{"id":"F2007L01967","name":"Superannuation (Productivity Benefit) (2007-2008 Second Interest Factor) Declaration 2007","slug":"superannuation-productivity-benefit-2007-2008-second-interest-factor-declaration-2007","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":66895,"registerId":"commonwealth-F2007L01967-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2007-2008 Second Interest Factor) Declaration 2007","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2007–2008 Second Interest Factor) Declaration 20071\n\nI, NICK MINCHIN, Minister for Finance and Administration, make the following Declaration under paragraph 3E (1) (b) 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 Second 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 day after the last day of the last pay period for the employee ending before 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 day after the last day of the last pay period for the employee ending before 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 day following the last day of the last pay period for the employee ending before 1 July 2007; and\n\n(ii) 30 June 2008.\n\n4 Declared second interest factor\n\nFor section 8A of the Act, the declared second interest factor for the financial year commencing on 1 July 2007 is:\n\n| 0.0588 x Number of days |\n| ----------------------- |\n| 365                     |\n\nNote\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_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 declaration performs exactly the narrow technical function authorised by section 3E(1)(b) of the Superannuation (Productivity Benefit) Act 1988—setting the annual interest factor for a specific financial year. It has not expanded beyond its original statutory purpose."},"complexity_factors":["Only 1 defined term ('Act') plus 1 operative defined concept ('Number of days')","Single substantive provision (section 4) containing a simple mathematical formula","No cross-references to other legislation beyond the enabling Act","Limited conditional logic: only 3 mutually exclusive scenarios for calculating 'Number of days'","Total length: 4 short sections including name and commencement","Straightforward arithmetic formula with no nested calculations or exceptions"],"plain_english_summary":"This short 2007 declaration sets the \"second interest factor\" at 5.88% p.a. for 2007–08 to calculate interest on productivity benefits under the Superannuation (Productivity Benefit) Act 1988. \n\nIt affects Commonwealth employees covered by that closed productivity-benefit scheme (those entering the fund, receiving interim payments, or otherwise covered during 2007–08) and provides the statutory basis for computing interest owed."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This Declaration does not amend who is covered by the Superannuation (Productivity Benefit) Act 1988; it only fixes the numerical method for computing the 2007–08 second interest factor (section 4) and defines the day-counting rule (section 3). It therefore alters the calculation applied to benefits but does not expand or narrow the Act’s coverage."},"complexity_factors":["Simple arithmetic formula fixed in section 4 (0.0588 × Number of days ÷ 365) — low mathematical complexity, but requires accurate day-counting per employee.","Definition of \"Number of days\" in section 3 contains three distinct cases (becomes a fund employee, interim benefit payable, neither) — adds administrative branching for payroll and records staff.","Cross-references to the Superannuation (Productivity Benefit) Act 1988 (sections 4F, 6 and 8A) require administrators to interpret interplay between instruments and the Act (section 3).","Commencement is immediate (the day after registration) per section 2 — operational lead time and retrospective application risk for administrators.","Low legal ambiguity: numeric factor and day-count rules are precise, reducing interpretive risk but increasing routine compliance tasks (calculating per-employee days)."],"plain_english_summary":"This Declaration sets the numerical \"second interest factor\" used to calculate the 2007–08 productivity benefit under the Superannuation (Productivity Benefit) Act 1988. It fixes the factor as 0.0588 × (Number of days) ÷ 365, which changes how much interest is applied when benefits or interim benefits become payable. It affects public‑sector employees to whom that Act applies and the administrators who must apply the formula when computing entitlements under section 8A (and related sections 4F and 6)."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2007-2008-second-interest-factor-declaration-2007","history":"/api/acts/superannuation-productivity-benefit-2007-2008-second-interest-factor-declaration-2007/history","analysis":"/api/acts/superannuation-productivity-benefit-2007-2008-second-interest-factor-declaration-2007/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2007-2008-second-interest-factor-declaration-2007/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2007-2008-second-interest-factor-declaration-2007/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2007-2008-second-interest-factor-declaration-2007/documents"}}