{"id":"F2006B11522","name":"Superannuation (Productivity Benefit) (2003-2004 First Interest Factor) Declaration 2003","slug":"superannuation-productivity-benefit-2003-2004-first-interest-factor-declaration-2003","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"175 of 2003","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":57462,"registerId":"commonwealth-F2006B11522-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2003-2004 First Interest Factor) Declaration 2003","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2003–2004 First Interest Factor) Declaration 2003\n\nStatutory Rules 2003 No. 1751\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 25 June 2003\n\nNICK MINCHIN\n\nMinister for Finance and Administration\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2003–2004 First Interest Factor) Declaration 2003.\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 2003 — 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 2003; 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 2003 — the number of days between:\n\n(i) the last day of the first pay period of the employee ending after 1 July 2003; 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 2003 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 2003; and\n\n(ii) 30 June 2004.\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 2003 is:\n\n![](image.002.png)\n\n> Note\n\n> Note: 1. Notified in the Commonwealth of Australia Gazette on 30 June 2003.","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This Declaration performs exactly the function intended by its enabling legislation (paragraph 3E(1)(a) of the Superannuation (Productivity Benefit) Act 1988). It is an annual interest factor declaration for the specific financial year 2003-2004, consistent with the original legislative scheme which anticipated regular ministerial declarations to update interest calculations."},"complexity_factors":["Short instrument (only 4 sections)","Simple mathematical formula with single variable (Days)","Three conditional definitions for 'Days' based on employee status, but these are mutually exclusive and clearly structured","Single cross-reference to parent Act (Superannuation (Productivity Benefit) Act 1988)","No nested exceptions or complex conditional logic","Purpose is purely administrative/technical (setting a numerical rate)"],"plain_english_summary":"The Declaration sets the \"first interest factor\" for 2003–04 under the Superannuation (Productivity Benefit) Act 1988, fixing how interest on productivity-benefit contributions is calculated for that year.  \n\nIt affects Commonwealth employees in the scheme (new joiners, those who left with interim benefits, and continuing members), determining interest accrual on contributions—and thus final payouts—using a formula based on 5.26% adjusted for the relevant number of days."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The Declaration does not change the Act's scope or who is covered. It only specifies the numeric first interest factor for the 2003–04 year as required by the Act, leaving the Act's eligibility rules and calculation method unchanged."},"complexity_factors":["Simple, single-purpose instrument: only declares a numeric factor rather than changing substantive law.","Relies on cross‑references to the Act (notably sections 4F, 6 and 8A) so users must consult the Act to see how the factor is applied.","Definition of \"Days\" contains three conditional cases tied to employee status and pay‑period timing, requiring payroll administrators to track specific dates.","Low administrative discretion: the factor is prescribed (numeric value provided) rather than left to ministerial choice.","Commencement on gazettal means immediate operational effect once published."],"plain_english_summary":"This declaration sets the numerical \"first interest factor\" for the 2003–04 financial year under the Superannuation (Productivity Benefit) Act 1988. That factor is used to convert productivity‑benefit entitlements into monetary amounts for eligible Commonwealth fund employees and interim benefit recipients, affecting employer/payment calculations and member payouts. It matters for payroll administrators and fund managers because it determines how much must be paid or accrued for the 2003–04 year."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2003-2004-first-interest-factor-declaration-2003","history":"/api/acts/superannuation-productivity-benefit-2003-2004-first-interest-factor-declaration-2003/history","analysis":"/api/acts/superannuation-productivity-benefit-2003-2004-first-interest-factor-declaration-2003/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2003-2004-first-interest-factor-declaration-2003/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2003-2004-first-interest-factor-declaration-2003/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2003-2004-first-interest-factor-declaration-2003/documents"}}