{"id":"F2008B00193","name":"Superannuation (Productivity Benefit) 1997-98 First Interest Factor Declaration","slug":"superannuation-productivity-benefit-1997-98-first-interest-factor-declaration","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"145 of 1997","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":72862,"registerId":"commonwealth-F2008B00193-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) 1997-98 First Interest Factor Declaration","content":"![](image.001.png)\n\nStatutory Rules 1997 No. 1451\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nSuperannuation (Productivity Benefit) 1997-98 First Interest Factor Declaration\n\nI, JOHN FAHEY, Minister for Finance, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.\n\nDated 18 June 1997.\n\nJOHN FAHEY\n\nMinister for Finance\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nCitation\n\n1. This Declaration may be cited as the Superannuation (Productivity Benefit) 1997-98 First Interest Factor Declaration.\n\n> Note: \\[Note: This Declaration commences on gazettal: see Acts Interpretation Act 1901, ss. 46A and 48.\\]\n\nInterpretation\n\n2. In this Declaration:\n\n> “Act” means the Superannuation (Productivity Benefit) Act 1988;\n\n> “Days” means:\n\n(a) in the case of an employee who becomes a fund employee during the financial year starting on 1 July 1997—the number of days in the period:\n\n(i) starting on the last day of the first pay period of the employee ending after 1 July 1997; and\n\n(ii) ending at the end of the day on which an amount first becomes payable under section 4F of the Act; or\n\n(b) in the case of an employee in respect of whom an interim benefit becomes payable under section 6 of the Act during the financial year starting on 1 July 1997—the number of days between:\n\n(i) the last day of the first pay period of the employee ending after 1 July 1997; and\n\n(ii) the day on which the interim benefit became payable; or\n\n(c) in the case of an employee who does not become a fund employee during the financial year starting on 1 July 1997 and in respect of whom an interim benefit does not become payable during that year—the number of days between:\n\n(i) the last day of the first pay period of the employee ending after 1 July 1997; and\n\n(ii) 30 June 1998.\n\nDeclared first interest factor\n\n3. For section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 1997 is:\n\n0.0783  Days\n\n730.\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n> Note: NOTE\n\n> Note: 1. Notified in the Commonwealth of Australia Gazette on 25 June 1997.","sortOrder":0}],"analysis":{"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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This declaration performs exactly the function intended by its enabling legislation (section 3E(1)(a) of the Superannuation (Productivity Benefit) Act 1988). It sets a single interest factor for a specific financial year, which is precisely what the Act requires the Minister to do periodically. There is no scope creep or expansion beyond the original statutory purpose."},"complexity_factors":["Very short document (only 3 operative sections plus citation)","Single mathematical formula with only one variable (Days)","Only 2 defined terms ('Act' and 'Days')","No cross-references to other legislation except the enabling Act (Superannuation (Productivity Benefit) Act 1988)","Simple conditional logic in the definition of 'Days' with three mutually exclusive scenarios (paragraphs 2(a), 2(b), and 2(c))","No nested exceptions or complex provisos","Straightforward temporal calculations (counting days between dates)"],"plain_english_summary":"The 1997 Minister for Finance declaration sets the first interest factor for 1997–98 at 0.0783 × Days ÷ 730 to calculate interest on productivity‑benefit superannuation entitlements. \n\nIt affects Commonwealth employees in the old productivity benefit scheme—new fund joiners, those paid interim benefits, and remaining members—determining the extra interest the government must pay on those retirement amounts."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The Declaration does not alter the Act's substantive scope or eligibility. It only provides the numeric first interest factor to be used under section 8A for the 1997–98 financial year (s.3), and defines the Days input used in that calculation (s.2)."},"complexity_factors":["Single numeric formula with a simple arithmetic operation (0.0783 × Days ÷ 730) (s.3).","‘Days’ is defined by three alternative case-based rules that require identifying employee status and relevant pay-period dates (s.2(a)–(c)).","Instrument is purely administrative: it plugs into section 8A of the Act and was made under paragraph 3E(1)(a) (preamble; s.3).","Operational compliance: payroll or fund administrators must calculate Days per employee (administrative burden for employers/funds) (s.2).","Commencement on gazettal invokes Acts Interpretation Act 1901 rules (note to s.1)."],"plain_english_summary":"This Declaration sets the numerical “first interest factor” used under the Superannuation (Productivity Benefit) Act 1988 for the 1997–98 year: 0.0783 × Days ÷ 730 (s.3). It affects employees governed by that Act by determining how interest is calculated for productivity superannuation payments; the term “Days” is defined by three case-based rules depending on employee status (s.2). The instrument fixes a calculation input rather than changing who is eligible."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-1997-98-first-interest-factor-declaration","history":"/api/acts/superannuation-productivity-benefit-1997-98-first-interest-factor-declaration/history","analysis":"/api/acts/superannuation-productivity-benefit-1997-98-first-interest-factor-declaration/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-1997-98-first-interest-factor-declaration/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-1997-98-first-interest-factor-declaration/important-cases","documents":"/api/acts/superannuation-productivity-benefit-1997-98-first-interest-factor-declaration/documents"}}