Superannuation (Productivity Benefit) (Penalty Interest) Determination 1995
as amended
made under section 4G of the
Superannuation (Productivity Benefit) Act 1988
Compilation start date: 1 July 2013
Includes amendments up to: Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination 2013 (No. 1)
About this compilation
The compiled instrument
This is a compilation of the Superannuation (Productivity Benefit) (Penalty Interest) Determination 1995 as amended and in force on 1 July 2013. It includes any amendment affecting the compiled instrument to that date.
This compilation was prepared on 1 July 2013.
The notes at the end of this compilation (the endnotes) include information about amending Acts and instruments and the amendment history of each amended provision.
Uncommenced provisions and amendments
If a provision of the compiled instrument is affected by an uncommenced amendment, the text of the uncommenced amendment is set out in the endnotes.
Application, saving and transitional provisions for amendments
If the operation of an amendment is affected by an application, saving or transitional provision, the provision is identified in the endnotes.
Modifications
If a provision of the compiled instrument is affected by a textual modification that is in force, the text of the modifying provision is set out in the endnotes.
Provisions ceasing to have effect
If a provision of the compiled instrument has expired or otherwise ceased to have effect in accordance with a provision of the instrument, details of the provision are set out in the endnotes.
Contents
1 Name of determination
2 Interpretation
3 How to calculate interest—subsections 4G(1) and (2) of the Act
4 Revocation
Schedule—Annual interest rates
Endnotes
Endnote 1—Legislation history
Endnote 2—Amendment history
Endnote 3—Uncommenced amendments [none]
Endnote 4—Misdescribed amendments [none]
1 Name of determination
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% |
2008–2009 | 8.29% |
2009–2010 | 6.57% |
2010–2011 | 7.71% |
2011–2012 | 7.40% |
2012–2013 | 5.67% |
Financial years beginning on or after 1 July 2013 | Estimated closing yield last published by the Reserve Bank of Australia before 1 June in the financial year immediately preceding the relevant financial year in respect of 10-year non-rebate Treasury Bonds, plus 2 per cent. |
Note: The annual interest rates specified in this Schedule for financial years beginning before 1 July 2013 were intended to represent the interest rate that was 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 10‑year non‑rebate Treasury Bonds, plus 2%.
Endnotes
Endnote 1—Legislation history
This endnote sets out details of the legislation history of the Superannuation (Productivity Benefit) (Penalty Interest) Determination 1995.
Year and Number/Title | Gazettal or FRLI registration date | Commencement
date | Application, saving and 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 | — |
Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination 2008 (No. 1) | 24 June 2008 (see F2008L02209) | 1 July 2008 | — |
Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination 2009 (No. 1) | 29 June 2009 (see (F2009L02549) | 1 July 2009 | — |
Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination
2010 (No. 1) | 24 June 2010 (see F2010L01694) | 1 July 2010 | — |
Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination
2011 (No. 1) | 28 June 2011 (see F2011L01288) | 1 July 2011 | — |
Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination 2012 (No. 1) | 19 June 2012 (see F2012L01252) | 1 July 2012 | — |
Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination 2013 (No. 1) | 22 May 2013 (see F2013L00823) | 1 July 2013 | — |
Endnote 2—Amendment history
This endnote sets out the amendment history of the Superannuation (Productivity Benefit) (Penalty Interest) Determination 1995.
Endnote 3—Uncommenced amendments [none]
There are no uncommenced amendments.
Endnote 4—Misdescribed amendments [none]
There are no misdescribed amendments.