Superannuation (Productivity Benefit) (Penalty Interest) Determination 1995

Statutory Rules 1995 No. 177 as amended

made under the

Superannuation (Productivity Benefit) Act 1988

This compilation was prepared on 16 August 2007
taking into account amendments up to Superannuation (Productivity Benefit)
(Penalty Interest) Amendment Determination 2007 (No. 1)

Prepared by the Office of Legislative Drafting and Publishing,
AttorneyGeneral’s Department and the Department of
Finance and Administration, Canberra
 

Contents

 1 Name of determination [see Note 1]

 2 Interpretation 

 3 How to calculate interest — subsections 4G (1) and (2) of the Act 

 4 Revocation 

Schedule Annual interest rates 

Notes   

 

 

 

1 Name of determination [see Note 1]

  This determination is the Superannuation (Productivity Benefit) (Penalty Interest) Determination 1995.

2 Interpretation

  In this Determination:

Act means the Superannuation (Productivity Benefit) Act 1988.

3 How to calculate interest — subsections 4G (1) and (2) of the Act

  For the purposes of subsections 4G (1) and (2) of the Act, the interest fixed under each of those subsections in relation to a fund on a day is to be calculated by dividing by 365 the annual interest rate specified in the Schedule in relation to the financial year in which that day falls.

4 Revocation

  Superannuation (Productivity Benefit) Penalty Interest Determination No. 2 is revoked.

Schedule Annual interest rates

(clause 3)

 

 

Financial Year

Rate

1990–91

15.55%

1991–92

13.00%

1992–93

11.45%

1993–94

9.55%

1994–95

10.45%

1995–96

11.70%

1996–97

10.70%

1997–98

9.83%

1998–99

7.89%

1999–2000

7.51%

2000–2001

8.39%

2001–2002

7.78%

2001–2002

7.78%

2002–2003

8.10%

2003–2004

7.28%

2004–2005

7.94%

2005–2006

7.35%

2006–2007

7.71%

2007–2008

7.88%

Note   The annual interest rates specified in this Schedule are intended to represent the interest rate that is the estimated closing yield last published by the Reserve Bank of Australia before 1 June in the year immediately preceding the relevant financial year in respect of 10year nonrebate Treasury Bonds, plus 2%.

 

Notes to the Superannuation (Productivity Benefit) (Penalty Interest) Determination 1995

Note 1

The Superannuation (Productivity Benefit) (Penalty Interest) Determination 1995 (in force under the Superannuation (Productivity Benefit) Act 1988) as shown in this compilation comprise Statutory Rules 1995 No. 177 amended as indicated in the Tables below.

Under the Legislative Instruments Act 2003, which came into force on 1 January 2005, it is a requirement for all nonexempt legislative instruments to be registered on the Federal Register of Legislative Instruments.

Table of Instruments

Year and Statutory Rule number or title

Date of notification
in Gazette or FRLI registration

Date of
commencement

Application, saving or
transitional provisions

1995 No. 177

30 June 1995

30 June 1995

 

1996 No. 119

28 June 1996

28 June 1996

1997 No. 147

25 June 1997

25 June 1997

1998 No. 201

29 June 1998

29 June 1998

1999 No. 138

30 June 1999

30 June 1999

2000 No. 169

28 June 2000

28 June 2000

2001 No. 169

29 June 2001

29 June 2001

2002 No. 135

27 June 2002

27 June 2002

2003 No. 177

30 June 2003

30 June 2003

2004 No. 201

25 June 2004

25 June 2004

Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination
2005 (No.1)

29 June 2005 (see F2005L01868)

30 June 2005

Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination
2006 (No.1)

28 June 2006 (see F2006L01991)

29 June 2006

Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination
2007 (No.1)

30 June 2007 (see F2007L01964)

1 July 2007

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted

Provision affected

How affected

C. 1.................

rs. 1999 No. 138

Schedule

 

Schedule.............

am. 1996 No. 119; 1997 No. 147; 1998 No. 201; 1999 No. 138; 2000 No. 169; 2001 No. 169; 2002 No. 135; 2003 No. 177; 2004 No. 201; F2005L01868; F2006L01991; F2007L01964.