First Home Saver Account Providers Supervisory Levy Imposition Determination 2014 (Cth)

First Home Saver Account Providers Supervisory Levy Imposition Determination 2014

I, Mathias Cormann, Minister for Finance, make the following determination under subsection 7(5) of the First Home Saver Account Providers Supervisory Levy Imposition Act 2008.

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............................................................................................................. 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 2014.

2  Commencement

This determination commences on 1 July 2014.

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  The First Home Saver Account Providers Supervisory Levy Imposition Determination 2013 is repealed.

5  Definitions

(1)  In this determination:

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

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 2014 to 30 June 2014—31 March 2014; and

(b)  for a leviable FHSA entity that was a leviable FHSA entity for some, but not all, of the period from 17 March 2014 to 30 June 2014—the day, after 17 March 2014, on which it became a leviable FHSA entity; and

(c)  for a leviable FHSA entity that became a leviable FHSA entity after 30 June 2014—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 2014‑2015 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 value of the assets of FHSA trusts provided by the entity/trustee.

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.