Superannuation Supervisory Levy Amendment Act 1995

Overview

The Superannuation Supervisory Levy Amendment Act 1995, enacted by the Parliament of Australia, was introduced to amend the Superannuation Supervisory Levy Act 1991, specifically addressing issues related to the timing of the supervisory levy's application for superannuation funds. The primary policy objective was to ensure that the levy was more effectively aligned with the calendar year, thereby improving the administration and compliance of the levy. The Act received Royal Assent on 17 October 1995 and commenced on the same date. It amends the Superannuation Supervisory Levy Act 1991 to redefine the timing of the levy application, specifying that it begins on the calendar month following the required return lodgment day and extends to subsequent calendar months. This adjustment applies specifically to returns for the 1994-95 year of income and any subsequent years. The legislative change seeks to streamline the process and reduce administrative complexities for those managing superannuation funds.

Scope and Application

The Superannuation Supervisory Levy Amendment Act 1995 is an Act of the Parliament of Australia that amends the Superannuation Supervisory Levy Act 1991. The Act applies to entities that are subject to the Superannuation Supervisory Levy and specifically targets adjustments to the timing of the levy's application. The amendment applies to returns required to be lodged for the 1994-95 year of income or any subsequent year of income. The amendment modifies the timing of when the levy is applied by changing the reference from a daily basis to a monthly basis, specifically from the calendar month beginning on the day after the required return lodgment day and each subsequent calendar month beginning before the day on which. This change is aimed at refining the administrative processes surrounding the levy. The Act operates within the Commonwealth jurisdiction, as it is an Act of the Parliament of Australia, and there are no stated exclusions or exemptions within the text provided. The Act’s application is further defined and explained through subordinate instruments and notes, such as the reference to the definition of “calendar month” in the Acts Interpretation Act 1901.

Key Provisions

The Superannuation Supervisory Levy Amendment Act 1995 primarily seeks to amend the Superannuation Supervisory Levy Act 1991. Section 1 specifies that this Act can be cited as the Superannuation Supervisory Levy Amendment Act 1995. Section 2 dictates that this Act commences on the day it receives Royal Assent. Section 3 outlines the amendments to the Superannuation Supervisory Levy Act 1991, which are detailed in the Schedule of the Act. Specifically, the amendment affects paragraph 6(2)(a) of the Superannuation Supervisory Levy Act 1991, modifying the timing for the payment of the supervisory levy. The Superannuation Supervisory Levy Amendment Act 1995 imposes certain obligations on parties governed by the amended provisions. It mandates that the supervisory levy, which was previously due on a specific day, is now due in the calendar month beginning on the day after the required return lodgment day and each subsequent calendar month beginning before the day on which the return is due. This change applies only to returns required to be lodged for the 1994-95 year of income or any subsequent year of income. Additionally, the amendment includes a note clarifying that the term "calendar month" is defined by the Acts Interpretation Act 1901. Breach of the requirements set out in the amended Superannuation Supervisory Levy Act 1991 may lead to civil or criminal consequences. While the Act does not explicitly state the penalties for non-compliance, it is implied that penalties could be severe, given the nature of tax and levy regulations. Typically, failure to comply with superannuation levy obligations could result in fines, interest on unpaid levies, and potentially legal action to recover the outstanding amounts. The exact penalties would be determined by the administrative processes and legal frameworks in place for enforcing tax laws.