Statutory Rules 1995   No. 1771

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Superannuation (Productivity Benefit) Penalty Interest Determination

I, Kim Christian Beazley, Minister for Finance, make the following Determination under section 4G of the Superannuation (Productivity Benefit) Act  1988.

Dated 21 June 1995.

KIM C. BEAZLEY

Minister for Finance

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Citation

 1. This Determination may be cited as the Superannuation (Productivity Benefit) Penalty Interest Determination.

[NOTE: This Declaration commences on gazettal: see Acts Interpretation Act 1901, ss. 46A and 48.]

Interpretation

 2. In this Determination:

“Act” means the Superannuation (Productivity Benefit) Act 1988.

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

 3. 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.

Revocation

 4. Superannuation (Productivity Benefit) Penalty Interest Determination2 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%.]

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 June 1995.

2. Statutory Rules 1994 No. 211.