Commonwealth Numbered Regulations

1994 No. 211 SUPERANNUATION (PRODUCTIVITY BENEFIT) PENALTY INTEREST DETERMINATION No. 2 - REG 5

5. For the purposes of subsection 4g (2) of the Act, the interest fixed under
that section in relation to the Fund on a day is to be calculated using the
formula:
Amount x 0.1045 x Days
365 where:

"Amount" means the amount that should have been paid to the Board under
paragraph 4EA (a) of the Act on the day on which an interim arrangement
employee became a scheme employee;

"Days" means the number of days in the period:

   (a)  commencing on the day on which the amount should have been paid; and

   (b)  ending on the day immediately before the day on which the amount was
        paid. (NOTE: In clauses 4 and 5, the factor "0.1045" is intended to
        represent the interest rate that is the estimated closing yield last
        published by the Reserve Bank of Australia before 1 June 1994 in
        respect of 10-year non-rebate Treasury Bonds, plus an amount equal to
        2% per annum.)