Federal Register of Legislation - Australian Government

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Declarations/Superannuation as made
This declaration states contributions provided under the Superannuation (Productivity Benefit) Act 1988 (PB Act) are guaranteed to employees where an employer fails to join an employee to a fund and is required to pay extra amounts as interest on those contributions.
Administered by: Finance
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s11 item 06
Made 08 Jun 2012
Registered 19 Jun 2012
Tabled HR 21 Jun 2012
Tabled Senate 21 Jun 2012

I, Penelope YING YEN WONG, Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (b) of the Superannuation (Productivity Benefit) Act 1988.

Dated  8th June 2012

 

 

 

PENELOPE YING YEN WONG

Minister for Finance and Deregulation


  

  

1              Name of Declaration

                This Declaration is the Superannuation (Productivity Benefit) (2012-2013 Second Interest Factor) Declaration 2012.

2              Commencement

                This Declaration commences on 1 July 2012.

3              Definition

                In this Declaration:

Act means the Superannuation (Productivity Benefit) Act 1988.

Number of days is:

                (a)    in the case of an employee who becomes a fund employee during the financial year commencing on 1 July 2012 — the number of days in the period:

                          (i)    starting on the day after the last day of the last pay period for the employee ending before 1 July 2012; and

                         (ii)    ending at the end of the day on which an amount first becomes payable under section 4F of the Act; or

               (b)    in the case of an employee in respect of whom an interim benefit becomes payable under section 6 of the Act during the financial year commencing on 1 July 2012 — the number of days between:

                          (i)    the day after the last day of the last pay period for the employee ending before 1 July 2012; and

                         (ii)    the day on which the interim benefit becomes payable; or

                (c)    in the case of an employee who does not become a fund employee during the financial year commencing on 1 July 2012, and in respect of whom an interim benefit does not become payable during that year — the number of days between:

                          (i)    the day following the last day of the last pay period for the employee ending before 1 July 2012; and

                         (ii)    30 June 2013.

 

4              Declared second interest factor

                For section 8A of the Act, the declared second interest factor for the financial year commencing on 1 July 2012 is:

0.0367 x Number of days

365

Note

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