Federal Register of Legislation - Australian Government

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Determinations/Other as made
This determination sets out the amount payable by retirement savings account providers in 2014-15 under the financial institutions supervisory levies.
Administered by: Treasury
Made 25 Jun 2014
Registered 02 Jul 2014
Tabled HR 08 Jul 2014
Tabled Senate 07 Jul 2014
Date of repeal 01 Jul 2015
Repealed by Retirement Savings Account Providers Supervisory Levy Imposition Determination 2015
Table of contents.

Description: Commonwealth Coat of Arms

 

 

Retirement Savings Account Providers Supervisory Levy Imposition Determination 2014

I, Mathias Cormann, Minister for Finance, make the following determination under subsection 7(3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.

Dated:  25 June 2014

Mathias Cormann

Minister for Finance

for the Treasurer

 

  

  

  


Contents

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

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

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

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

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

6............ Amount of levy............................................................................................................. 1

7............ RSA provider’s levy base............................................................................................. 1

 


1  Name of determination

                   This determination is the Retirement Savings Account Providers Supervisory Levy Imposition Determination 2014.

2  Commencement

                   This determination commences on 1 July 2014.

3  Authority

                   This determination is made under subsection 7(3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.

4  Repeal

                   The Retirement Savings Account Providers Supervisory Levy Imposition Determination 2013 is repealed.

5  Definitions

                   In this determination:

2014‑2015 financial year means the financial year commencing on 1 July 2014.

Act means the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.

RSA (short for retirement savings account) has the same meaning as in section 8 of the Retirement Savings Accounts Act 1997.

Note:          RSA provider is defined in section 5 of the Act.

6  Amount of levy

                   For paragraphs 7(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the 2014‑2015 financial year.

 

Amount of levy

Item

Provider

Maximum restricted levy amount ($)

Minimum restricted levy amount ($)

Restricted levy percentage

Unrestricted levy percentage

1

RSA provider

0

0

0

0

7  RSA provider’s levy base

             (1)  For paragraph 7(3)(d) of the Act, the RSA provider’s levy base is to be worked out by adding together each amount held in an RSA by the RSA provider.

             (2)  For subsection (1), the day as at which the RSA provider’s levy base for the 2014‑2015 financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(a) of the Act is 31 March 2014.

             (3)  For subsection (1), the day as at which the RSA provider’s levy base for the 2014‑2015 financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(b) of the Act is the day, after 17 March 2014, on which the RSA provider became, or becomes, an RSA provider.