Document ID: chunk:federal_register_of_legislation:C2004A03971:section:50:p10
Version: federal_register_of_legislation:C2004A03971
Segment Type: section
Provision Reference: s 50 (pt 10/12)
Character Range: 242965–245725

for the employee in respect of the employee's pay periods in the year if he or she had been a fund employee in the year;

'First factor' means the declared first interest factor for the year applied in relation to the employee;

'Second factor' means the declared second interest factor for the year applied in relation to the employee;

'Notional benefit' means the employee's notional interim benefit (if any);

'Past accumulations' means the amounts (if any) that accumulated under this subsection in respect of the employee in the preceding years.

"(3) Where an interim benefit becomes payable in respect of a person in a financial year commencing on or after 1 July 1990, the amount of that benefit is the sum of:

    (a) the person's notional interim benefit (if any); and

    (b) the amount that accumulated in respect of service by the person under subsection (2) in respect of that year; and

    (c) the amounts (if any) that accumulated under that subsection in respect of the person in the preceding years.".

104. After section 9 of the Principal Act the following sections are inserted:

Declarations

"9a. Declarations, and determinations, under this Act by the Minister are to be in writing signed by the Minister.

Certain declarations disallowable etc.

"9b. Declarations under sections 3d, 3e, 3f, 4a and 4g are:

    (a) statutory rules for the purposes of the Statutory Rules Publication Act 1903; and

    (b) disallowable instruments for the purposes of section 46a of the Acts Interpretation Act 1901.

Delegation by Minister

"9c. The Minister may, by signed instrument, delegate all or any of his or her powers under section 4c or for the purposes of the definition of 'designated employer' in section 3 to an officer of the Department of Finance.

Minister to comply with Standards Act

"9d. The Minister is not to exercise his or her powers under this Act in relation to superannuation funds in any way that would be inconsistent with the Standards Act or regulations made under that Act.

Source of payments

"9e. A designated employer of a remainder employee may make payments under this Act in respect of the employee out of any money in the employer's control that is available for the purpose.

Employers to ensure membership of funds

"9f. Without limiting subsection 4h (1), a designated employer employing a remainder employee on 1 July 1990 must take all reasonable steps to ensure that the employee becomes a fund employee before 30 June 1991.".

Schedule

105. The Principal Act is amended by adding at the end the following Schedule:

"SCHEDULE Section 3c

TABLE OF CONTINUING CONTRIBUTIONS

Pay period rate of salary        Pay period contribution
Less than $423                   $12.70
$423 or more but less than