Superannuation (Productivity Benefit) (Second Interest Factor) Declaration 2013

In this Declaration:

Act means the Superannuation (Productivity Benefit) Act 1988.

Interest rate means a rate equal to the estimated closing yield last published by the Reserve Bank of Australia before 1 June in the financial year immediately preceding the relevant financial year in respect of 10-year non-rebate Treasury Bonds.

Number of days means:

in the case of an employee who becomes a fund employee during the relevant financial year - the number of days in the period:

starting on the day after the last day of the last pay period for the employee ending before 1 July of the relevant financial year; and

ending at the end of the day on which an amount first becomes payable under section 4F of the Act; or

in the case of an employee in respect of whom an interim benefit becomes payable under section 6 of the Act during the relevant financial year - the number of days between:

the day after the last day of the last pay period for the employee ending before 1 July of the relevant financial year; and

the day on which the interim benefit becomes payable; or

in the case of an employee who does not become a fund employee during the relevant financial year, and in respect of whom an interim benefit does not become payable during that year - the number of days between:

the day following the last day of the last pay period for the employee ending before 1 July of the relevant financial year; and

30 June of the relevant financial year.

Relevant financial year means a period commencing on 1 July and ending on 30 June the following calendar year, which:

commences on or after 1 July 2013; and is the financial year to which the second interest factor is to be applied in relation to an employee under section 8A of the Act.