{"id":"F2006L01997","name":"Superannuation (Productivity Benefit) (2006-2007 First Interest Factor) Declaration 2006","slug":"superannuation-productivity-benefit-2006-2007-first-interest-factor-declaration-2006","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":117374,"registerId":"commonwealth-F2006L01997-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2006-2007 First Interest Factor) Declaration 2006","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2006–2007 First Interest Factor) Declaration 2006\n\nSelect Legislative Instrument 2006 No. 1\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 19 June 2006\n\nNick Minchin\n\nMinister for Finance and Administration\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2006–2007 First Interest Factor) Declaration 2006.\n\n2 Commencement\n\nThis Declaration commences on the day after it is registered.\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 commencing on 1 July 2006 is:\n\n| 0.0571 x Number of days |\n| ----------------------- |\n| 730                     |\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 commencing on 1 July 2006 — 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 2006; 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 commencing on 1 July 2006 — the number of days between:\n\n(i) the last day of the first pay period for the employee ending after 1 July 2006; 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 commencing on 1 July 2006, 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 2006; and\n\n(ii) 30 June 2007.\n\n> Note\n\n> Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument does not alter the Act's coverage or introduce new categories of obligation. It merely declares the first interest factor for the 2006–07 financial year and defines how to count the relevant days for calculating the payment (see cl.4 and the Act's paragraph 3E(1)(a))."},"complexity_factors":["Single numeric formula for the year (0.0571 × Number of days ÷ 730) — arithmetic only","Definition of 'Number of days' uses three employment scenarios (becomes fund employee, interim benefit, neither)","Depends on existing Act provisions (section 8A and paragraph 3E(1)(a)) rather than creating new obligations","Applies across payroll timing boundaries (first pay period ending after 1 July), requiring attention to payroll dates","Annual, ministerial declarative instrument — narrow scope but requires correct administrative implementation by funds/employers"],"plain_english_summary":"This Declaration sets the numeric “first interest factor” used to calculate productivity‑benefit superannuation payments for 2006–07 as 0.0571 × Number of days ÷ 730 (cl.4). It specifies how to count “Number of days” in three situations (becoming a fund employee, an interim benefit, or neither), so employers/superannuation funds and affected employees can compute the additional payment; the Minister made the declaration under the Superannuation (Productivity Benefit) Act 1988."},"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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This declaration performs exactly the function intended by its enabling legislation — setting an annual interest factor for productivity benefits. It has not expanded beyond the original purpose of the Superannuation (Productivity Benefit) Act 1988."},"complexity_factors":["Only 1 defined term ('Act')","Single operative provision with a straightforward mathematical formula","Three simple conditional branches (paragraphs 4(a), (b), and (c)) that are mutually exclusive","No cross-references to other legislation beyond the parent Act","No nested exceptions or sub-delegations","Total length is approximately 300 words"],"plain_english_summary":"This declaration sets an interest factor of 0.0571 (5.71%)—applied over the relevant days divided by 730—to calculate interest on productivity benefits payable under the Superannuation (Productivity Benefit) Act 1988 for the 2006–07 financial year. \n\nIt affects Commonwealth public servants covered by that legacy productivity benefit scheme (including those joining, leaving with interim payments, or continuing during 2006–07), ensuring fair interest on accrued benefits as the scheme is wound down."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2006-2007-first-interest-factor-declaration-2006","history":"/api/acts/superannuation-productivity-benefit-2006-2007-first-interest-factor-declaration-2006/history","analysis":"/api/acts/superannuation-productivity-benefit-2006-2007-first-interest-factor-declaration-2006/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2006-2007-first-interest-factor-declaration-2006/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2006-2007-first-interest-factor-declaration-2006/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2006-2007-first-interest-factor-declaration-2006/documents"}}