Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 2012

Link to law: https://www.comlaw.gov.au/Details/F2012L01255

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Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 20121
I, Penelope YING YEN WONG, Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.
Dated 8th June 2012
 
 
Penelope YING YEN WONG
Minister for Finance and Deregulation
1              Name of Declaration
                This Declaration is the Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 2012.
2              Commencement
                This Declaration commences on 1 July 2012.
3              Definition
                In this Declaration:
Act means the Superannuation (Productivity Benefit) Act 1988.
Number of days is:
                (a)    in the case of an employee who becomes a fund employee during the financial year commencing on 1 July 2012 — the number of days in the period:
                          (i)    starting on the last day of the first pay period for the employee ending after 1 July 2012; and
                         (ii)    ending at the end of the day on which an amount first becomes payable under section 4F of the Act; or
               (b)    in the case of an employee in respect of whom an interim benefit becomes payable under section 6 of the Act during the financial year commencing on 1 July 2012 — the number of days between:
                          (i)    the last day of the first pay period for the employee ending after 1 July 2012; and
                         (ii)    the day on which the interim benefit becomes payable; or
                (c)    in the case of an employee who does not become a fund employee during the financial year commencing on 1 July 2012, and in respect of whom an interim benefit does not become payable during that year — the number of days between:
                          (i)    the last day of the first pay period for the employee ending after 1 July 2012; and
                         (ii)    30 June 2013.
 
4              Declared first interest factor
                For section 8A of the Act, the declared first interest factor for the financial year commencing on 1 July 2012 is:
0.0367 x Number of days

730

Note
1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.comlaw.gov.au.