Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to impose a levy on the lodgment of certain returns under the Retirement Savings Accounts Act 1996
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Introduced HR 04 Dec 1996

Retirement Savings Accounts Supervisory Levy Bill 1996
First Reading

1996

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Retirement Savings Accounts Supervisory Levy Bill 1996

No. , 1996

(Treasury)

A Bill for an Act to impose a levy on the lodgment of certain returns under the Retirement Savings Accounts Act 1996

9619520--1,055/3.12.1996--(195/96) Cat. No. 96 5610 3 ISBN 0644 480424

Contents

1       Short title

2       Commencement

3       Application of the Retirement Savings Accounts Act 1996

4       Interpretation

5       Imposition of retirement savings account levy

6       Amount of levy

7       Regulations

A Bill for an Act to impose a levy on the lodgment of certain returns under the Retirement Savings Accounts Act 1996

The Parliament of Australia enacts:

1 Short title

        This Act may be cited as the Retirement Savings Accounts Supervisory Levy Act 1996.

2 Commencement

        This Act commences on the day on which the Retirement Savings Accounts Act 1996 commences.

3 Application of the Retirement Savings Accounts Act 1996

        Section 6, and Part 2, of the Retirement Savings Accounts Act 1996 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 1996.

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:

A graphic exists here.

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

A graphic exists here.

        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.