{"id":"F2023L00621","name":"Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2023","slug":"family-law-superannuation-interest-rate-for-adjustment-period-determination-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441876,"registerId":"F2023L00621-fast-fetch-1775957054114","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2023","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 22.10.0\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n    ![Commonwealth Coat of Arms](image.001.png)\n\n \n\n \n\nFamily Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2023\n\nI, Guy Francis Thorburn, Australian Government Actuary, make the following determination under regulation 45D of the Family Law (Superannuation) Regulations 2001.\n\nDated:  25 May 2023\n\n \n\nGuy Francis Thorburn\n\nAustralian Government Actuary\n\n \n\n \n\n   \n\nContents\n\n1 Name of determination\n\n2 Commencement\n\n3 Authority\n\n4 Definition\n\n5 Adjustment period—financial year\n\n6 Adjustment period—less than 12 months within financial year\n\n7 Adjustment period—12 months not within financial year\n\n8 Adjustment period—less than 12 months not within financial year\n\n1  Name of determination\n\n  This determination is the Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2023.\n\n2  Commencement\n\n  This determination commences on 1 July 2023.\n\n3  Authority\n\n  This determination is made under regulation 45D of the Family Law (Superannuation) Regulations 2001.\n\n4  Definition\n\n  In this determination:\n\nregulations means the Family Law (Superannuation) Regulations 2001.\n\n5  Adjustment period—financial year\n\n  For subregulation 45D(3) of the regulations, the interest rate for the adjustment period, being the financial year beginning on 1 July 2023, is 0.059.\n\n6  Adjustment period—less than 12 months within financial year\n\n (1) This section applies to an adjustment period of less than 12 months that begins and ends in the financial year beginning on 1 July 2023.\n\n (2) For subregulation 45D(4) of the regulations, the method for working out the interest rate for the adjustment period is by using the formula:\n\n![Start formula 1.059 superscript start fraction d over 365 end fraction end superscript minus 1 end formula](image.002.png)\n\nwhere:\n\nd is the number of days in the adjustment period.\n\n7  Adjustment period—12 months not within financial year\n\n (1) This section applies to an adjustment period of 12 months that begins in the financial year beginning on 1 July 2022 and ends in the financial year beginning on 1 July 2023.\n\n (2) For subregulation 45D(6) of the regulations, the method for working out the interest rate for the adjustment period is by using the formula:\n\n  ![Start formula 1.047 superscript start fraction d1 over d1 plus d2 end fraction end superscript times 1.059 superscript start fraction d2 over d1 plus d2 end fraction end superscript minus 1 end formula](image.003.png)\n\n  where:\n\nd1 is the number of days in the adjustment period in the financial year beginning on 1 July 2022.\n\nd2 is the number of days in the adjustment period in the financial year beginning on 1 July 2023.\n\n8  Adjustment period—less than 12 months not within financial year\n\n (1) This section applies to an adjustment period of less than 12 months that begins in the financial year beginning on 1 July 2022 and ends in the financial year beginning on 1 July 2023.\n\n (2) For subregulation 45D(6) of the regulations, the method for working out the interest rate for the adjustment period is by using the formula:\n\n  ![Start formula 1.047 superscript start fraction d1 over 365 end fraction end superscript times 1.059 superscript start fraction d2 over 365 end fraction end superscript minus 1 end formula](image.004.png)\n\n  where:\n\nd1 is the number of days in the adjustment period in the financial year beginning on 1 July 2022.\n\nd2 is the number of days in the adjustment period in the financial year beginning on 1 July 2023.\n\n \n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This Determination performs exactly the narrow, annual function it was designed for: setting the interest rate for superannuation adjustments. It has not expanded beyond its original purpose of providing the specific numerical values and calculation methods required by regulation 45D."},"complexity_factors":["Only 8 short sections with minimal text","Single defined term ('regulations')","Four straightforward mathematical formulas, though they involve compound interest calculations with fractional exponents","Heavy reliance on external context — the Determination is meaningless without understanding Regulations 45D and the broader Family Law (Superannuation) Regulations 2001","No nested exceptions or conditional logic beyond simple 'if-then' section applicability"],"plain_english_summary":"This instrument sets the interest rate used to calculate superannuation adjustments in family law property settlements at 5.9% for the 2023–24 financial year. It affects separating couples, family lawyers and super funds because the rate changes how much each party receives, and includes formulas to handle short adjustment periods and spans across financial years."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This determination does not change who is covered by the Family Law (Superannuation) Regulations. Under its authority (s.3) it only prescribes the numeric interest rate for the 2023–24 financial year (s.5) and the mathematical methods for calculating interest for various adjustment-period scenarios (ss.6–8). It therefore alters the numeric and computational parameters used under reg 45D but does not expand or contract the regulatory scope or add new categories of persons or transactions."},"complexity_factors":["Single-year numeric rate explicitly set at 0.059 for the financial year beginning 1 July 2023 (s.5) — simple to apply when the adjustment period equals that financial year.","Multiple calculation formulas for different timing cases: (a) less-than-12-months within a single financial year (s.6), (b) 12-month periods spanning two financial years (s.7), and (c) less-than-12-months spanning two financial years (s.8). Each requires counting days in each segment (d, d1, d2).","Use of two base multiplicative factors (1.047 and 1.059) in spanning-year formulas (ss.7–8) requires identifying which days fall in which financial year before applying the geometric weighting or product — small bookkeeping burden for administrators.","Implementation requires accurate day-counting conventions (d, d1, d2 versus 365) and handling of partial periods (ss.6–8) — potential for off-by-one or inclusivity disputes if parties or providers differ on counting.","Low legal complexity: instrument is mechanically prescriptive and narrowly scoped by authority in s.3 (made under reg 45D), so limited interpretive discretion by the Actuary or administrators.","Operational burden: super funds, family law practitioners and courts must embed the formulas into calculations and software to ensure consistent application; rounding and presentation rules are not specified here and may cause minor inconsistencies."],"plain_english_summary":"This determination sets the interest rate and the formulas for calculating interest applied to superannuation adjustment periods used under the Family Law (Superannuation) Regulations. It takes effect from 1 July 2023 and supplies numeric rates and day-count formulas for full and partial financial-year adjustment periods.\n\nIt affects people and administrators who calculate family law superannuation adjustments (under reg 45D) because it changes the numeric factor used to grow or discount amounts over specified adjustment periods."}},"importantCases":[],"_links":{"self":"/api/acts/family-law-superannuation-interest-rate-for-adjustment-period-determination-2023","history":"/api/acts/family-law-superannuation-interest-rate-for-adjustment-period-determination-2023/history","analysis":"/api/acts/family-law-superannuation-interest-rate-for-adjustment-period-determination-2023/analysis","conflicts":"/api/acts/family-law-superannuation-interest-rate-for-adjustment-period-determination-2023/conflicts","importantCases":"/api/acts/family-law-superannuation-interest-rate-for-adjustment-period-determination-2023/important-cases","documents":"/api/acts/family-law-superannuation-interest-rate-for-adjustment-period-determination-2023/documents"}}