Superannuation (Productivity Benefit) (2010-2011 First Interest Factor) Declaration 20101
I, LINDSAY TANNER, Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.
Dated June 17th 2010
LINDSAY TANNER
Minister for Finance and Deregulation
1              Name of Declaration
                This Declaration is the Superannuation (Productivity Benefit) (2010-2011 First Interest Factor) Declaration 2010.
2              Commencement
                This Declaration commences on 1 July 2010.
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 2010 — 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 2010; 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 2010 — the number of days between:
                          (i)    the last day of the first pay period for the employee ending after 1 July 2010; 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 2010, 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 2010; and
                         (ii)    30 June 2011.
 
4              Declared first interest factor
                For section 8A of the Act, the declared first interest factor for the financial year commencing on 1 July 2010 is:
0.0571 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.frli.gov.au.