{"id":"F2008B00194","name":"Superannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration","slug":"superannuation-productivity-benefit-1998-99-first-interest-factor-declaration","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"171 of 1998","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":72865,"registerId":"commonwealth-F2008B00194-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration","content":"![](image.001.png)\n\nStatutory Rules 1998 No. 1711\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nSuperannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration\n\nI, JOHN JOSEPH FAHEY, Minister for Finance and Administration, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.\n\nDated 22 June 1998.\n\nJOHN FAHEY\n\nMinister for Finance and Administration\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nCitation:\n\n1. This Declaration may be cited as the Superannuation (Productivity Benefit) 1998-99 First Interest Factor Declaration.\n\n> Note This Declaration commences on gazettal: see Acts Interpretation Act 1901, ss 46A and 48.\n\n  \nInterpretation\n\n2. In this Declaration:\n\n> “Act” means the Superannuation (Productivity Benefit) Act 1988;\n\n> “Days” means:\n\na. in the case of an employee who becomes a fund employee during the financial year starting on 1 July 1998—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 1998; 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\nb. 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 1998—the number of days between:\n\n(i) the last day of the first pay period of the employee ending after 1 July 1998; and\n\n(ii) the day on which the interim benefit became payable; or\n\nc. in the case of an employee who does not become a fund employee during the financial year starting on 1 July 1998 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 1998; and\n\n(ii) 30 June 1999.\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 1998 is:\n\n0.0589 x Days\n\n730\n\n> Note: NOTE\n\n> Note: 1. Notified in the Commonwealth of Australia Gazette on 29 June 1998.","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 parent Act — setting an annual interest factor for the 1998-99 financial year. It has not expanded beyond the original statutory purpose of providing yearly administrative updates to the productivity benefit calculation methodology."},"complexity_factors":["Very short instrument (3 operative sections plus notes)","Only 2 defined terms ('Act' and 'Days')","Single straightforward mathematical formula with one variable","Three simple conditional scenarios for calculating 'Days' (new employee, interim benefit recipient, or ongoing member)","No cross-references to other legislation beyond the parent Act and standard commencement provisions","No nested exceptions or complex conditional logic"],"plain_english_summary":"This 1998 Finance Minister declaration sets the \"first interest factor\" used to calculate interest owed on Productivity Benefit superannuation contributions for the 1998–99 year. It affects Commonwealth public servants who were members or received interim payments that year and determines the extra interest added to their productivity benefit (formula: 0.0589 × relevant days ÷ 730)."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This Declaration does not change who is covered by the Act or the substantive mechanics of benefit entitlements. It solely determines the numeric \"first interest factor\" for the 1998–99 year used in section 8A of the Superannuation (Productivity Benefit) Act 1988; it is an administrative input rather than a substantive scope change."},"complexity_factors":["Simple numeric formula: a single arithmetic expression (0.0589 × Days ÷ 730).","Defined term \"Days\" has three distinct cases (new fund employees, interim-benefit recipients, all others) which requires correct classification.","Cross-references to Act provisions (sections 4F, 6 and 8A) create dependency on when amounts/payments arise under the Act.","Commencement on gazettal means administrators must apply the factor from the Gazette date (Acts Interpretation Act 1901, ss 46A and 48).","Operational ambiguity risk about payroll timing phrase \"last day of the first pay period of the employee ending after 1 July 1998\" — requires payroll interpretation.","Administrative burden is limited (calculation and record-keeping) but recurring for each affected member arithmetically.","Year-specific declaration (1998–99) limits persistence; new declarations required each year."],"plain_english_summary":"This Declaration, made under paragraph 3E(1)(a) of the Superannuation (Productivity Benefit) Act 1988, sets the \"declared first interest factor\" for 1998–99 as (0.0589 × Days) ÷ 730 and defines how to count “Days” in three employee scenarios. Mechanically, it provides the numeric input used by section 8A to calculate productivity-related superannuation amounts.\n\nIt applies to fund administrators, employers and members entitled to productivity or interim benefits (see sections 4F, 6 and 8A). The Minister fixes the number; compliance requires payroll tracking of the specified \"Days\" and applying the formula."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-1998-99-first-interest-factor-declaration","history":"/api/acts/superannuation-productivity-benefit-1998-99-first-interest-factor-declaration/history","analysis":"/api/acts/superannuation-productivity-benefit-1998-99-first-interest-factor-declaration/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-1998-99-first-interest-factor-declaration/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-1998-99-first-interest-factor-declaration/important-cases","documents":"/api/acts/superannuation-productivity-benefit-1998-99-first-interest-factor-declaration/documents"}}