{"id":"F2006B11518","name":"Superannuation (Productivity Benefit) (2001-2002 First Interest Factor) Declaration 2001","slug":"superannuation-productivity-benefit-2001-2002-first-interest-factor-declaration-2001","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"167 of 2001","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":57458,"registerId":"commonwealth-F2006B11518-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2001-2002 First Interest Factor) Declaration 2001","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2001–2002 First Interest Factor) Declaration 2001\n\nStatutory Rules 2001 No. 167 1\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 24 June 2001\n\nJOHN FAHEY\n\nMinister for Finance and Administration\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2001–2002 First Interest Factor) Declaration 2001.\n\n2 Commencement\n\nThis Declaration commences on gazettal.\n\n3 Definitions\n\nIn 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 2001 — 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 2001; 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 2001 — the number of days between:\n\n(i) the last day of the first pay period of the employee ending after 1 July 2001; 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 2001 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 2001; and\n\n(ii) 30 June 2002.\n\n4 Declared first interest factor\n\nFor section 8A of the Act, the declared first interest factor for the financial year starting on 1 July 2001 is:\n\n0.0578  Days.\n\n730\n\nNote\n\n> Note: 1. Notified in the Commonwealth of Australia Gazette on 29 June 2001.","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"},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This Declaration sets a year‑specific numerical factor and a working definition of \"Days\"; it does not expand or narrow eligibility, duties, or enforcement powers under the parent Act. It operates within the Act’s existing framework (made under paragraph 3E(1)(a) and declared for section 8A) and therefore does not change the statutory scope."},"complexity_factors":["Single substantive change: a numeric interest-factor formula is declared (low legal complexity).","Definition of \"Days\" has three timing cases tied to pay-period end dates and to when amounts become payable (requires administrative attention by pay administrators and funds).","Cross-references to the Act (section 8A; sections 4F and 6 in the Days definition) require users to read the principal Act to understand triggering events.","Immediate commencement on gazettal requires prompt operational implementation by funds and payroll systems.","Presentation/formatting of the formula in the made instrument (printed as \"0.0578 × Days. 730\") may require an arithmetic interpretation (operator/denominator) when implementing calculations."],"plain_english_summary":"This Declaration fixes the numerical \"first interest factor\" used under the Superannuation (Productivity Benefit) Act 1988 for the 2001–02 year. It declares the factor for section 8A as 0.0578 × Days/730 and defines how to count \"Days\" depending on an employee’s pay period and when a productivity or interim benefit becomes payable.\n\nIt affects employees entitled to productivity benefits and the superannuation funds or administrators who must apply the formula to calculate payments. The instrument mechanically determines the interest multiplier that governs benefit calculations."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This legislation serves its original narrow purpose: declaring an annual interest factor for a specific superannuation scheme. It has not expanded beyond this technical, annual declaration function."},"complexity_factors":["Short document (only 4 substantive sections)","Simple mathematical formula with one variable (Days)","Three conditional definitions for 'Days' based on employee circumstances","Cross-reference to parent Act (Superannuation (Productivity Benefit) Act 1988) for context","No nested exceptions or highly technical defined terms","Straightforward commencement provision (gazettal)"],"plain_english_summary":"This instrument sets the interest factor for the Superannuation Productivity Benefit for the 2001–02 year, determining how much interest is added to members’ benefits. The factor is calculated as 0.0578 × (number of relevant days) ÷ 730, with “days” measured from the first pay period after 1 July 2001 to either 30 June 2002, leaving, or benefit payability depending on the member’s circumstances. It affects Australian Government employees who were SPB members that year."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2001-2002-first-interest-factor-declaration-2001","history":"/api/acts/superannuation-productivity-benefit-2001-2002-first-interest-factor-declaration-2001/history","analysis":"/api/acts/superannuation-productivity-benefit-2001-2002-first-interest-factor-declaration-2001/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2001-2002-first-interest-factor-declaration-2001/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2001-2002-first-interest-factor-declaration-2001/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2001-2002-first-interest-factor-declaration-2001/documents"}}