Federal Register of Legislation - Australian Government

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SLI 2013 No. 137 Regulations as made
This regulation amends the Family Law (Superannuation) Regulations 2001 to provide the enabling power for the Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2013.
Administered by: Attorney-General's
Registered 28 Jun 2013
Tabling HistoryDate
Tabled HR12-Nov-2013
Tabled Senate12-Nov-2013
Date of repeal 02 Jul 2013
Repealed by Division 1 of Part 5A of the Legislative Instruments Act 2003
Table of contents.

Commonwealth Coat of Arms

 

 

Family Law (Superannuation) Amendment (ABS) Regulation 2013

 

Select Legislative Instrument No. 137, 2013

I, Quentin Bryce AC CVO, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Family Law Act 1975.

Dated 28 June 2013

Quentin Bryce

Governor‑General

By Her Excellency’s Command

Shayne Neumann

Parliamentary Secretary to the Attorney‑General

 

 

  

  


Contents

1............ Name of regulation.............................................................................. 1

2............ Commencement................................................................................... 1

3............ Authority............................................................................................. 1

4............ Schedule(s)......................................................................................... 1

Schedule 1—Amendments                                                                                                2

Family Law (Superannuation) Regulations 2001                                                 2

 


1  Name of regulation

                   This regulation is the Family Law (Superannuation) Amendment (ABS) Regulation 2013.

2  Commencement

                   This regulation commences on 1 July 2013.

3  Authority

                   This regulation is made under the Family Law Act 1975.

4  Schedule(s)

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

Family Law (Superannuation) Regulations 2001

1  Regulation 45D

Omit “February” (wherever occurring), substitute “November”.

2  After Part 7

Insert:

Part 8Transitional arrangements

  

73  Purpose of Part 8

                   This Part makes transitional arrangements in relation to amendments of these Regulations.

74  Amendments made by Family Law (Superannuation) Amendment (ABS) Regulation 2013

             (1)  This regulation applies to an adjustment period that begins or ends in the financial year beginning on 1 July 2013.

             (2)  The interest rate for the adjustment period must be:

                     (a)  for subregulation 45D(3)—a rate determined by the Australian Government Actuary that is 2.5 percentage points above the amended percentage change; and

                     (b)  for subregulation 45D(4)—a rate calculated in accordance with a method determined by the Australian Government Actuary that provides for calculation of a rate by reference to a rate that is 2.5 percentage points above the amended percentage change; and

                     (c)  for subregulation 45D(6), when the adjustment period commences before 30 June 2013 and ends during the financial year beginning on 1 July 2013—a rate calculated in accordance with a method determined by the Australian Government Actuary that provides for calculation of a rate by reference to the followings rates:

                              (i)  a rate that is 2.5 percentage points above the percentage change in the original estimate of full‑time adult ordinary time earnings for all persons in Australia, as published by the Australian Bureau of Statistics, during the year ending with the February 2012 quarter;

                             (ii)  a rate that is 2.5 percentage points above the amended percentage change; and

                     (d)  for subregulation 45D(6), when the adjustment period commences before 30 June 2014 and ends during the financial year beginning on 1 July 2014—a rate calculated in accordance with a method determined by the Australian Government Actuary that provides for calculation of a rate by reference to the following rates:

                              (i)  a rate that is 2.5 percentage points above the amended percentage change;

                             (ii)  a rate that is 2.5 percentage points above the percentage change in the original estimate of full‑time adult ordinary time earnings for all persons in Australia, as published by the Australian Bureau of Statistics, during the year ending with the November 2013 quarter.

             (3)  In this regulation, the amended percentage change is worked out using the formula:

where:

February OTE means the original estimate of full‑time adult ordinary time earnings for all persons in Australia published by the Australian Bureau of Statistics for the February 2012 quarter.

November OTE means the original estimate of full‑time adult ordinary time earnings for all persons in Australia published by the Australian Bureau of Statistics for the November 2012 quarter.