Federal Register of Legislation - Australian Government

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Determinations/Superannuation as made
This determination relates to a levy imposed by the Superannuation Supervisory Levy Imposition Act 1998 on superannuation entities for the financial year 2012-13.
Administered by: Treasury
Made 28 Jun 2012
Registered 29 Jun 2012
Tabled HR 14 Aug 2012
Tabled Senate 14 Aug 2012
Date of repeal 01 Jul 2013
Repealed by Superannuation Supervisory Levy Imposition Determination 2013

Superannuation Supervisory Levy Imposition Determination 20121

Superannuation Supervisory Levy Imposition Act 1998

I, William Richard Shorten, Minister for Financial Services and Superannuation, make this determination under subsection 7 (3) of the Superannuation Supervisory Levy Imposition Act 1998.

Dated 28 June 2012

William Richard Shorten


1              Name of determination

                This determination is the Superannuation Supervisory Levy Imposition Determination 2012.

2              Commencement

                This determination commences on 1 July 2012.

3              Revocation

                The Superannuation Supervisory Levy Imposition Determination 2011 (Federal Register of Legislative Instruments No. F2011L01331) is revoked.

4              Definitions

                In this determination:

2012–2013 financial year means the financial year commencing on 1 July 2012.

Act means the Superannuation Supervisory Levy Imposition Act 1998.

SAF means a superannuation entity that:

                (a)    is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and

               (b)    has fewer than 5 members.

Note   SAF stands for small APRA fund.

SMADF means a superannuation entity that:

                (a)    is an approved deposit fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and

               (b)    has only one member.

Note   SMADF stands for single member approved deposit fund.

valuation day, in relation to an entity, means:

                (a)    for an entity that was a superannuation entity on 30 June 2012—that day; and

               (b)    for an entity that became a superannuation entity after 30 June 2012—the day on which it became a superannuation entity.

5              Amount of levy

                For paragraphs 7 (3) (a), (b), (c) and (ca) of the Act, the table sets out matters for the 2012–2013 financial year.

Item

Entity

Maximum restricted levy amount ($)

Minimum restricted levy amount ($)

Restricted levy percentage

Unrestricted levy percentage

1

Superannuation entity that is an SAF or an SMADF on the levy imposition day

590

590

0

0

2

Superannuation entity not mentioned in item 1

2 000 000

590

0.02434

0.006535

6              Superannuation entity’s levy base

         (1)   For paragraph 7 (3) (d) of the Act:

                (a)    if a superannuation entity consists entirely of the life insurance policies of individual members of the fund, the superannuation entity’s levy base is to be worked out in the same way as the current value of the policies is assessed by the insurer; and

               (b)    in any other case, a superannuation entity’s levy base is to be worked out by determining the net balance of the entity based on the audited accounts of the entity.

         (2)   For subsection (1), the day as at which the superannuation entity’s levy base for the 2012–2013 financial year is to be worked out is the valuation day.

         (3)   For subsection (1), if the financial year of a superannuation entity does not end on 30 June in a year, the entity must use 30 June unaudited accounts.


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.comlaw.gov.au.