{"id":"F2012L01256","name":"Superannuation (Productivity Benefit) (2012-2013 Second Interest Factor) Declaration 2012","slug":"superannuation-productivity-benefit-2012-2013-second-interest-factor-declaration-2012","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":163202,"registerId":"commonwealth-F2012L01256-current","compilationNumber":null,"startDate":"2026-04-04","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) (2012-2013 Second Interest Factor) Declaration 2012","content":"![](image.001.png)\n\nSuperannuation (Productivity Benefit) (2012\\-2013 Second Interest Factor) Declaration 20121\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 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 Second 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 day after the last day of the last pay period for the employee ending before 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 day after the last day of the last pay period for the employee ending before 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 day following the last day of the last pay period for the employee ending before 1 July 2012; and\n\n(ii) 30 June 2013.\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 2012 is:\n\n| 0.0367 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.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":2,"scope_assessment":{"changed":false,"description":"This declaration performs exactly the function intended by its enabling legislation — setting an annual interest factor for productivity benefits. It has not expanded beyond the original purpose of the Superannuation (Productivity Benefit) Act 1988."},"complexity_factors":["Very short instrument (only 4 sections)","Single defined term ('Act') plus one defined concept ('Number of days') with three conditional branches","Only one substantive provision (section 4) containing a simple mathematical formula","No cross-references to other legislation beyond the enabling Act (Superannuation (Productivity Benefit) Act 1988)","No nested exceptions or complex conditional logic — the three scenarios in section 3 are mutually exclusive and clearly delineated","Straightforward arithmetic calculation with no discretionary elements"],"plain_english_summary":"This instrument sets the annual interest factor for productivity benefit superannuation payments for 2012–13 at 3.67% (0.0367), applied pro rata by days. It affects current and former Australian Government employees entitled to productivity benefit payments while their entitlements are being calculated or held, ensuring those amounts accrue interest up to joining the fund, an interim payment, or 30 June 2013."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Declaration does not change who qualifies under the Act or alter substantive benefit entitlements. It operates within the Act’s framework by declaring the numeric second interest factor for the 2012–13 financial year and by defining how to count ‘Number of days’ for the calculation (see s8A, and triggers under ss4F and 6)."},"complexity_factors":["Short, single-purpose instrument that only declares a numeric factor and a day-count rule.","Relies on cross-references to the Act (section 8A for application; sections 4F and 6 for triggers), requiring administrators to interpret those provisions.","Three conditional definitions of ‘Number of days’ create modest administrative calculation work and potential edge cases (e.g. mid-pay-period timing).","Precise day-counting and last-pay-period timing impose operational and recordkeeping burden on employers/fund administrators.","Formula involves a simple fractional calculation but must be applied individually to affected employees, increasing transaction costs."],"plain_english_summary":"Sets the 2012–13 “second interest factor” used to calculate productivity-benefit interest under the Superannuation (Productivity Benefit) Act 1988 as `0.0367 × Number of days ÷ 365`. It specifies how to count the “Number of days” for three employee situations (becoming a fund employee, receiving an interim benefit, or neither) and thus determines the interest component payable to affected employees and the administrative counting required of payers."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-2012-2013-second-interest-factor-declaration-2012","history":"/api/acts/superannuation-productivity-benefit-2012-2013-second-interest-factor-declaration-2012/history","analysis":"/api/acts/superannuation-productivity-benefit-2012-2013-second-interest-factor-declaration-2012/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-2012-2013-second-interest-factor-declaration-2012/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-2012-2013-second-interest-factor-declaration-2012/important-cases","documents":"/api/acts/superannuation-productivity-benefit-2012-2013-second-interest-factor-declaration-2012/documents"}}