{"id":"F2012L01255","name":"Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 2012","slug":"superannuation-productivity-benefit-2012-2013-first-interest-factor-declaration-2012","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":163201,"registerId":"commonwealth-F2012L01255-current","compilationNumber":null,"startDate":"2026-04-04","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2012-2013 First Interest Factor) Declaration 2012","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2012\\-2013 First Interest Factor) Declaration 20121\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 8th June 2012\n\nPenelope YING YEN WONG\n\nMinister for Finance and Deregulation\n\n1 Name of Declaration\n\nThis Declaration is the Superannuation (Productivity Benefit) (2012\\-2013 First Interest Factor) Declaration 2012.\n\n2 Commencement\n\nThis Declaration commences on 1 July 2012.\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 2012 — 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 2012; 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 2012 — the number of days between:\n\n(i) the last day of the first pay period for the employee ending after 1 July 2012; 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 2012, 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 2012; and\n\n(ii) 30 June 2013.\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 2012 is:\n\n| 0.0367 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.comlaw.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":3,"scope_assessment":{"changed":false,"description":"This declaration performs exactly its intended function: setting the annual interest factor for productivity benefits for a single financial year. It has not expanded beyond its original purpose."},"complexity_factors":["Only 4 short sections with minimal cross-referencing","Single defined term ('Act') plus one complex defined concept ('Number of days') with three nested conditional scenarios","Mathematical formula is straightforward (simple multiplication and division)","Limited to one financial year and one specific purpose (interest calculation)","No exceptions to exceptions or deeply nested logic","Clear structure: name, commencement, definition, operative provision"],"plain_english_summary":"This declaration sets the interest rate (the “first interest factor”) for 2012–13 on productivity benefits payable to members of the old CSS and PSS. It fixes the rate at 3.67% p.a., applied pro rata by the number of days a benefit is owed in that year divided by 730. It determines how much interest the government adds to held superannuation payments."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This Declaration does not change the substantive scope of the Superannuation (Productivity Benefit) Act 1988. It performs a technical function: setting the numeric first interest factor for 2012–13 (section 4) and defining how to count days for that calculation (section 3). It therefore alters only the calculation applied to benefits payable under the Act (references to sections 4F, 6 and 8A) rather than expanding or narrowing who is covered."},"complexity_factors":["Narrow, single-purpose instrument: declares one numeric factor rather than creating new rights or obligations beyond calculation (section 4).","Simple arithmetic formula: 0.0367 × Number of days ÷ 730 (section 4).","\"Number of days\" requires case-by-case computation with three defined scenarios (employee becomes fund employee; interim benefit; neither) — administrative detail for payroll/trust accounting (section 3).","Relies on cross-references to the principal Act (sections 4F, 6 and 8A), so implementers must consult the Act to see where the factor applies.","Commencement date fixed (1 July 2012) — timing requires application across pay-period boundaries (section 2 and section 3 definition referencing pay periods).","Low policy discretion in instrument (minister sets fixed factor), but modest interpretive risk exists around identifying the \"last day of the first pay period ending after 1 July 2012\" (section 3)."],"plain_english_summary":"This Declaration fixes a numeric \"first interest factor\" for the 2012–13 year used to compute interest additions to superannuation productivity benefits. The factor is specified as 0.0367 × Number of days ÷ 730 and is applied under the Superannuation (Productivity Benefit) Act (see declared factor). Made by the Minister under paragraph 3E(1)(a), it changes how amounts payable under sections 4F and 6 are calculated: trustees/employers must compute each employee’s \"Number of days\" (defined in section 3) and apply the formula, producing a modest payroll calculation and record-keeping obligation."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2012-2013-first-interest-factor-declaration-2012","history":"/api/acts/superannuation-productivity-benefit-2012-2013-first-interest-factor-declaration-2012/history","analysis":"/api/acts/superannuation-productivity-benefit-2012-2013-first-interest-factor-declaration-2012/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2012-2013-first-interest-factor-declaration-2012/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2012-2013-first-interest-factor-declaration-2012/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2012-2013-first-interest-factor-declaration-2012/documents"}}