{"id":"F2006B11516","name":"Superannuation (Productivity Benefit) (2003-2004 Second Interest Factor) Declaration 2003","slug":"superannuation-productivity-benefit-2003-2004-second-interest-factor-declaration-2003","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"176 of 2003","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":57453,"registerId":"commonwealth-F2006B11516-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2003-2004 Second Interest Factor) Declaration 2003","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2003–2004 Second Interest Factor) Declaration 2003\n\nStatutory Rules 2003 No. 1761\n\nI, NICHOLAS HUGH MINCHIN, Minister for Finance and Administration, make this Declaration under paragraph 3E (1) (b) 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 Second 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 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 day following the last day of the last pay period of the employee ending before 1 July 2003; and\n\n(ii) 30 June 2003.\n\n4 Declared second interest factor\n\nFor section 8A of the Act, the declared second interest factor for the financial year starting on 1 July 2003 is:\n\n![](image.002.png)\n\nNote\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 legislation serves its original narrow purpose: setting an annual interest factor for the productivity benefit scheme. It is a routine annual declaration made under specific authority in the parent Act, exactly as intended."},"complexity_factors":["Only 4 short sections with minimal text","3 defined terms in the interpretation section (Act, Days, with Days having 3 nested sub-paragraphs)","Heavy reliance on external references to the Superannuation (Productivity Benefit) Act 1988 (sections 3E, 4F, 6, 8A)","Mathematical formula for interest calculation involving fractional days and financial year boundaries","Three distinct scenarios for calculating 'Days' with nested sub-paragraphs (i) and (ii)","Technical superannuation terminology requiring knowledge of 'fund employee', 'interim benefit', 'productivity benefit'"],"plain_english_summary":"This Declaration sets the \"second interest factor\" (an interest rate) for the 2003–04 year under the Superannuation (Productivity Benefit) Act 1988, used to calculate interest on productivity benefit payments.  \n\nIt affects Commonwealth employees who were in the closed productivity benefit scheme (including those who joined the main fund or took interim payments in 2003–04), and therefore changes how much interest accrues to their entitlements for that year."},"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":2,"scope_assessment":{"changed":false,"description":"This instrument does not alter the Act's scope or eligibility rules. It simply fixes a numeric parameter (the second interest factor) for the 2003–04 year and clarifies the counting of 'Days' for affected employees (see definitions and application to section 8A). It changes payment calculations and administrative steps but does not expand or narrow who is covered by the Act."},"complexity_factors":["Short instrument but relies on cross‑references to the Act (made under paragraph 3E(1)(b); applied for section 8A).","Defined term 'Days' has three alternative branches covering different employee situations, requiring payroll/date analysis.","Numeric factor is supplied as a declared value (image/formula in instrument) that administrators must apply exactly.","Immediate commencement on gazettal creates an urgent operational requirement for employers/funds to apply the new factor.","Low legislative discretion — the Minister sets a numeric parameter rather than creating new rights or duties — but accurate application depends on payroll systems mapping pay periods to the 'Days' definitions and on cross‑checking sections 4F and 6 of the Act."],"plain_english_summary":"This declaration sets the “second interest factor” used under the Superannuation (Productivity Benefit) Act 1988 to calculate productivity‑linked superannuation payments for the 2003–04 financial year. It affects employees treated as fund employees and those who receive interim benefits; the Minister declares the numeric factor, which directly changes benefit amounts and the payment obligations of employers/funds."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2003-2004-second-interest-factor-declaration-2003","history":"/api/acts/superannuation-productivity-benefit-2003-2004-second-interest-factor-declaration-2003/history","analysis":"/api/acts/superannuation-productivity-benefit-2003-2004-second-interest-factor-declaration-2003/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2003-2004-second-interest-factor-declaration-2003/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2003-2004-second-interest-factor-declaration-2003/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2003-2004-second-interest-factor-declaration-2003/documents"}}