Superannuation (Rolled-Over Benefits)
Levy Act 1993

No. 81 of 1993

An Act to impose levies on certain superannuation funds
and approved deposit funds for the purpose of recouping the cost of maintaining a register of certain rolled-over
benefits

[Assented to 30 November 1993]

The Parliament of Australia enacts:

Short title

1.  This Act may be cited as the Superannuation (Rolled-Over Benefits) Levy Act 1993.

Commencement

2.  This Act commences on the same day as Part 24 of the Superannuation Industry (Supervision) Act 1993.

Object of Act

3.  The object of this Act is to impose levies on certain superannuation funds and approved deposit funds for the purpose of recouping the cost of maintaining a register of certain rolled-over benefits under Part 24 of the Superannuation Industry (Supervision) Act 1993.

Application of Superannuation Industry (Supervision) Act

4.  Section 9, and Division 2 of Part 1, of the Superannuation Industry (Supervision) Act 1993 apply in relation to this Act in a corresponding way to the way in which they apply in relation to that Act.

Definitions

5.  In this Act, unless the contrary intention appears:

"eligible rollover fund" has the same meaning as in Part 24 of the Superannuation Industry (Supervision) Act 1993;

"levy" means levy imposed by regulations under section 6 of this Act.

Regulations may impose levy

6. (1) The regulations may impose in respect of the financial year ending on 30 June 1995 or a later financial year, a levy on each eligible rollover fund that, at the end of the financial year concerned, holds money in respect of benefits of a beneficiary in that fund, being benefits in respect of which the beneficiary has rights against the fund under paragraph 251(b) of the Superannuation Industry (Supervision) Act 1993.

(2)  The amount of the levy imposed on an eligible rollover fund in respect of a financial year is whichever is the lesser of $30,000 or the amount worked out using the formula:

where:

"Applicable rate" means the rate (expressed as a decimal fraction) that, under the regulations, is the rate of the levy applicable to eligible rollover funds in respect of that financial year;

"Value of assets", in relation to an eligible rollover fund, means the value of the assets of the fund at the end of that financial year.

(3)  The regulations must prescribe the same rate of levy in respect of all eligible rollover funds in respect of the same financial year.

Regulations

7.    The Governor-General may make regulations prescribing matters:

(a)   required or permitted by this Act to be prescribed; or

(b)  necessary or convenient to be prescribed for carrying out or giving effect to this Act.

[Minister's second reading speech made in—

House of Representatives on 27 May 1993

Senate on 18 October 1993]