WILLIS, Minister for Finance, make the following Determination under section 4G of the Superannuation (Productivity Benefit) Act 1988. Dated 29 June 1993. RALPH WILLIS ____________ Citation 1. This Determination may be cited as Superannuation (Productivity Benefit) Penalty Interest Determination. Commencement 2. This Determination commences on 1 July 1993. Interpretation 3. In this Determination: “Act” means the Superannuation (Productivity Benefit) Act 1988; “Amount” means: (a) 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 (b) 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: (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. Determination of way to calculate interest 4. For the purposes of subsection 4G (1) of the Act, the interest fixed under that section in relation to a fund on a day is to be calculated using the formula: . [NOTE: The factor “0.0955” is intended to represent the interest rate that is the estimated closing yield last published by the Reserve Bank of Australia before 1 June 1993 in respect of 10-year non-rebate Treasury Bonds, plus an amount equal to 2% per annum.] Revocation 5. Superannuation (Productivity Benefit) Determination No. 132 is revoked. NOTES 1. Notified in the Commonwealth of Australia Gazette on 30 June 1993. 2. Statutory Rules 1992 No. 182. |
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