Retirement Savings Accounts Supervisory Levy Regulations (Cth)

Statutory Rules 1997

No. 417 1

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Retirement Savings Accounts Supervisory Levy Regulations

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Retirement Savings Accounts Supervisory Levy Act 1997.

Dated 18 December 1997.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

C. R. KEMP

Assistant Treasurer

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Citation

 1. These Regulations may be cited as the Retirement Savings Accounts Supervisory Levy Regulations.

[NOTE:  These Regulations commence on gazettal: see Acts Interpretation Act 1901, s 48.]

Interpretation

 2. In these Regulations:

“Act” means the Retirement Savings Accounts Supervisory Levy Act 1997;

“levy payer” means a person who is liable under section 10 of the Superannuation Entities (Taxation) Act 1987 to pay a levy. 

Basic levy amount

 3.(1) Subject to subregulation (2), the basic levy amount for paragraph 6 (1) (a) of the Act on the lodgment of a return for a year of income is:

• (a)

  if the sum of the amounts held in RSAs by the RSA provider is not more than $5 million—$2,000; or

(b) if the sum of the amounts held in RSAs by the RSA provider is more than $5 million but not more than $10 million—$3,000; or

• (c)

  if the sum of the amounts held in RSAs by the RSA provider is more than $10 million—$4,000.

 (2) If the return is lodged on behalf of an RSA provider that ceased to be an RSA provider during the year of income to which the return applies, the basic levy amount is $2,000. 

 (3) For subregulation (1), the amount held in an RSA that is a policy is:

• (a)

  the amount assessed by the levy payer as the current value of the policy; or

• (b)

  if the levy payer cannot assess the current value of the policy—$20,000.

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NOTE

1. Notified in the Commonwealth of Australia Gazette