{"id":"F2011L01285","name":"Superannuation (Productivity Benefit) (2011-2012 First Interest Factor) Declaration 2011","slug":"superannuation-productivity-benefit-2011-2012-first-interest-factor-declaration-2011","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":125561,"registerId":"commonwealth-F2011L01285-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2011-2012 First Interest Factor) Declaration 2011","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2011\\-2012 First Interest Factor) Declaration 20111\n\nI, Penelope YING YEN WONG, Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988.\n\nDated 21st June 2011\n\nPenelope YING YEN WONG\n\nMinister for Finance and Deregulation\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2011\\-2012 First Interest Factor) Declaration 2011.\n\n2 Commencement\n\nThis Declaration commences on 1 July 2011.\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 2011 — 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 2011; 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 2011 — the number of days between:\n\n(i) the last day of the first pay period for the employee ending after 1 July 2011; 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 2011, 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 2011; and\n\n(ii) 30 June 2012.\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 2011 is:\n\n| 0.0540 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":{"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(1)(a) of the Superannuation (Productivity Benefit) Act 1988). It is an annual technical instrument setting the interest factor for a specific financial year, which is precisely what the Act requires. The scope has not expanded beyond this narrow, specific purpose."},"complexity_factors":["Very short instrument (only 4 sections plus definitions)","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 with 3 mutually exclusive scenarios in the definition of 'Number of days'","No nested exceptions or complex provisos"],"plain_english_summary":"This 2011 Finance Minister declaration sets the interest rate and formula for calculating interest on productivity benefit payments for the 2011–12 year: 5.40% p.a., applied as (0.0540 × days) ÷ 730. \n\nIt affects Commonwealth employees covered by the Superannuation (Productivity Benefit) Act 1988—including new entrants, those receiving interim payments, and members remaining in the scheme—ensuring benefits include appropriate interest for the period between earning and payment."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This Declaration does not expand or narrow who is covered by the Act. It only prescribes the numerical first interest factor for the 2011–12 year and specifies how to count the days used in that calculation. It operates by filling in a computation required by section 8A of the Act and commences 1 July 2011 (instrument header; clauses 2–4)."},"complexity_factors":["Simple numeric formula: declared factor is (0.0540 × Number of days) ÷ 730 — low mathematical complexity but requires exact application (clause 4).","Definition of \"Number of days\" contains three alternative cases tied to pay‑period boundaries and trigger events (becoming a fund employee; interim benefit payable; or full financial year) — accurate date counting and payroll records are required (clause 3).","Cross‑references to other Act provisions (section 8A for use; sections 4F and 6 for triggers) mean administrators must read this instrument alongside the Act to apply it correctly (instrument header; clauses 3–4).","Temporal scope limited to the 2011–12 financial year and fixed commencement (1 July 2011) — short duration reduces ongoing interpretive burden but requires correct year‑specific application (clause 2; clause 4).","Low discretionary content: the instrument prescribes a precise arithmetic rule, limiting regulatory discretion but placing compliance precision on pay administrators and funds (clauses 3–4)."],"plain_english_summary":"This Declaration (commencing 1 July 2011) sets the numeric \"first interest factor\" used to calculate productivity‑benefit payments under the Superannuation (Productivity Benefit) Act 1988 (for section 8A). It defines how to count the \"number of days\" in three employee scenarios and specifies the formula (0.0540 × Number of days ÷ 730). The instrument therefore determines the arithmetic administrators and funds must apply to calculate amounts payable to employees under the Act."},"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-2011-2012-first-interest-factor-declaration-2011","history":"/api/acts/superannuation-productivity-benefit-2011-2012-first-interest-factor-declaration-2011/history","analysis":"/api/acts/superannuation-productivity-benefit-2011-2012-first-interest-factor-declaration-2011/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2011-2012-first-interest-factor-declaration-2011/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2011-2012-first-interest-factor-declaration-2011/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2011-2012-first-interest-factor-declaration-2011/documents"}}