Federal Register of Legislation - Australian Government

Primary content

Determinations/Superannuation as made
This determination amends the Defence Force (Superannuation) (Productivity Benefit) Determination 1988 to automate the calculation of the superannuation guarantee top-up and factors by reference to the charge percentage in the Superannuation Guarantee (Administration) Act 1992 and to the 10 yearly bond rate published by the Reserve Bank of Australia, respectively.
Administered by: Defence
Made 23 Apr 2015
Registered 11 May 2015
Tabled HR 13 May 2015
Tabled Senate 14 May 2015
Date of repeal 13 May 2015
Repealed by Division 1 of Part 5A of the
Table of contents.

 

Defence Force (Superannuation) (Productivity Benefit) Amendment (Interest Factor and Other Measures) Determination 2015

I, Stuart Robert, Assistant Minister for Defence, make the following determination.

Dated 23 April 2015

Stuart Robert

Assistant Minister for Defence

 

  

  


Contents

1............ Name............................................................................................................................. 1

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

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

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

Defence Force (Superannuation) (Productivity Benefit) Determination 1988                         2

 


1  Name

                   This is the Defence Force (Superannuation) (Productivity Benefit) Amendment (Interest Factor and Other Measures) Determination 2015.

2  Commencement

                   This instrument commences on the day after it is registered.

3  Authority

                   This instrument is made under subsection 52(1) of the Defence Act 1903.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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

  

Defence Force (Superannuation) (Productivity Benefit) Determination 1988

1  Subclause 3(1)

Insert:

annual interest rate, for 2015 or a later calendar year, means a rate equal to the last annual yield on Commonwealth government 10‑year bonds published by the Reserve Bank of Australia before 1 January of the calendar year.

2  Subclause 8AA(2) (definition of Percentage)

Repeal the definition, substitute:

percentage is the percentage specified in subclause (2A), (2B) or (2C) in respect of the member for the date on which the pay period ends.

3  After subclause 8AA(2)

Insert:

          (2A)  For the definition of percentage in subclause (2), the following table specifies the percentage in respect of non‑recipient members and recipient members with at least 12 months service for a pay period ending between 1 July 1992 and 30 June 2015.

 

Percentages—non‑recipient members and certain recipient members from 1992 to 2015

Item

Date pay period ends

Percentage

1

Between 1 July 1992 and 31 December 1992

3.6

2

Between 1 January 1993 and 30 June 1995

4.5

3

Between 1 July 1995 and 30 June 1998

5.4

4

Between 1 July 1998 and 30 June 2013

9.0

5

Between 1 July 2013 and 30 June 2014

9.25

6

Between 1 July 2014 and 30 June 2015

9.5

          (2B)  For the definition of percentage in subclause (2), the following table specifies the percentage in respect of recipient members with less than 12 months service for a pay period ending between 1 July 1992 and 30 June 2015.

 

Percentages—recipient members with less than 365 days service from 1992 to 2015

Item

Date pay period ends

Percentage

1

Between 1 July 1992 and 31 December 1992

4.0

2

Between 1 January 1993 and 30 June 1995

5.0

3

Between 1 July 1995 and 30 June 1998

6.0

4

Between 1 July 1998 and 30 June 2013

9.0

5

Between 1 July 2013 and 30 June 2014

9.25

6

Between 1 July 2014 and 30 June 2015

9.5

          (2C)  For the definition of percentage in subclause (2), the percentage in respect of all members for a pay period ending on or after 1 July 2015 is the charge percentage specified in the table in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 for the financial year in which the pay period ends.

4  Subclause 8AA(5) (definition of I)

Repeal the definition, substitute:

I is:

                     (a)  if the pay period ends on or before 31 December 2014—the factor specified in the Schedule for the calendar year in which the pay period ends; or

                     (b)  if the pay period ends on or after 1 January 2015—the annual interest rate for the calendar year in which the pay period ends, divided by 100.

Note:          Annual interest rate is defined in subclause 3(1).

5  Subclause 8AA(6) (definition of I)

Repeal the definition, substitute:

I is:

                     (a)  if the pay period ends on or before 31 December 2014—the factor specified in the Schedule for the calendar year in which the pay period concludes; or

                     (b)  if the pay period ends on or after 1 January 2015—the annual interest rate for the calendar year in which the pay period concludes, divided by 100.

Note:          Annual interest rate is defined in subclause 3(1).

6  Subclause 8C(1)

Omit all the words after “relevant period,”, substitute “at the annual interest rate for the calendar year in which the relevant period ends”.

7  At the end of subclause 8C(1)

Add:

Note:          Annual interest rate is defined in subclause 3(1).

8  Schedule (note to Schedule heading)

Repeal the note, substitute:

Note:       See clauses 8A and 8AA.