Federal Register of Legislation - Australian Government

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Act No. 63 of 1997 as made
An Act to impose a levy on the lodgment of certain returns under the Retirement Savings Accounts Act 1997
Administered by: Treasury
Originating Bill: Retirement Savings Accounts Supervisory Levy Bill 1996
Date of Assent 28 May 1997
Date of repeal 01 Jul 1998
Repealed by Financial Sector Reform (Amendments and Transitional Provisions) Act 1998

 

 

 

 

Retirement Savings Accounts Supervisory Levy Act 1997

 

No. 63, 1997

 

 

 

 

An Act to impose a levy on the lodgment of certain returns under the Retirement Savings Accounts Act 1997

 

 

 


Contents

1  ......... Short title.........................................................................................   1

2  ......... Commencement...............................................................................   2

3  ......... Application of the Retirement Savings Accounts Act 1997..............   2

4  ......... Interpretation...................................................................................   2

5  ......... Imposition of retirement savings account levy.................................   2

6  ......... Amount of levy...............................................................................   2

7  ......... Regulations......................................................................................   3

 


Retirement Savings Accounts Supervisory Levy Act 1997

No. 63, 1997

 

 

 

An Act to impose a levy on the lodgment of certain returns under the Retirement Savings Accounts Act 1997

[Assented to 28 May 1997]

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Retirement Savings Accounts Supervisory Levy Act 1997.

2  Commencement

                   This Act commences on the day on which the Retirement Savings Accounts Act 1997 commences.

3  Application of the Retirement Savings Accounts Act 1997

                   Section 6, and Part 2, of the Retirement Savings Accounts Act 1997 apply in relation to this Act in a corresponding way to the way in which they apply in relation to that Act.

4  Interpretation

                   In this Act, unless the contrary intention appears:

minimum basic levy amount, for a year of income, means the lowest basic levy amount applicable to returns for the year of income for RSA providers that are RSA providers at all times during the year of income.

period of grace, in relation to a return, means the period of 14 days commencing on the day after the required return lodgment day for the return.

required return lodgment date, in relation to a return, means the last day by which the return is required to be lodged under section 44 of the Retirement Savings Accounts Act 1997.

5  Imposition of retirement savings account levy

                   Levy payable in accordance with section 10 of the Superannuation Entities (Taxation) Act 1987 is imposed.

6  Amount of levy

             (1)  The amount of levy payable on the lodgment of a return for a year of income is the sum of:

                     (a)  the amount (the basic levy amount), not exceeding $30,000, worked out in accordance with the regulations; and

                     (b)  if the return is lodged after the end of the period of grace for the return–the late lodgment amount worked out under subsection (2).

             (2)  The late lodgment amount is the amount worked out by:

                     (a)  working out, for the calendar month beginning on the day after the required return lodgment day and each subsequent calendar month beginning before the day on which the return is lodged, the greater of the following amounts:

                              (i)  the amount worked out using the following formula and rounded up to the nearest whole dollar:

                             (ii)  the amount worked out using the following formula and rounded up to the nearest whole dollar:

                            and

                     (b)  aggregating those amounts.

             (3)  If the amounts worked out under paragraph (2)(a) for a calendar month are equal, the monthly amount for that calendar month is that amount.

             (4)  The regulations may provide for different basic levy amounts for different RSA providers.

7  Regulations

                   The Governor-General may make regulations for the purposes of section 6.

 

 

 

[Minister’s second reading speech made in–

House of Representatives on 4 December 1996

Senate on 5 March 1997]

 

 

 

(195/96)


 

I HEREBY CERTIFY that the above is a fair print of the Retirement Savings Accounts Supervisory Levy Bill 1997 which originated in the House of Representatives as the Retirement Savings Accounts Supervisory Levy Bill 1996 and has been finally passed by the Senate and the House of Representatives.

 

 

 

Clerk of the House of Representatives

 

IN THE NAME OF HER MAJESTY, I assent to this Act.

 

 

 

Governor-General

1997