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Act No. 93 of 2008 as amended, taking into account amendments up to Act No. 82 of 2010
An Act to impose a levy in relation to the provision of first home saver accounts
Administered by: Treasury
Registered 08 Jul 2010
Start Date 01 Jul 2010
End Date 01 Jul 2015
Date of repeal 01 Jul 2015
Repealed by Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015
Table of contents.

First Home Saver Account Providers Supervisory Levy Imposition Act 2008

Act No. 93 of 2008 as amended

This compilation was prepared on 7 July 2010
taking into account amendments up to Act No. 82 of 2010

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra

  

  

  


Contents

1............ Short title [see Note 1]........................................................................ 1

2............ Commencement................................................................................... 1

3............ Act binds the Crown........................................................................... 1

4............ External Territories.............................................................................. 1

5............ Definitions.......................................................................................... 1

6............ Imposition of first home saver account providers supervisory levy.... 2

7............ Amount of levy................................................................................... 2

8............ Calculation of indexation factor........................................................... 4

Notes                                                                                                                                               7


An Act to impose a levy in relation to the provision of first home saver accounts

1  Short title [see Note 1]

                   This Act may be cited as the First Home Saver Account Providers Supervisory Levy Imposition Act 2008.

2  Commencement

                   This Act commences on 1 July 2009.

3  Act binds the Crown

                   This Act binds the Crown in each of its capacities.

4  External Territories

                   This Act extends to every external Territory.

5  Definitions

                   In this Act:

ADI has the same meaning as in the First Home Saver Accounts Act 2008.

APRA means the Australian Prudential Regulation Authority.

FHSA has the same meaning as in the First Home Saver Accounts Act 2008.

FHSA trust has the same meaning as in the First Home Saver Accounts Act 2008.

indexation factor means the indexation factor calculated under section 8.

index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.

leviable FHSA entity means:

                     (a)  a body corporate that has notified APRA in accordance with section 123 of the First Home Saver Accounts Act 2008 and has not revoked that notice under section 123A of that Act; or

                     (b)  a trustee that is authorised under section 92 of that Act.

levy imposition day, in relation to a leviable FHSA entity for a financial year, means:

                     (a)  if the leviable FHSA entity is a leviable FHSA entity on 1 July of the financial year—that day; or

                     (b)  in any other case—the day, during the financial year, on which the leviable FHSA entity becomes a leviable FHSA entity.

life insurance company has the same meaning as in the First Home Saver Accounts Act 2008.

statutory upper limit means:

                     (a)  in relation to the financial year commencing on 1 July 2009—$1,500,000; or

                     (b)  in relation to a later financial year—the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.

6  Imposition of first home saver account providers supervisory levy

                   Levy payable in accordance with subsection 8(7) of the Financial Institutions Supervisory Levies Collection Act 1998 is imposed.

7  Amount of levy

             (1)  Subject to subsection (4), the amount of levy payable by a leviable FHSA entity for a financial year is the sum of the restricted levy component and the unrestricted levy component for the financial year.

Note:          For restricted levy component, see subsection (2). For unrestricted levy component, see subsection (3).

             (2)  The restricted levy component for the financial year is:

                     (a)  unless paragraph (b) or (c) applies—the amount that, for the financial year, is the restricted levy percentage of the leviable FHSA entity’s levy base; or

                     (b)  if the amount worked out under paragraph (a) exceeds the maximum restricted levy amount for the financial year—the maximum restricted levy amount; or

                     (c)  if the amount worked out under paragraph (a) is less than the minimum restricted levy amount for the financial year—the minimum restricted levy amount.

Note:          The restricted levy percentage, maximum restricted levy amount, minimum restricted levy amount and the method of working out the leviable FHSA entity’s levy base are as determined under subsection (5).

             (3)  The unrestricted levy component for the financial year is the amount that, for the financial year, is the unrestricted levy percentage of the leviable FHSA entity’s levy base.

Note:          The unrestricted levy percentage is as determined under subsection (5).

             (4)  If the levy imposition day for the leviable FHSA entity for the financial year is later than 1 July in the financial year, the amount of levy payable by the provider for the financial year is the amount worked out using the following formula:

             (5)  The Treasurer must, by legislative instrument, determine:

                     (a)  the maximum restricted levy amount for each financial year; and

                     (b)  the minimum restricted levy amount for each financial year; and

                     (c)  the restricted levy percentage for each financial year; and

                     (d)  the unrestricted levy percentage for each financial year; and

                     (e)  how a leviable FHSA entity’s levy base is to be worked out.

             (6)  An amount determined under paragraph (5)(a) as the maximum restricted levy amount must not exceed the statutory upper limit as at the time when the determination is made.

             (7)  The Treasurer’s determination under paragraph (5)(e) of how a leviable FHSA entity’s levy base is to be worked out must:

                     (a)  in the case of a leviable FHSA entity that is the trustee of a trust—specify that the value is to be worked out using the total value of the assets of FHSA trusts provided by the entity; and

                     (b)  in the case of a leviable FHSA entity that is an ADI or a life insurance company—specify that the value is to be worked out using the balances of all FHSAs provided by the entity.

             (8)  The Treasurer’s determination under paragraph (5)(e) of how a leviable FHSA entity’s levy base is to be worked out must include, but is not limited to, a determination of the day as at which the leviable FHSA entity’s levy base is to be worked out. That day must be:

                     (a)  if the leviable FHSA entity was a leviable FHSA entity at all times from and including 17 March of the previous financial year to and including the following 30 June—a day in the period from and including that 17 March to and including the following 14 April; or

                     (b)  if the leviable FHSA entity was not a leviable FHSA entity at all times from and including 17 March of the previous financial year to and including the following 30 June—the day after that 17 March when the leviable FHSA entity became, or becomes, a leviable FHSA entity.

             (9)  A determination under subsection (5) may make different provision for different classes of leviable FHSA entity.

8  Calculation of indexation factor

             (1)  The indexation factor for a financial year is the number worked out by:

                     (a)  dividing the index number for the March quarter immediately preceding that financial year by the index number for the March quarter immediately preceding that first‑mentioned March quarter; and

                     (b)  adding 0.030 to the number worked out under paragraph (a).

             (2)  The indexation factor is to be calculated to 3 decimal places, but increased by .001 if the 4th decimal place is more than 4.

             (3)  Calculations under paragraph (1)(a) are to be made:

                     (a)  using only the index numbers published in terms of the most recently published reference base for the Consumer Price Index; and

                     (b)  disregarding index numbers published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the reference base).


Notes to the First Home Saver Account Providers Supervisory Levy Imposition Act 2008

Note 1

The First Home Saver Account Providers Supervisory Levy Imposition Act 2008 as shown in this compilation comprises Act No. 93, 2008 amended as indicated in the Tables below.

Table of Acts

Act

Number
and year

Date
of Assent

Date of commencement

Application, saving or transitional provisions

First Home Saver Account Providers Supervisory Levy Imposition Act 2008

93, 2008

30 Sept 2008

1 July 2009

 

Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010

82, 2010

29 June 2010

Schedule 5 (items 7–12): 1 July 2010


Table of Amendments

ad. = added or inserted      am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected

How affected

S. 7....................................

am. No. 82, 2010

Note to s. 7(2)...................

am. No. 82, 2010