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 (the Act) on superannuation entities.
Administered by: Treasury
Registered 04 Jul 2016
Tabling HistoryDate
Tabled HR30-Aug-2016
Tabled Senate30-Aug-2016
Date of repeal 01 Jul 2017
Repealed by Superannuation Supervisory Levy Imposition Determination 2017
Table of contents.

Title: Coat of arms - Description: Coat of arms

 

Superannuation Supervisory Levy Imposition Determination 2016

I, Scott Morrison, Treasurer, make the following determination.

Dated: 28 June 2016

Scott Morrison

Treasurer

 

  

  

  


Contents

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

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

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

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

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

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

7............ Superannuation entity’s levy base................................................................................. 3

 

 

 

 

 

 

 

                                                                                                                

                                                                                                                

 

 

 

 

 

                                                                                                       

                                                                                                       

 

 

 

 

 

 

 

 

 

 

                                                                                                               

                                                                                                               


1  Name of determination

                   This determination is the Superannuation Supervisory Levy Imposition Determination 2016.

2  Commencement

                   This determination commences on 1 July 2016.

3  Authority

                   This determination is made under subsection 7(3) of the Superannuation Supervisory Levy Imposition Act 1998.

4  Repeal

                   The Superannuation Supervisory Levy Imposition Determination 2015 is repealed.

5  Definitions

                   In this determination:

2016‑2017 financial year means the financial year commencing on 1 July 2016.

Act means the Superannuation Supervisory Levy Imposition Act 1998.

Form SRF 320.0 means the form titled “SRF 320.0: Statement of Financial Position”, which is part of Reporting Standard SRS 320.0.

Form SRF 800.0 means the form titled “SRF 800.0: Financial Statements”, which is part of Reporting Standard SRS 800.0.

pooled superannuation trust has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993.

Reporting Standard SRS 320.0 means the Reporting Standard SRS 320.0 Statement of Financial Position, which is:

                     (a)  in the Schedule to the Financial Sector (Collection of Data) (reporting standard) determination No. 27 of 2015—Reporting Standard SRS 320.0 Statement of Financial Position; and

                     (b)  made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Reporting Standard SRS 800.0 means the Reporting Standard SRS 800.0 Financial Statements, which is:

                     (a)  in the Schedule to the Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2015—Reporting Standard SRS 800.0 Financial Statements; and

                     (b)  made under section 13 of the Financial Sector (Collection of Data) Act 2001.

SAF (short for small APRA fund) 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.

SMADF (short for single member approved deposit fund) 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.

valuation day, in relation to an entity, means:

                     (a)  for an entity that was a superannuation entity on 30 June 2016—that day; or

                     (b)  for an entity that became a superannuation entity after 30 June 2016—the day on which it became a superannuation entity.

6  Amount of levy

                   For paragraphs 7(3)(a), (b), (c) and (ca) of the Act, each item in the following table sets out, for the 2016‑2017 financial year, the following for the class of superannuation entity mentioned in the item:

                     (a)  the maximum and minimum restricted levy amounts;

                     (b)  the restricted and unrestricted levy percentages.

 

Amount of levy

Item

Entity

Maximum restricted levy amount ($)

Minimum restricted levy amount ($)

Restricted levy percentage

Unrestricted levy percentage

1

Superannuation entity that is a pooled superannuation trust on the levy imposition day

130 000

2 500

0.00162

0.001641

2

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

590

590

0

0

3

Superannuation entity not mentioned in item 1 or 2

260 000

2 500

0.00324

0.007075

7  Superannuation entity’s levy base

             (1)  For paragraph 7(3)(d) of the Act, this section sets out how a superannuation entity’s levy base is to be worked out.

             (2)  If the valuation day for a superannuation entity is 30 June 2016, the superannuation entity’s levy base is the amount that is required to be reported as at that day in:

                     (a)  item 25 of Form SRF 320.0, in accordance with the instructions for the form; or

                     (b)  item 7 of Form SRF 800.0, in accordance with the instructions for the form.

             (3)  If the valuation day for a superannuation entity is after 30 June 2016, and the 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 polices on the valuation day is assessed by the insurer.

             (4)  If the valuation day for a superannuation entity is after 30 June 2016 and subsection (3) does not apply, the superannuation entity’s levy base is to be worked out by determining the net balance of the entity on the valuation day based on the audited accounts of the entity.