{"id":"F2011L01290","name":"Superannuation (Productivity Benefit) (2011-2012 Second Interest Factor) Declaration 2011","slug":"superannuation-productivity-benefit-2011-2012-second-interest-factor-declaration-2011","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":125567,"registerId":"commonwealth-F2011L01290-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2011-2012 Second Interest Factor) Declaration 2011","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2011\\-2012 Second Interest Factor) Declaration 20111\n\nI, Penelope YING YEN WONG, Minister for Finance and Deregulation, make the following Declaration under paragraph 3E (1) (b) 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 Second 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 day after the last day of the last pay period for the employee ending before 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 day after the last day of the last pay period for the employee ending before 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 day following the last day of the last pay period for the employee ending before 1 July 2011; and\n\n(ii) 30 June 2012.\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 2011 is:\n\n| 0.0540 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 function intended by its enabling legislation (section 3E of the Superannuation (Productivity Benefit) Act 1988). It is a routine annual instrument setting the interest factor for a specific financial year, which is precisely what the Act requires."},"complexity_factors":["Very short instrument (4 sections, ~250 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 in the definition of 'Number of days'","No exceptions, exemptions, or nested conditions"],"plain_english_summary":"This declaration fixes the interest rate used to calculate productivity-benefit superannuation payments for the 2011–12 year: 5.40% per annum (0.0540), applied pro rata on a daily basis. It affects Commonwealth public servants with productivity-benefit entitlements during 2011–12 and determines how much interest accrues on those entitlements while awaiting payment."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument does not expand or narrow who the Act covers or add new obligations; it merely specifies the numeric second interest factor for the 2011–12 year and defines how to count days for that calculation (clauses 3–4)."},"complexity_factors":["Simple numeric declaration: clause 4 supplies a single arithmetic formula (0.0540 × Number of days) / 365.","Multiple conditional definitions: clause 3 sets three separate timing rules for 'Number of days' (3(a)–(c)), requiring case-by-case application.","Timing precision: definitions reference pay period end dates and events under other sections of the Act (amount first payable under s4F; interim benefit under s6), imposing record-checking burdens on administrators.","Dependence on external provisions: the calculation's legal effect depends on section 8A of the Act, so implementers must read the Act alongside this Declaration.","Administrative computation: payroll/superannuation administrators must compute a per-employee day count and apply the fraction, creating modest operational work but no policy discretion."],"plain_english_summary":"This Declaration sets the “second interest factor” used under section 8A of the Superannuation (Productivity Benefit) Act 1988 for the 2011–12 financial year. It prescribes the formula (0.0540 × Number of days) / 365 and defines how “Number of days” is calculated for three classes of employees. It affects fund employees and people receiving interim benefits in 2011–12 by changing how interest on productivity‑related superannuation payments is calculated; administrators must apply the formula to compute payable amounts from 1 July 2011."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2011-2012-second-interest-factor-declaration-2011","history":"/api/acts/superannuation-productivity-benefit-2011-2012-second-interest-factor-declaration-2011/history","analysis":"/api/acts/superannuation-productivity-benefit-2011-2012-second-interest-factor-declaration-2011/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2011-2012-second-interest-factor-declaration-2011/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2011-2012-second-interest-factor-declaration-2011/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2011-2012-second-interest-factor-declaration-2011/documents"}}