{"id":"F2008B00172","name":"Superannuation (Productivity Benefit) 1997-98 Second Interest Factor Declaration","slug":"superannuation-productivity-benefit-1997-98-second-interest-factor-declaration","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"146 of 1997","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":72774,"registerId":"commonwealth-F2008B00172-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) 1997-98 Second Interest Factor Declaration","content":"![](image.001.png)\n\nStatutory Rules 1997 No. 1461\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nSuperannuation (Productivity Benefit) 1997-98 Second Interest Factor Declaration\n\nI, JOHN FAHEY, Minister for Finance, make the following Declaration under paragraph 3E (1) (b) 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 Second 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  \n1 July 1997—the number of days in the period:\n\n(i) starting on the day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 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  \n1 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 day following the last day of the last pay period of the employee ending before 1 July 1997; and\n\n(ii) 30 June 1998.\n\n  \nDeclared second interest factor\n\n3. For section 8A of the Act, the declared second interest factor for the financial year starting on 1 July 1997 is:\n\n0.0783  Days\n\n365.\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 its intended function: setting a single numerical factor for one financial year under the parent Act. It has not expanded beyond its original narrow purpose."},"complexity_factors":["Very short document (3 operative sections plus notes)","Only 2 defined terms ('Act' and 'Days')","Simple mathematical formula with one variable","No cross-references to other legislation beyond the parent Act","Straightforward conditional logic in the definition of 'Days' (three mutually exclusive scenarios)","No exceptions, exemptions, or nested conditions"],"plain_english_summary":"This short 1997 Minister for Finance declaration sets the “second interest factor” at 0.0783 (7.83%) to calculate interest on certain Commonwealth superannuation payments for 1997–98. It affects public servants in the old Productivity Benefit arrangements — those who joined, took an interim benefit, or stayed in the scheme that year — and adjusts interest applied when converting relevant sick‑leave benefits into superannuation."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This Declaration does not amend the Act or change who is covered. It solely specifies the numeric second interest factor for the 1997–98 financial year under paragraph 3E(1)(b), to be applied in calculating amounts payable under section 8A. Implementation requires applying the clause 2 definitions of 'Days' to each affected employee."},"complexity_factors":["Narrow, single-purpose instrument: declares one numeric factor and a simple formula (clause 3).","Multiple alternative definitions of the key input 'Days' (clause 2(a)–(c)), requiring case-by-case computation.","Cross-references to the Superannuation (Productivity Benefit) Act 1988 (paragraph 3E(1)(b); sections 4F, 6 and 8A) increase implementation steps.","Administrative calculation burden on payor/administrator to determine the correct 'Days' for each affected employee and apply the fraction Days/365.","Limited substantive discretion in the instrument (ministerial declaration of a fixed factor), but reliance on determinations under the parent Act."],"plain_english_summary":"**What this does:** This Declaration (made by the Minister for Finance under the Superannuation (Productivity Benefit) Act 1988) sets the numerical \"second interest factor\" for the 1997–98 year as 0.0783 × Days ÷ 365. It determines the interest component added to productivity-related superannuation payments under section 8A. It applies to employees whose applicable \"Days\" are calculated under the three alternative tests in clause 2 (new fund employees, employees with interim benefits, and others)."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-1997-98-second-interest-factor-declaration","history":"/api/acts/superannuation-productivity-benefit-1997-98-second-interest-factor-declaration/history","analysis":"/api/acts/superannuation-productivity-benefit-1997-98-second-interest-factor-declaration/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-1997-98-second-interest-factor-declaration/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-1997-98-second-interest-factor-declaration/important-cases","documents":"/api/acts/superannuation-productivity-benefit-1997-98-second-interest-factor-declaration/documents"}}