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 29 June 2006
taking into account amendments up to Superannuation (Productivity Benefit) (Penalty Interest) Amendment Determination 2006 (No. 1)

Prepared by 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)

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 10-year non-rebate 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 non-exempt legislative instruments to be registered on the Federal Register of Legislative Instruments.

Before 1 January 2005, section 9B of the Superannuation (Productivity Benefit) Act 1988 provided, in part, that determinations under section 4G were disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901. The effect of these provisions was that such determinations were required to be notified in the Gazette and take effect from the date of gazettal.

From 1 January 2005, paragraph 6(d) of the Legislative Instruments Act 2003 declared disallowable instruments (such as determinations under section 4G) to be legislative instruments. Legislative instruments are registered on the Federal Register of Legislative Instruments instead of being notified in the Gazette.

Table of Instruments

Table of Amendments