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Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2019

Authoritative Version
Other as made
This instrument specifies the rate used in the calculation of the ‘weekly interest on the lump sum’ in respect of incapacity payments under sections 21 and 21A of the Safety, Rehabilitation and Compensation Act 1988, where an employee is retired and receives a lump sum benefit under a superannuation scheme as a result of the employee's retirement. It repeals the Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2018.
Administered by: Attorney-General's
Registered 28 Jun 2019
Tabling HistoryDate
Tabled HR02-Jul-2019
Tabled Senate02-Jul-2019
Date of repeal 01 Jul 2020
Repealed by Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2020
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Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2019

I, CHRISTIAN PORTER, Minister for Industrial Relations, make the following instrument.

Dated   26 June 2019

CHRISTIAN PORTER

Minister for Industrial Relations

 

 

 

Contents

1  Name........................................................................................................................................ 3

2  Commencement........................................................................................................................ 3

3  Authority.................................................................................................................................. 3

4  Definitions................................................................................................................................ 3

5  Schedule................................................................................................................................... 3

6  Specified rate............................................................................................................................ 3

Schedule 1—Repeals                                                                                                    4

                                                                                                                                                                    

 

 

1  Name

                   This instrument is the Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2019.

2  Commencement

                   This instrument commences on 1 July 2019.

3  Authority

                   This instrument is made under subsection 21(5) of the Safety, Rehabilitation and Compensation Act 1988.

4  Definitions

                   In this instrument:

                   Act means the Safety, Rehabilitation and Compensation Act 1988.

5  Schedule

Each instrument that is specified in Schedule 1 to this instrument is amended or repealed as set out in the applicable items in that Schedule, and any other item in that Schedule has effect according to its terms.

6  Specified rate

For the purposes of the definition of weekly interest on the lump sum in
subsections 21(3) and 21A(3) of the Act, the rate of 2.52 per cent per annum is specified for the period from 1 July 2019 to 30 June 2020.

 

 

Schedule 1—Repeals

Note:      See section 5.

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2018

1  The whole of the instrument

Repeal the instrument.