Federal Register of Legislation - Australian Government

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Instrument 2019 No. M38 Notices & Notifications as made
This instrument specifies the rate which is used for the purposes of the definition of “weekly interest on the lump sum” in the Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988 (the Act). The specified rate of interest is used to calculate the amount that is deemed to accrue on the (superannuation) lump sum of retired Australian Defence Force members who are in receipt of compensation under the Act. The weekly incapacity payment to which the veteran is entitled is reduced by the deemed amount of interest.
Administered by: Veterans' Affairs
Registered 13 Aug 2019
To be repealed 30 Jun 2020
Repealed by Self Repealing

 

 

 

 

Australian Government

 

 

Safety, Rehabilitation and Compensation (Defence-related Claims) (Weekly Interest on the Lump Sum) Notice 2019

 

Instrument 2019 No. M38

 

I, Darren Chester, Minister for Veterans and Defence Personnel, make the following legislative instrument under subsection 21(5) of the Safety, Rehabilitation and Compensation (Defence-related Claims) Act 1988.

 

 

 

Dated this       6th                 day of     August                        2019.

 

 

Darren Chester

 

DARREN CHESTER

 

Minister for Veterans and Defence Personnel


 

1  Name

This instrument is the Safety, Rehabilitation and Compensation (Defence-related Claims) (Weekly Interest on the Lump Sum) Notice 2019.

 

2  Commencement

This instrument is taken to have commenced on 1 July 2019.

 

3  Revocation

This instrument is revoked on 30 June 2020.

 

4  Authority

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

 

5  Specified rate of interest

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 as the rate that applies for the period of 12 months that commenced on 1 July 2019.