{"id":"F2006B11517","name":"Superannuation (Productivity Benefit) (2002-2003 First Interest Factor) Declaration 2002","slug":"superannuation-productivity-benefit-2002-2003-first-interest-factor-declaration-2002","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"133 of 2002","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":57455,"registerId":"commonwealth-F2006B11517-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2002-2003 First Interest Factor) Declaration 2002","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2002–2003 First Interest Factor) Declaration 2002\n\nStatutory Rules 2002 No. 1331\n\nI, nicholas hugh minchin, Minister for Finance and Administration, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.\n\nDated 20 June 2002\n\nnicK minchin\n\nMinister for Finance and Administration\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2002–2003 First Interest Factor) Declaration 2002.\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 2002 — 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 2002; 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 2002 — the number of days between:\n\n(i) the last day of the first pay period of the employee ending after 1 July 2002; 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 2002 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 2002; and\n\n(ii) 30 June 2003.\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 2002 is:\n\n![](image.002.png)![](image.003.png)\n\nNote\n\n> Note: 1. Notified in the Commonwealth of Australia Gazette on 27 June 2002.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument specifies a year‑specific interest factor and timing rules for counting days; it does not change eligibility, benefit entitlements or the statutory powers in the Superannuation (Productivity Benefit) Act 1988 (see clauses 1–4)."},"complexity_factors":["Clause 3: three alternative definitions of \"Days\" depending on whether an employee becomes a fund employee, has an interim benefit payable, or neither — creates per-employee conditional calculations.","Clause 4: instrument declares a numeric/formulaic first interest factor (shown in the Gazetteed images) that must be applied under section 8A of the Act — operational rather than substantive change.","Cross-references to the parent Act (sections 4F, 6 and 8A) require administrators to interpret this Declaration together with the Act (clauses 3 and 4).","Commencement on gazettal (clause 2) imposes an immediate administrative start date for calculations once published.","Limited explanatory text and reliance on the published numeric/formula figure (image in clause 4) can create practical reliance on the gazetted form for accurate implementation."],"plain_english_summary":"This Declaration fixes the \"first interest factor\" to be used under section 8A of the Superannuation (Productivity Benefit) Act 1988 for the 2002–2003 financial year and sets a rule for counting \"Days\" in three employee scenarios. It applies to Commonwealth fund employees and the administrators who calculate productivity and interim benefits because that factor determines the interest applied to amounts payable, affecting the payment calculations and the employer/Government cost for that year."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This declaration performs exactly its intended function: setting the annual interest factor for a specific financial year under the parent Act. It has not expanded beyond its original technical purpose."},"complexity_factors":["Short instrument (4 sections) but dense with technical definitions","Nested conditional definitions for 'Days' with three distinct scenarios (3(a), 3(b), 3(c))","Cross-reference to parent Act (Superannuation (Productivity Benefit) Act 1988) for context","Mathematical formula presented as images rather than text, making it inaccessible to screen readers and complicating interpretation","Requires understanding of specialised superannuation terminology: 'fund employee', 'interim benefit', 'productivity benefit', 'first interest factor'","Temporal complexity: calculations depend on specific pay period dates and financial year boundaries"],"plain_english_summary":"This law sets the “first interest factor” (the interest calculation) for the Superannuation (Productivity Benefit) Act 1988 for 2002–03, determining how interest accrues on productivity benefit contributions. It affects current and former Commonwealth employees in that scheme—including those who joined, received interim benefits, or remained throughout 2002–03—and therefore alters final payout amounts by prorating interest based on days in the scheme that year."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2002-2003-first-interest-factor-declaration-2002","history":"/api/acts/superannuation-productivity-benefit-2002-2003-first-interest-factor-declaration-2002/history","analysis":"/api/acts/superannuation-productivity-benefit-2002-2003-first-interest-factor-declaration-2002/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2002-2003-first-interest-factor-declaration-2002/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2002-2003-first-interest-factor-declaration-2002/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2002-2003-first-interest-factor-declaration-2002/documents"}}