Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000

Overview

The Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000 was enacted by the Parliament of Australia to address a specific issue concerning a determination made under the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998. This Act was designed to ensure the validity of a determination made on 11 August 1998, which was later notified in the Gazette on 13 August 1998. Despite the formal procedures outlined in the Acts Interpretation Act 1901, this Act provides that the determination is taken to have been made under a different subsection of the Imposition Act, effective from 1 July 1998, while allowing for potential repeal, rescission, revocation, amendment, or variation of the determination as per the Acts Interpretation Act 1901. The primary objective of this legislation is to affirm the validity of the aforementioned determination, ensuring that it remains effective and enforceable in the context of retirement savings account providers.

Scope and Application

The Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000 applies specifically to a determination made under the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998, validating a supervisory levy determination issued on 11 August 1998 and notified in the Gazette on 13 August 1998. This Act serves to confirm the determination’s validity despite certain statutory provisions that would otherwise render it ineffective. It applies to any determination made under the specified subsection of the Imposition Act and adjusts its effective date to commence from 1 July 1998. However, this Act does not prevent the determination from being repealed, rescinded, revoked, amended, or varied in accordance with the Acts Interpretation Act 1901. The Act has a national reach, applying across Australia as a Commonwealth Act. The Act does not explicitly outline exclusions or exemptions, but it focuses narrowly on validating a specific determination related to the supervisory levy on retirement savings account providers. The scope of the Act is confined to the particular determination and its effective date, without extending to other related conduct, entities, or transactions unless specifically addressed in subordinate instruments or related legislation. The Act’s application is validated through the legislative process without the need for additional subordinate legislation to expand or restrict its application.

Key Provisions

The Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000 (the Act) contains a few main operative sections that establish its purpose and scope. Section 1 provides the short title of the Act, making it clear that this is the Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000. The commencement of the Act is detailed in Section 2, which stipulates that the Act will come into effect on the same date as Part 1 of Schedule 12 of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000. Section 4 is the key provision that deals with the validation of a specific determination made under the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998. Under the Act, the determination that was purportedly made under subsection 8(3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 on 11 August 1998 and notified in the Gazette on 13 August 1998 is validated. Despite the provisions of subsection 48(2) of the Acts Interpretation Act 1901, the determination is deemed to have been made under subsection 7(3) of the Imposition Act and is considered effective from 1 July 1998 onwards. However, this determination can still be repealed, rescinded, revoked, amended, or varied in accordance with subsection 33(3) of the Acts Interpretation Act 1901. This Act seeks to clarify the legal status of a specific levy determination, ensuring that it is treated as if it was made under the correct subsection of the Imposition Act. The Act imposes certain obligations on the parties or entities it governs. It requires that the determination, which was originally made under subsection 8(3) of the Imposition Act, is now considered to have been made under subsection 7(3) of the same Act. This change in the legal basis for the determination ensures that it is now valid and effective from 1 July 1998. The Act also allows for the possibility of the determination being repealed, rescinded, revoked, amended, or varied, as per the provisions of subsection 33(3) of the Acts Interpretation Act 1901. This means that the relevant authorities still have the power to modify or nullify the determination if they deem it necessary. There are no specific offences, penalties, or civil/criminal consequences outlined in the Act itself. However, the Act does provide for the validation of a determination, which may have implications for the parties involved in the levy process. If the determination is later repealed, rescinded, revoked, amended, or varied, the relevant authorities may need to take action to ensure compliance with the new or modified provisions. The maximum penalties for any related offences would depend on the specific circumstances and the relevant legislation governing those offences.