{"id":"F2006B11520","name":"Superannuation (Productivity Benefit) (2004-2005 First Interest Factor) Declaration 2004","slug":"superannuation-productivity-benefit-2004-2005-first-interest-factor-declaration-2004","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"199 of 2004","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":57460,"registerId":"commonwealth-F2006B11520-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2004-2005 First Interest Factor) Declaration 2004","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2004–2005 First Interest Factor) Declaration 2004\n\nStatutory Rules 2004 No. 1991\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 21 June 2004\n\nNICK MINCHIN\n\nMinister for Finance and Administration\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2004–2005 First Interest Factor) Declaration 2004.\n\n2 Commencement\n\nThis Declaration commences on the date of its notification in the Gazette.\n\n3 Definition\n\nIn this Declaration:\n\n> Act means the Superannuation (Productivity Benefit) Act 1988.\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 2004 is:\n\n![](image.002.png)\n\nwhere:\n\n> Number of days is:\n\n(a) in the case of an employee who becomes a fund employee during the financial year starting on 1 July 2004 — the number of days in the period:\n\n(i) starting on the last day of the first pay period for the employee ending after 1 July 2004; 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 2004 — the number of days between:\n\n(i) the last day of the first pay period for the employee ending after 1 July 2004; and\n\n(ii) the day on which the interim benefit becomes 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 2004, 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 for the employee ending after 1 July 2004; and\n\n(ii) 30 June 2005.\n\n> Note\n\n> Note: 1. Notified in the Commonwealth of Australia Gazette on 25 June 2004.","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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This legislation remains tightly scoped to its original purpose: setting the annual interest factor for productivity benefit calculations for the 2004-2005 financial year. It does not expand beyond the technical administrative function established by the parent Act."},"complexity_factors":["Only 1 defined term ('Act') in the interpretation section","Single operative provision (section 4) with a straightforward mathematical formula","Three simple conditional branches (paragraphs a, b, c) covering distinct employee scenarios","No cross-references to other legislation beyond the parent Act","No nested exceptions or sub-delegations","Total length is 4 short sections"],"plain_english_summary":"This instrument declares the \"first interest factor\" for 2004–05 under the Superannuation (Productivity Benefit) Act 1988, used to calculate interest on productivity‑benefit payments owed to certain Commonwealth employees. It affects members who joined the fund, received an interim payment, or remained in the fund during 2004–05. The factor determines how much interest accrues on those historical superannuation entitlements and ensures interest is calculated according to when money was held."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The Declaration does not change who is covered by the Superannuation (Productivity Benefit) Act 1988 or the Act's substantive eligibility rules. It solely specifies the numeric first interest factor for the 2004–05 year and defines how to count days for that calculation (section 4), to be applied under section 8A of the Act. It therefore alters calculation parameters, not statutory scope."},"complexity_factors":["Single substantive action: declares a numeric first interest factor for 2004–05 (section 4).","Calculation depends on a defined \"Number of days\" with three alternative counting rules tied to employee status (becomes a fund employee, interim benefit payable, or neither) — these alternatives add conditional steps to administration (section 4).","References external provisions of the Act that determine payment triggers (section 8A of the Act; counting rules refer to when amounts become payable under section 4F and interim benefits under section 6 of the Act), so administrators must apply this declaration in the context of those sections.","Operational timing requirement: commencement on Gazette notification means administrators must apply the factor from that date (section 2), and they must identify the last day of the first pay period ending after 1 July 2004 for each employee when counting days (section 4).","Low conceptual complexity (one formula and day-count rules) but some practical compliance burden for payroll/superannuation administrators to identify employee status and relevant dates."],"plain_english_summary":"This Declaration sets the specific “first interest factor” used under the Superannuation (Productivity Benefit) Act 1988 for the 2004–05 financial year. It gives a formula and defines how to count the relevant number of days depending on whether an employee becomes a fund employee or receives an interim benefit. Employers, superannuation funds and affected employees use this factor to calculate productivity-benefit payments under the Act, so it changes payment amounts and requires administrators to apply the stated timing rules."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2004-2005-first-interest-factor-declaration-2004","history":"/api/acts/superannuation-productivity-benefit-2004-2005-first-interest-factor-declaration-2004/history","analysis":"/api/acts/superannuation-productivity-benefit-2004-2005-first-interest-factor-declaration-2004/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2004-2005-first-interest-factor-declaration-2004/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2004-2005-first-interest-factor-declaration-2004/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2004-2005-first-interest-factor-declaration-2004/documents"}}