Retirement Savings Account Providers Supervisory Levy Imposition Determination 2014 (Cth)

Retirement Savings Account Providers Supervisory Levy Imposition Determination 2014

I, Mathias Cormann, Minister for Finance, make the following determination under subsection 7(3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.

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

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

1  Name of determination

This determination is the Retirement Savings 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(3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.

4  Repeal

The Retirement Savings Account Providers Supervisory Levy Imposition Determination 2013 is repealed.

5  Definitions

In this determination:

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

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 2014‑2015 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 2014‑2015 financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(a) of the Act is 31 March 2014.

(3) For subsection (1), the day as at which the RSA provider’s levy base for the 2014‑2015 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 2014, on which the RSA provider became, or becomes, an RSA provider.