Retirement Savings Account Levy Imposition Determination 2007 (Cth)

Retirement Savings Account Levy Imposition Determination 2007

Retirement Savings Account Providers Supervisory Levy Imposition Act 1998

I, PETER CRAIG DUTTON, Minister for Revenue and Assistant Treasurer, make this Determination under subsection 7 (3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.

Dated 27 June 2007

PETER CRAIG DUTTON

Minister for Revenue and Assistant Treasurer

Contents

1Name of Determination   2

2Commencement   2

3Revocation of Retirement Savings Account Providers Supervisory Levy Imposition Determination 2006   2

4Definitions   2

5Amount of levy (Act s 7)   2

6Asset value (Act s 7)   3

1. Name of Determination

This Determination is the Retirement Savings Account Levy Imposition Determination 2007.

1. Commencement

This Determination commences on 1 July 2007.

1. Revocation of Retirement Savings Account Providers Supervisory Levy Imposition Determination 2006

The Retirement Savings Account Providers Supervisory Levy Imposition Determination 2006 is revoked.

1. Definitions

In this Determination:

2007–2008 financial year means the financial year beginning on 1 July 2007.

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

1. Amount of levy (Act s 7)

For paragraphs 7 (3) (a), (b), (c) and (ca) of the Act, table 5 sets out matters for the 2007–2008 financial year.

Table 5

Item	Account	Maximum restricted levy amount ($)	Minimum restricted levy amount ($)	Restricted levy percentage	Unrestricted levy percentage
1	Retirement savings account	0	0	0	0

1. Asset value (Act s 7)

(1)   For paragraph 7 (3) (d) of the Act, an RSA provider’s asset value 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 asset value for the 2007–2008 financial year is to be worked out for an RSA provider mentioned in paragraph 7 (5) (a) of the Act is 31 March 2007.

(3)   For subsection (1), the day as at which the asset value for the 2007–2008 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 2007, on which the RSA provider became, or becomes, an RSA provider.