Small Superannuation Accounts Act 1995
To work out the allocation rate for a quarter, apply the following steps.
47(2) Adjusted total balances.Calculate the adjusted total balances for the quarter by:
(a) working out, for each day in the quarter, the total balances of all the accounts; and
(b) adding up those totals; and
(c) dividing the result by the number of days in the quarter.
For the purposes of this calculation, if an account balance actually exceeds $1,200, the account balance is taken to be $1,200.
47(3) Provisional rate.Calculate the provisional rate for the quarter as a percentage (to 4 decimal places) using the formula:
|
Net interest amount
Adjusted total balances |
× | 100 |
where:
Net interest amount means the net interest amount for the quarter;
Adjusted total balances means the adjusted total balances for the quarter.
Note:
Net interest amount is defined by section 39 .
47(4) Total balances.Calculate the total balances for the quarter by:
(a) working out, for each day in the quarter, the total balances of all the accounts; and
(b) adding up those totals; and
(c) dividing the result by the number of days in the quarter. 47(5) Capped rate.
Calculate the capped rate as a percentage (to 4 decimal places) using the formula:
|
Gross interest amount
Total balances |
× | 100 |
where:
Gross interest amount means the gross interest amount for the quarter;
Total balances means the total balances for the quarter.
Note:
Gross interest amount is defined by section 38 .
47(6) Allocation rate - comparison between provisional rate and capped rate.Compare the provisional rate with the capped rate:
(a) if the provisional rate is less than or equal to the capped rate - the allocation rate equals the provisional rate; or
(b) if the provisional rate exceeds the capped rate - the allocation rate equals the capped rate.
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