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Determinations/Other as made
This determination relates to a levy imposed on providers of retirement savings accounts by the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 for the 2018-19 financial year.
Administered by: Treasury
Registered 03 Jul 2018
Tabling HistoryDate
Tabled HR13-Aug-2018
Tabled Senate13-Aug-2018
Date of repeal 01 Jul 2019
Repealed by Retirement Savings Account Providers Supervisory Levy Imposition Determination 2019
Table of contents.

Commonwealth Coat of Arms

 

 

Retirement Savings Account Providers Supervisory Levy Imposition Determination 2018

I, Scott Morrison, Treasurer, make the following determination under subsection 7(3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.

Dated:  29 June 2018

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............................................................................................................. 1

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

 


1  Name of determination

                   This determination is the Retirement Savings Account Providers Supervisory Levy Imposition Determination 2018.

2  Commencement

                   This determination commences on 1 July 2018.

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                   The Retirement Savings Account Providers Supervisory Levy Imposition Determination 2017 is repealed.

5  Definitions

                   In this determination:

2018‑2019 financial year means the financial year commencing on 1 July 2018.

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

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

Note:          Terms used in this determination have the same meaning as in the Act – see section 13 of the Legislation Act 2003.

6  Amount of levy

                   For paragraphs 7(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the 2018‑2019 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 2018‑2019 financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(a) of the Act is 31 March 2018.

             (3)  For subsection (1), the day as at which the RSA provider’s levy base for the 2018‑2019 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 2018, on which the RSA provider became, or becomes, an RSA provider.