{"id":"F2009L02544","name":"Superannuation (Productivity Benefit) (2009-2010 First Interest Factor) Declaration 2009","slug":"superannuation-productivity-benefit-2009-2010-first-interest-factor-declaration-2009","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":79466,"registerId":"commonwealth-F2009L02544-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2009-2010 First Interest Factor) Declaration 2009","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2009\\-2010 First Interest Factor) Declaration 20091\n\nI, LINDSAY TANNER, Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.\n\nDated June 23rd 2009\n\nLINDSAY TANNER\n\nMinister for Finance and Deregulation\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2009\\-2010 First Interest Factor) Declaration 2009.\n\n2 Commencement\n\nThis Declaration commences on 1 July 2009.\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 2009 — 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 2009; 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 2009 — the number of days between:\n\n(i) the last day of the first pay period for the employee ending after 1 July 2009; 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 2009, 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 2009; and\n\n(ii) 30 June 2010.\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 2009 is:\n\n| 0.0457 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 function intended by its enabling legislation — annually setting the interest factor for productivity benefit calculations. It has not expanded beyond this narrow, technical purpose."},"complexity_factors":["Very short instrument (4 sections, ~300 words)","Only 2 defined terms ('Act' and 'Number of days')","Single mathematical formula with clear variables","No cross-references to other legislation beyond the enabling Act","Simple conditional logic limited to three mutually exclusive scenarios for calculating 'Number of days'","No exceptions, exemptions, or nested conditions"],"plain_english_summary":"This declaration by the Finance Minister sets the “first interest factor” at 4.57% p.a. (0.0457) for the 2009–10 year to calculate Superannuation (Productivity Benefit) payments. It affects Commonwealth employees (current and former) eligible for productivity benefits during 2009–10 and alters the interest applied when converting earned productivity credits into retirement payments."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The Declaration does not alter who is covered by the Act. It only specifies the numeric first interest factor for 2009–2010 and defines how to count days for that calculation (cl.3), leaving eligibility and payment triggers to the existing Act (ss.4F, 6, 8A)."},"complexity_factors":["Single arithmetic formula for the declared factor (low computational complexity).","A defined, case‑based meaning of “Number of days” (cl.3) covering three employment scenarios (introductory, interim benefit, full year).","Cross‑references to provisions of the Act that trigger payments (sections 4F, 6, and 8A).","Fixed commencement date (1 July 2009) and fixed divisor (730) reduce regulatory discretion.","Administrative requirement on employers/funds to apply the formula accurately to payroll periods (minor compliance burden)."],"plain_english_summary":"This Declaration sets the \"first interest factor\" used under s.8A of the Superannuation (Productivity Benefit) Act 1988 to calculate interest on productivity‑benefit payments for the 2009–2010 year: the factor is `(0.0457 × Number of days) ÷ 730`. It commences 1 July 2009. It affects employees eligible for productivity benefits and the employers/funds who must calculate and pay those benefits; \"Number of days\" is defined for three employment scenarios (cl.3) and determines the pro rata interest applied."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2009-2010-first-interest-factor-declaration-2009","history":"/api/acts/superannuation-productivity-benefit-2009-2010-first-interest-factor-declaration-2009/history","analysis":"/api/acts/superannuation-productivity-benefit-2009-2010-first-interest-factor-declaration-2009/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2009-2010-first-interest-factor-declaration-2009/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2009-2010-first-interest-factor-declaration-2009/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2009-2010-first-interest-factor-declaration-2009/documents"}}