{"id":"F2008B00150","name":"Superannuation (Productivity Benefit) Declaration No. 2","slug":"superannuation-productivity-benefit-declaration-no-2","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"173 of 1990","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":72680,"registerId":"commonwealth-F2008B00150-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Productivity Benefit) Declaration No. 2","content":"![](image.001.png)\n\nStatutory Rules 1990 No. 1731\n\nDeclaration under the Superannuation  \n(Productivity Benefit) Act 1988\n\nI, RALPH WILLIS, Minister for Finance, hereby make the following Declaration under paragraph 3E (1)(a) of the Superannuation (Productivity Benefit) Act 1988.\n\n> Dated 20 June 1990.\n\nRALPH WILLIS\n\nMinister for Finance\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nDECLARATION UNDER PARAGRAPH 3E(1)(a) OF THE SUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988\n\nCitation\n\n1. This Declaration may be cited as “Superannuation (Productivity Benefit) Declaration No. 2”.\n\nCommencement\n\n2. This Declaration takes effect from 1 July 1990.\n\nRate to be used\n\n3. For the purposes of paragraph 3E (2) (a) of the Superannuation (Productivity Benefit) Act 1988, the rate of 0.1355, being the rate expressed as a decimal per annum that is the assessed secondary market yield last published by the Reserve Bank before 1 June 1990 in respect of 10-year non-rebate Treasury Bonds, is specified.\n\nSpecified formula\n\n4. For the purposes of paragraph 3E (1) (a) of the Superannuation (Productivity Benefit) Act 1988, the declared first interest factor for the financial year commencing on 1 July 1990 is to be ascertained using the following formula:\n\n  \nInterest x Days\n\n730\n\nwhere:\n\n> “Interest” means the interest rate specified in clause 3;\n\n> “Days” means:\n\n(a) in the case of an employee who becomes a fund employee-the number of days between the date of the last day of the first pay period of the employee ending after 1 July 1990 and the day on which an amount first becomes payable under section 4F of that Act and including both of those days;\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 the date of the last day of the first pay period of the employee ending after 1 July 1990 and 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 the date of the last day of the first pay period of the employee ending after 1 July 1990 and 30 June 1991.\n\n> Note: NOTE\n\n> Note: 1. Notified in the Commonwealth of Australia Gazette on 29 June 1990.","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"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This Declaration does not change who is covered by the Superannuation (Productivity Benefit) Act 1988. It simply fixes a numerical rate, an effective commencement date (1 July 1990), and a formula for computing the first interest factor for that financial year (clauses 2–4). It does not expand or limit the Act's substantive coverage; it sets parameters for implementation."},"complexity_factors":["Technical numeric specification of the annual interest rate (clause 3) requiring use of an externally published RBA 10‑year Treasury bond yield.","Prescribed arithmetic formula for prorating the benefit (clause 4: Interest × Days ÷ 730) which requires accurate day counts.","Three distinct day‑count categories for different employee situations (clause 4(a)–(c)), adding administrative detail for employers/funds.","Temporal effect and commencement date (clause 2) limiting the declaration to the 1990–91 year.","Legal cross‑reference to the parent Act (paragraph 3E(1)(a) of the Superannuation (Productivity Benefit) Act 1988) so interpretation depends on that provision's definitions and operation.","Low legislative discretion in application (fixed rate and formula) but operational burden rests with payroll/fund administrators to implement accurately."],"plain_english_summary":"This Declaration sets the numeric interest rate and the calculation method used to work out the \"first interest factor\" for superannuation productivity benefits for the financial year starting 1 July 1990. The Minister fixes the rate at 0.1355 per annum (based on the Reserve Bank’s published 10‑year Treasury bond yield) and prescribes a pro‑rata formula (Interest × Days ÷ 730). It affects employees entitled to productivity benefits and the employers/funds who must compute and pay those amounts."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This declaration performs exactly the function intended by the parent Act—setting annual interest rates and calculation methods for productivity benefits. It has not expanded beyond this narrow technical purpose."},"complexity_factors":["Only 4 operative clauses","Single defined formula with 2 variables ('Interest' and 'Days')","Three straightforward conditional scenarios for calculating 'Days'","No cross-references to other legislation beyond the parent Act","No nested exceptions or complex conditional logic","Highly specific, time-bound application (1990-91 financial year only)"],"plain_english_summary":"This is a short ministerial declaration made in 1990 by the Finance Minister, Ralph Willis, under the Superannuation (Productivity Benefit) Act 1988. It sets the interest rate (0.1355 or 13.55%) and a formula for calculating the 'first interest factor' for the 1990-91 financial year. This factor is used to calculate interest on productivity benefit payments owed to Commonwealth employees. The formula essentially calculates interest based on how many days have passed since the employee's first pay period after 1 July 1990 until either: (a) they join a superannuation fund, (b) they become entitled to an interim benefit, or (c) the end of the financial year (30 June 1991) if neither happens. In short, it determines how much interest the government pays on delayed superannuation productivity benefits for that specific year."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-productivity-benefit-declaration-no-2","history":"/api/acts/superannuation-productivity-benefit-declaration-no-2/history","analysis":"/api/acts/superannuation-productivity-benefit-declaration-no-2/analysis","conflicts":"/api/acts/superannuation-productivity-benefit-declaration-no-2/conflicts","importantCases":"/api/acts/superannuation-productivity-benefit-declaration-no-2/important-cases","documents":"/api/acts/superannuation-productivity-benefit-declaration-no-2/documents"}}