{"id":"F2008L02211","name":"Superannuation (Productivity Benefit) (2008-2009 Second Interest Factor) Declaration 2008","slug":"superannuation-productivity-benefit-2008-2009-second-interest-factor-declaration-2008","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":74475,"registerId":"commonwealth-F2008L02211-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2008-2009 Second Interest Factor) Declaration 2008","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2008–2009 Second 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) (b) 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 Second 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 day after the last day of the last pay period for the employee ending before 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 day after the last day of the last pay period for the employee ending before 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 day following the last day of the last pay period for the employee ending before 1 July 2008; and\n\n(ii) 30 June 2009.\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 2008 is:\n\n| 0.0629 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":"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 (section 3E of the parent Act). It sets the annual interest factor for a specific financial year, which is the sole purpose of this type of instrument. The scope remains tightly constrained to this technical administrative function."},"complexity_factors":["Only 4 short sections with minimal text","Single defined term ('Act') plus one complex defined term ('Number of days') with three nested sub-paragraphs","No cross-references to other legislation beyond the parent Act (Superannuation (Productivity Benefit) Act 1988)","Simple mathematical formula with one variable","No exceptions, exemptions, or conditional logic beyond the three-case definition structure","Straightforward commencement and naming provisions"],"plain_english_summary":"This instrument sets the \"second interest factor\" for productivity‑benefit superannuation payments at 6.29% p.a. (0.0629) for the 2008–09 year, applied pro rata on a daily basis. It affects Commonwealth public servants entitled to productivity benefits, using the number of relevant days (varying by whether and when an employee joins the fund or receives an interim benefit) to calculate accrued interest and thus final payment amounts."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument does not expand or narrow the classes of persons covered by the Act. It sets a numeric factor for the 2008–09 year (section 4) and defines how to count days for calculation purposes (section 3), leaving the Act's substantive coverage and entitlement rules unchanged."},"complexity_factors":["Simple arithmetic formula (section 4) but requires accurate day-counting: 0.0629 × Number of days ÷ 365.","Detailed definition of \"Number of days\" with three conditional cases (section 3(a)–(c)) depending on whether a person becomes a fund employee or receives an interim benefit.","Instrument is made under a statutory delegation (paragraph 3E(1)(b) of the Act) and operates by reference to provisions of the Act (not self-contained).","Operational burden on employers/superannuation funds to identify relevant pay-period end dates and compute days for each affected employee (compliance cost).","Timing/commencement is fixed (1 July 2008) which creates a discrete accounting window for implementation (section 2).","Affects amounts payable under section 4F (first becoming payable) and section 6 (interim benefits) of the Act — direct financial effect on payables."],"plain_english_summary":"This declaration fixes the \"second interest factor\" used to calculate a 2008–09 productivity benefit under the Superannuation (Productivity Benefit) Act 1988. It sets the factor at 0.0629 × (Number of days) ÷ 365 and commences on 1 July 2008.\n\nIt affects employees, employers and superannuation funds that pay benefits under the Act by changing how an additional interest-like amount is calculated, and it defines how to count \"Number of days\" for three employment scenarios."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2008-2009-second-interest-factor-declaration-2008","history":"/api/acts/superannuation-productivity-benefit-2008-2009-second-interest-factor-declaration-2008/history","analysis":"/api/acts/superannuation-productivity-benefit-2008-2009-second-interest-factor-declaration-2008/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2008-2009-second-interest-factor-declaration-2008/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2008-2009-second-interest-factor-declaration-2008/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2008-2009-second-interest-factor-declaration-2008/documents"}}