Federal Register of Legislation - Australian Government

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Determinations/Superannuation as made
This instrument makes Determinations under subregulation 45D(3), (4) and (6) of the Family Law (Superannuation) Regulations 2001, relating to the interest rate for adjusting, in the 2010/11 financial year (or for an adjustment period that includes part of that financial year), a base amount allocated in a court order or specified in a superannuation agreement splitting future superannuation entitlements in family law property settlements.
Administered by: Attorney-General's
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s11 item 06
Registered 02 Jun 2010
Tabling HistoryDate
Tabled HR15-Jun-2010
Tabled Senate15-Jun-2010

I, PETER COLIN MARTIN, Australian Government Actuary:

(a)   acting under subregulation 45D (3) of the Family Law (Superannuation) Regulations 2001, determine that the interest rate for the adjustment period, being the financial year beginning on 1 July 2010, is 0.083; and

(b)   acting under subregulation 45D (4) of those Regulations, determine that the method set out in Schedule 1 is the method for calculating the interest rate for an adjustment period of less than 12 months that begins and ends in the financial year beginning on 1 July 2010; and

(c)   acting under subregulation 45D (6) of those Regulations:

         (i)   determine, for subparagraph 45D (5) (b) (i) of those Regulations, that the method set out in Schedule 2 is the method for calculating the interest rate for an adjustment period of exactly 12 months beginning before the end of the financial year ending on 30 June 2010 and ending in the next financial year; and

        (ii)   determine, for subparagraph 45D (5) (b) (ii) of those Regulations, that the method set out in Schedule 3 is the method for calculating the interest rate for an adjustment period of less than 12 months beginning before the end of the financial year ending on 30 June 2010 and ending in the next financial year.

This Determination commences on 1 July 2010.

Dated 26 May                              2010

PETER COLIN MARTIN

Australian Government Actuary


Schedule 1        Method — Adjustment period of less than 12 months in the 2010–11 financial year

(paragraph (b))

  

The method for calculating the interest rate for the adjustment period is:

where:

d is the number of days in the adjustment period.

Schedule 2        Method — Adjustment period of exactly 12 months bridging the
2009–10 and 2010–11 financial years

(subparagraph (c) (i))

  

The method for calculating the interest rate for the adjustment period is:

where:

d1 is the number of days in the adjustment period in the financial year ending on 30 June 2010.

d2 is the number of days in the adjustment period in the financial year beginning on 1 July 2010.

Schedule 3        Method — Adjustment period of less than 12 months bridging the 2009–10 and 2010–11 financial years

(subparagraph (c) (ii))

  

The method for calculating the interest rate for the adjustment period is:

where:

d1 is the number of days in the adjustment period in the financial year ending on 30 June 2010.

d2 is the number of days in the adjustment period in the financial year beginning on 1 July 2010.


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.