Commonwealth Coat of Arms

 

 

Retirement Savings Account Providers Supervisory Levy Imposition Determination 2017

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

Dated:  27 June 2017

Scott Morrison

Treasurer

 

 

 

 

Contents

1 Name of determination

2 Commencement

3 Authority

4 Repeal

5 Definitions

6 Amount of levy

7 RSA provider’s levy base

1  Name of determination

  This determination is the Retirement Savings Account Providers Supervisory Levy Imposition Determination 2017.

2  Commencement

  This determination commences on 1 July 2017.

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  The Retirement Savings Account Providers Supervisory Levy Imposition Determination 2016 is repealed.

5  Definitions

  In this determination:

20172018 financial year means the financial year commencing on 1 July 2017.

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 20172018 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 20172018 financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(a) of the Act is 31 March 2017.

 (3) For subsection (1), the day as at which the RSA provider’s levy base for the 20172018 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 2017, on which the RSA provider became, or becomes, an RSA provider.