{"id":"F2007L01966","name":"Superannuation (Productivity Benefit) (2007-2008 First Interest Factor) Declaration 2007","slug":"superannuation-productivity-benefit-2007-2008-first-interest-factor-declaration-2007","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":66893,"registerId":"commonwealth-F2007L01966-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2007-2008 First Interest Factor) Declaration 2007","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2007–2008 First Interest Factor) Declaration 20071\n\nI, NICK 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 2007\n\nNICK MINCHIN\n\nMinister for Finance and Administration\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2007-2008 First Interest Factor) Declaration 2007.\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\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 2007 — 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 2007; 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 2007 — the number of days between:\n\n(i) the last day of the first pay period for the employee ending after 1 July 2007; 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 2007, 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 2007; and\n\n(ii) 30 June 2008.\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 2007 is:\n\n| 0.0588 x Number of days |\n| ----------------------- |\n| 730                     |\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 Declaration does not change who the Act covers or create new categories of entitlement. It supplies a numeric factor and a definition of 'Number of days' for applying section 8A in 2007–08, altering calculation inputs but not the Act’s substantive scope."},"complexity_factors":["Simple numeric formula for a single financial year: (0.0588 × Number of days) ÷ 730.","Definition of 'Number of days' uses three date‑based cases (becoming a fund employee; interim benefit payable; neither) requiring per‑employee date calculations (clause 3).","Cross‑reference to multiple provisions of the Act (sections 4F, 6 and 8A) so administrators must apply the declared factor within existing statutory rules.","Operational requirement to identify the 'last day of the first pay period ending after 1 July 2007' for each employee (administrative detail that can affect computation).","Commencement timing: takes effect the day after registration, so administrators must apply it from that date (clause 2)."],"plain_english_summary":"This Declaration, made by the Minister under the Superannuation (Productivity Benefit) Act 1988, sets the ‘first interest factor’ used to calculate productivity‑benefit interest for the 2007–08 financial year. Mechanically it prescribes the formula (0.0588 × Number of days) ÷ 730 and defines how to count those days depending on an employee’s pay period and benefit dates.\n\nIt applies to amounts payable under sections 4F and 6 of the Act and requires employers or fund administrators to compute the defined ‘Number of days’ when calculating entitlements."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This declaration performs exactly the function intended by its enabling provision (section 3E(1)(a) of the Superannuation (Productivity Benefit) Act 1988). It declares the interest factor for a specific financial year, which is the sole purpose of this type of instrument. No scope creep is evident."},"complexity_factors":["Only 1 defined term ('Act') plus a defined formula component ('Number of days')","Single operative provision (section 4) with a straightforward mathematical formula","Three alternative scenarios in the 'Number of days' definition, but these are mutually exclusive and clearly delineated","No cross-references to other legislation beyond the enabling Act","No nested exceptions or conditional logic beyond the basic alternative scenarios","Length: 4 short sections, approximately 1 page","Note: The underlying Act (Superannuation (Productivity Benefit) Act 1988) is complex, but this instrument itself is simple"],"plain_english_summary":"This 2007 Finance Minister declaration fixes the interest factor used under the Superannuation (Productivity Benefit) Act 1988 for 2007–08, applying to remaining members (or their estates) of the defunct Commonwealth productivity benefit scheme. \n\nIt sets the rate as (0.0588 × days) ÷ 730 (5.88% annualised converted to a daily factor), determining how much interest accrues on entitlements for that financial year and thereby affecting final payout calculations."},"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-2007-2008-first-interest-factor-declaration-2007","history":"/api/acts/superannuation-productivity-benefit-2007-2008-first-interest-factor-declaration-2007/history","analysis":"/api/acts/superannuation-productivity-benefit-2007-2008-first-interest-factor-declaration-2007/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2007-2008-first-interest-factor-declaration-2007/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2007-2008-first-interest-factor-declaration-2007/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2007-2008-first-interest-factor-declaration-2007/documents"}}