{"id":"F2005B01293","name":"Superannuation (Productivity Benefit) Declaration No. 12","slug":"superannuation-productivity-benefit-declaration-no-12","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"181 of 1992","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":32368,"registerId":"commonwealth-F2005B01293-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) Declaration No. 12","content":"![](image.001.png)\n\nStatutory Rules 1992 No. 1811\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nSuperannuation (Productivity Benefit)\n\nDeclaration No. 12\n\nI, RALPH WILLIS, Minister for Finance, make the following Declaration under paragraph 3e (1) (b) of the Superannuation (Productivity Benefit) Act 1988.\n\nDated 17th June 1992.\n\nRALPH WILLIS\n\nMinister for Finance\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nCitation\n\n1. This Declaration may be cited as Superannuation (Productivity Benefit) Declaration No. 12.\n\n\\[NOTE: This Declaration commences on gazettal: see Acts Interpretation Act 1901, ss. 46a and 48.\\]\n\n  \nDeclared second interest factor\n\n2. For the purposes of section 8a of the Superannuation (Productivity Benefit) Act 1988, the factor ascertained using the following formula is declared to be the declared second interest factor for the financial year commencing on 1 July 1992:\n\nwhere:\n\n“Interest rate” means 0.0945;\n\n“Days” means:\n\n(a) in the case of an employee who becomes a fund employee—the number of days in the period:\n\n(i) commencing on the day following the last day of the last pay period of the employee ending before 1 July 1992; and\n\n(ii) ending at the end of the day on which an amount first becomes payable under section 4f of that Act; or\n\n(b) in the case of an employee who becomes entitled to receive an interim benefit under section 6 of that Act—the number of days between:\n\n(i) the day following the last day of the last pay period of the employee ending before 1 July 1992; and\n\n(ii) the day on which the employee became entitled to receive the benefit; or\n\n(c) in the case of an employee who neither becomes a fund employee nor becomes entitled to receive an interim benefit—the number of days between:\n\n(i) the day following the last day of the last pay period of the employee ending before 1 July 1992; and\n\n(ii) 30 June 1993.\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nNOTE\n\n1. Notified in the Commonwealth of Australia Gazette on 25 June 1992.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This Declaration performs the annual, narrowly‑limited function envisaged by the Superannuation (Productivity Benefit) Act 1988: it sets the declared second interest factor for a specific financial year. It does not broaden the Act’s substantive coverage, create new obligations, or alter policy scope — it simply supplies the numeric parameter and day-count rules required by the Act for 1992–93 (cl. 2)."},"complexity_factors":["Very short instrument (two operative clauses: citation and declared factor)","Single numeric parameter declared (interest rate 0.0945) plus a day-count rule","Three alternative day-count scenarios (fund employee; interim-benefit entitlement; neither)","Depends on cross-references to the parent Act: s 8a (uses the factor), s 4f and s 6 (triggering events)","Formula present but simple; no nested exceptions or multiple defined terms within the instrument"],"plain_english_summary":"This Declaration sets the numeric \"declared second interest factor\" for 1992–93 (used under s 8a of the Superannuation (Productivity Benefit) Act 1988): a 9.45% rate plus specified day‑count rules that vary by whether an employee becomes a fund employee, receives an interim benefit, or neither. \n\nIt affects employees whose s 8a entitlements and the administrators who calculate them, altering benefit amounts and Commonwealth outlays by fixing the interest and timing conventions for that year."},"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":3,"scope_assessment":{"changed":false,"description":"This declaration performs exactly the function intended by section 8a of the parent Act — annually declaring the interest factor for productivity benefit calculations. It has not expanded beyond this narrow technical purpose."},"complexity_factors":["Single operative provision with a mathematical formula requiring three distinct case scenarios","Cross-reference to section 8a and section 4f of the parent Act (Superannuation (Productivity Benefit) Act 1988)","Date calculation logic involving 'day following the last day of the last pay period' — requires tracking pay period end dates relative to 1 July 1992","Three mutually exclusive categories of employees with different end dates for the interest calculation period","Term 'fund employee' is not defined in this instrument (assumes knowledge from parent Act)"],"plain_english_summary":"This is a short technical declaration made by the Finance Minister in 1992 that sets a specific interest rate calculation for certain public servants' superannuation (retirement savings).\n\n**What it does:**\n- Sets the \"declared second interest factor\" at **9.45%** (0.0945) for the 1992-93 financial year\n- This factor is used to calculate interest on productivity benefit payments owed to eligible Commonwealth employees\n\n**Who it affects:**\n- Commonwealth public servants covered by the *Superannuation (Productivity Benefit) Act 1988*\n- Specifically applies to three groups:\n  1. **Employees who join a superannuation fund** — interest calculated from the day after their last pay period before 1 July 1992 until their benefit becomes payable\n  2. **Employees who receive an interim benefit** — interest calculated from the day after their last pay period before 1 July 1992 until they become entitled to that benefit\n  3. **Employees who do neither** — interest calculated from the day after their last pay period before 1 July 1992 until 30 June 1993\n\n**Why it matters:**\nThe \"productivity benefit\" was a government payment designed to offset the cost of superannuation contributions for public servants. This declaration ensures that if there was a delay in paying this benefit, the amount would earn interest at 9.45% per annum during the waiting period. This protects employees from losing value due to inflation or delayed payments.\n\n**Context:**\nThis is one in a series of annual declarations (hence \"No. 12\") that update the interest rate each financial year. The rate of 9.45% reflects the relatively high interest rate environment of the early 1990s in Australia."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-declaration-no-12","history":"/api/acts/superannuation-productivity-benefit-declaration-no-12/history","analysis":"/api/acts/superannuation-productivity-benefit-declaration-no-12/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-declaration-no-12/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-declaration-no-12/important-cases","documents":"/api/acts/superannuation-productivity-benefit-declaration-no-12/documents"}}