Federal Register of Legislation - Australian Government

Primary content

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 2019.
Administered by: Attorney-General's
Registered 26 Jun 2020
Table of contents.

 

Safety, Rehabilitation and Compensation (Weekly Interest on the Lump Sum) Instrument 2020

I, Christian Porter, Minister for Industrial Relations, make the following instrument.

Dated   17 June 2020                          

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 2020.

2  Commencement

                   This instrument commences on 1 July 2020.

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 1.21 per cent per annum is specified for the period from 1 July 2020 to 30 June 2021.

 

 

 

 

 

 

 

Schedule 1—Repeals

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

Note: See section 5.  

1  The whole of the instrument

Repeal the instrument.