Superannuation (Financial Assistance Funding) Levy and Collection Amendment Regulation 2013 (No. 1) (Cth)

Superannuation (Financial Assistance Funding) Levy and Collection Amendment Regulation 2013 (No. 1)

Select Legislative Instrument No. 29, 2013

I, Quentin Bryce, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Superannuation (Financial Assistance Funding) Levy Act 1993 and the Financial Institutions Supervisory Levies Collection Act 1998.

Dated             14 March 2013

Quentin Bryce

Governor‑General

By Her Excellency’s Command

William Richard Shorten

Minister for Financial Services and Superannuation

Contents

1............ Name of regulation............................................................................. 1

2............ Commencement.................................................................................. 1

3............ Authority............................................................................................ 1

4............ Schedule(s)......................................................................................... 1

Schedule 1—Amendments                                                                            2

Superannuation (Financial Assistance Funding) Levy and Collection Regulations 2005 2

1Name of regulation

This regulation is the Superannuation (Financial Assistance Funding) Levy and Collection Amendment Regulation 2013 (No. 1).

2Commencement

This regulation commences on the day after it is registered.

3Authority

This regulation is made under the Superannuation (Financial Assistance Funding) Levy Act 1993 and the Financial Institutions Supervisory Levies Collection Act 1998.

4Schedule(s)

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Superannuation (Financial Assistance Funding) Levy and Collection Regulations 2005

1  After Part 6

Insert:

Part 7—Superannuation (Financial Assistance Funding) Levy No. 2012‑2013: 1

24  Imposition of levy

            (1)  For subsection 6(1A) of the Levy Act, a levy is imposed on each fund that is not a levy‑exempt fund.

            (2)  For subsection 6(2) of the Levy Act, the number of the levy is Superannuation (Financial Assistance Funding) Levy No. 2012‑2013: 1.

25  Rate of levy

                  For the definition of applicable rate in subsection 8(1) of the Levy Act, the rate of the levy applicable to a fund is 0.00002497.

26  Maximum and minimum amounts of levy

            (1)  For paragraph 6(3)(a) of the Levy Act, the maximum amount of levy is $750,000.

            (2)  For paragraph 6(3)(b) of the Levy Act, the minimum amount of levy is $50.

27  When levy due for payment

                  For section 19 of the Collection Act, the levy payable by the trustee of a fund is due and payable:

                    (a)  28 days after the commencement of this regulation; or

                    (b)  if APRA determines a later day—on that later day.