Superannuation (Productivity Benefit) (2004-2005 First Interest Factor) Declaration 2004 (Cth)

Superannuation (Productivity Benefit) (2004–2005 First Interest Factor) Declaration 2004

Statutory Rules 2004 No. 1991

I, NICHOLAS HUGH MINCHIN, Minister for Finance and Administration, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988. Dated 21 June 2004

NICK MINCHIN Minister for Finance and Administration

1 Name of Declaration

This Declaration is the Superannuation (Productivity Benefit) (2004–2005 First Interest Factor) Declaration 2004.

2 Commencement

This Declaration commences on the date of its notification in the Gazette.

3 Definition

In this Declaration: Act means the Superannuation (Productivity Benefit) Act 1988.

4 Declared first interest factor

For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 2004 is:

where: Number of days is: (a) in the case of an employee who becomes a fund employee during the financial year starting on 1 July 2004 — 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 2004; 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 starting on 1 July 2004 — the number of days between: (i) the last day of the first pay period for the employee ending after 1 July 2004; 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 starting on 1 July 2004, 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 2004; and (ii) 30 June 2005.