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Determinations/Other as made
This determination relates to a levy imposed on providers of first home saver accounts by the First Home Saver Account Providers Supervisory Levy Imposition Act 2008 for the financial year 2013-14.
Administered by: Treasury
Made 24 Jun 2013
Registered 02 Jul 2013
Tabled HR 12 Nov 2013
Tabled Senate 12 Nov 2013
Date of repeal 01 Jul 2014
Repealed by First Home Saver Account Providers Supervisory Levy Imposition Determination 2014
Table of contents.

Commonwealth Coat of Arms

 

 

First Home Saver Account Providers Supervisory Levy Imposition Determination 2013

I, William Richard Shorten, Minister for Financial Services and Superannuation, make the following determination under subsection 7(5) of the First Home Saver Account Providers Supervisory Levy Imposition Act 2008.

Dated:  24 June 2013

William Richard Shorten

Minister for Financial Services and Superannuation

 

  

  

  


Contents

1............ Name of determination.................................................................................................. 1

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

3............ Authority....................................................................................................................... 1

4............ Repeal............................................................................................................................ 1

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

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

7............ Leviable FHSA entity’s levy base—trustee of a trust.................................................... 2

8............ Leviable FHSA entity’s levy base—ADI or life insurance company............................ 2

 


1  Name of determination

                   This determination is the First Home Saver Account Providers Supervisory Levy Imposition Determination 2013.

2  Commencement

                   This determination commences on 1 July 2013.

3  Authority

                   This determination is made under subsection 7(5) of the First Home Saver Account Providers Supervisory Levy Imposition Act 2008.

4  Repeal

                   The First Home Saver Account Providers Supervisory Levy Imposition Determination 2012 is repealed.

5  Definitions

             (1)  In this determination:

2013‑2014 financial year means the financial year commencing on 1 July 2013.

Act means the First Home Saver Account Providers Supervisory Levy Imposition Act 2008.

valuation day, in relation to a leviable FHSA entity, means:

                     (a)  for a leviable FHSA entity that was a leviable FHSA entity at all times during the period from 17 March 2013 to 30 June 2013—31 March 2013; and

                     (b)  for a leviable FHSA entity that was a leviable FHSA entity for some, but not all, of the period from 17 March 2013 to 30 June 2013—the day, after 17 March 2013, on which it became a leviable FHSA entity; and

                     (c)  for a leviable FHSA entity that became a leviable FHSA entity after 30 June 2013—the day on which it became a leviable FHSA entity.

Note:          A number of expressions used in this determination are defined in the Act, including the following:

(a)    ADI;

(b)    FHSA;

(c)    FHSA trust;

(d)    leviable FHSA entity;

(e)    life insurance company.

             (2)  In this determination, a reference to a period from a specified date to another specified date is a reference to a period that includes both of those dates.

6  Amount of levy

                   For paragraphs 7(5)(a), (b), (c) and (d) of the Act, the table sets out matters for the 2013‑2014 financial year.

 

Amount of levy

Item

Entity

Maximum restricted levy amount ($)

Minimum restricted levy amount ($)

Restricted levy percentage

Unrestricted levy percentage

1

Leviable FHSA entity

0

0

0

0

 

7  Leviable FHSA entity’s levy base—trustee of a trust

                   For paragraph 7(5)(e) of the Act, the leviable FHSA entity’s levy base of a leviable FHSA entity that is the trustee of a trust is the sum of the balances of FHSA trusts provided by the entity as at the valuation day for the leviable FHSA entity.

8  Leviable FHSA entity’s levy base—ADI or life insurance company

                   For paragraph 7(5)(e) of the Act, the leviable FHSA entity’s levy base of a leviable FHSA entity that is an ADI or a life insurance company is the sum of the balances of all FHSAs provided by the entity as at the valuation day for the leviable FHSA entity.