Superannuation (Financial Assistance Funding) Levy and Collection Amendment Regulations 2011 (No. 1) (Cth)

Superannuation (Financial Assistance Funding) Levy and Collection Amendment Regulations 2011 (No. 1)¹

Select Legislative Instrument 2011 No. 82

I, PROFESSOR MARIE BASHIR, AC, CVO, Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation (Financial Assistance Funding) Levy Act 1993.

Dated 2 June 2011

MARIE BASHIR

Administrator

By Her Excellency’s Command

BILL SHORTEN

Assistant Treasurer

Name of Regulations

These Regulations are the Superannuation (Financial Assistance Funding) Levy and Collection Amendment Regulations 2011 (No. 1).

Commencement

These Regulations commence on the day after they are registered.

Amendment of Superannuation (Financial Assistance Funding) Levy and Collection Regulations 2005

Schedule 1 amends the Superannuation (Financial Assistance Funding) Levy and Collection Regulations 2005.

Schedule 1 Amendment

(regulation 3)

[1] After Part 5

insert

Part 6 Superannuation (Financial Assistance Funding) Levy No. 2010–2011: 1

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. 2010–2011: 1.

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 0.0001347.

Note Under subsection 8 (1) of the Levy Act, the amount of levy imposed on a fund is worked out by multiplying the applicable rate by the value of the fund’s assets.

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.

Note For the effect of the maximum and minimum rates of levy, see subsection 8 (1A) of the Levy Act.

When levy due for payment

For section 19 of the Collection Act, 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.

Note

All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See