{"id":"F2008L02215","name":"Superannuation (Productivity Benefit) (2008-2009 First Interest Factor) Declaration 2008","slug":"superannuation-productivity-benefit-2008-2009-first-interest-factor-declaration-2008","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":74478,"registerId":"commonwealth-F2008L02215-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2008-2009 First Interest Factor) Declaration 2008","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2008–2009 First Interest Factor) Declaration 20081\n\nI, NICK SHERRY, Minister for Superannuation and Corporate Law, acting for and on behalf of the Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.\n\nDated 19 June 2008\n\nNICK SHERRY\n\nMinister for Superannuation and Corporate Law\n\nfor and on behalf of the Minister for Finance and Deregulation\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2008\\-2009 First Interest Factor) Declaration 2008.\n\n2 Commencement\n\nThis Declaration commences on 1 July 2008.\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 2008 — 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 2008; 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 2008 — the number of days between:\n\n(i) the last day of the first pay period for the employee ending after 1 July 2008; 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 2008, 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 2008; and\n\n(ii) 30 June 2009.\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 2008 is:\n\n| 0.0629 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_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 narrow, annual function intended by the parent Act — setting the interest factor for a specific financial year. The scope remains tightly constrained to this technical calculation."},"complexity_factors":["Only 4 short sections (1 page total)","Single defined term ('Act') plus one complex defined term ('Number of days') with 3 nested sub-paragraphs","One mathematical formula with clear variables","No cross-references to other legislation beyond the parent Act","No exceptions, exemptions, or conditional logic beyond the 3 scenarios for calculating days"],"plain_english_summary":"This Declaration sets the \"first interest factor\" used to calculate interest on certain Productivity Benefit Scheme superannuation payments for the 2008–09 financial year. It fixes the rate as 6.29% per annum (applied via the formula (0.0629 × days) ÷ 730). It affects Commonwealth employees in the closed scheme and determines interest payable on benefits delayed or becoming payable in 2008–09."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The Declaration does not change who is covered by the Act or create new obligations; it only sets the numeric first interest factor for 2008–09 and specifies how to count days for that calculation, effective 1 July 2008 (ss1–4)."},"complexity_factors":["Single arithmetic formula for the declared factor (0.0629 × Number of days ÷ 730) — simple computation (s4).","Three-case definition of \"Number of days\" covering fund employees, interim benefits, and remainder of year — adds modest conditional logic (s3).","Ministerial power to declare numeric factor under paragraph 3E(1)(a) of the Act — legal authority is delegated but routine (instrument header).","Immediate fixed commencement date (1 July 2008) requiring payroll and administration systems to apply the factor from that date (s2).","Operational impact limited to benefit calculation and record-keeping rather than substantive rights changes — implementation risk confined to payroll/administration (s3–s4).","Potential for narrow interpretive questions over pay-period boundary language (\"last day of the first pay period ending after 1 July 2008\") that may require administrative guidance (s3)."],"plain_english_summary":"This Declaration sets the numeric “first interest factor” used to calculate the Superannuation (Productivity Benefit) for the 2008–09 financial year. The factor is (0.0629 × Number of days) ÷ 730 and takes effect 1 July 2008 (ss2–4).\n\nIt affects employees who become fund employees, employees paid interim benefits, and others by defining how to count “Number of days” in three practical cases; the Minister made the declaration under paragraph 3E(1)(a) of the Superannuation (Productivity Benefit) Act 1988 (s3)."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2008-2009-first-interest-factor-declaration-2008","history":"/api/acts/superannuation-productivity-benefit-2008-2009-first-interest-factor-declaration-2008/history","analysis":"/api/acts/superannuation-productivity-benefit-2008-2009-first-interest-factor-declaration-2008/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2008-2009-first-interest-factor-declaration-2008/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2008-2009-first-interest-factor-declaration-2008/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2008-2009-first-interest-factor-declaration-2008/documents"}}