Federal Register of Legislation - Australian Government

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SLI 2009 No. 46 Regulations as made
These Regulations amend the Superannuation Industry (Supervision) Regulations 1994 to halve the minimum payment amounts for account-based pensions for 2008-09.
Administered by: Treasury
Registered 16 Mar 2009
Tabling HistoryDate
Tabled HR17-Mar-2009
Tabled Senate17-Mar-2009
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Superannuation Industry (Supervision) Amendment Regulations 2009 (No. 2)1

Select Legislative Instrument 2009 No. 46

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 13 March 2009

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

NICK SHERRY


1              Name of Regulations

                These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2009 (No. 2).

2              Commencement

                These Regulations commence on the day after they are registered.

3              Amendment of Superannuation Industry (Supervision) Regulations 1994

                Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.


Schedule 1        Amendments

(regulation 3)

 

[1]           Schedule 1A, clause 2

omit

clauses 3 and 4,

insert

clauses 3, 3A and 4,

[2]           Schedule 1A, after clause 3

insert

    3A.       For the financial year commencing on 1 July 2008, the minimum limit is half of the amount determined under the formula in clause 2.

[3]           Schedule 1AAB, clause 2

omit

clauses 3 and 4,

insert

clauses 3, 3A and 4,

[4]           Schedule 1AAB, after clause 3

insert

    3A.       For the financial year commencing on 1 July 2008, the minimum limit is half of the amount determined under the formula in clause 2.

[5]           Schedule 6, after clause 8

insert

       9.       Clause 8 does not apply if clause 10 applies.

     10.       For the financial year commencing on 1 July 2008, an amount is taken to have been determined in accordance with clause 1 if the amount is:

                (a)    not less than 45% of the amount determined in accordance with clause 1; and

               (b)    not greater than 110% of the amount determined in accordance with clause 1.

[6]           Schedule 7, subclause 1 (1)

omit

clauses 3 and 4,

insert

clauses 3, 4 and 4A,

[7]           Schedule 7, after clause 4

insert

     4A       For the financial year commencing on 1 July 2008, the amount of payments is half of the amount worked out using the formula in clause 1.


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.