Superannuation Supervisory Levy Imposition Determination 2015

Administered by Department of the Treasury

Legislation au F2015L01102 Not in force Legislative Instrument

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EXPLANATORY STATEMENT

Superannuation Supervisory Levy Imposition Determination 2015

This determination relates to a levy imposed by the Superannuation Supervisory Levy Imposition Act 1998 (the Act) on superannuation entities.

This determination commences on 1 July 2015 and relates to the 2015‑16 financial year.  The Superannuation Supervisory Levy Imposition Determination 2014 is repealed upon commencement of this determination.  Consistent with section 7 of the Acts Interpretation Act 1901, any obligation or liability incurred in previous financial years remains valid.

The determination will commence before it is registered.  Commencement prior to registration, however, does not disadvantageously affect the rights of any person as at the date of registration or impose any liability on any person in respect of anything done or omitted to be done before the date of registration.  Commencement prior to registration is therefore consistent with subsection 12(2) of the Legislative Instruments Act 2003.

Subsection 7(3) of the Act requires the Treasurer, by legislative instrument, to determine:

(a)   the maximum restricted levy amount for each financial year;

(b)   the minimum restricted levy amount for each financial year;

(c)   the restricted levy percentage for each financial year;

(ca)  the unrestricted levy percentage for each financial year; and

(d)   how a superannuation entity’s levy base is to be worked out.

For superannuation funds other than small APRA funds (SAFs), this determination provides that the restricted component of the 2015‑16 levy will be calculated at 0.00325 per cent of assets held by the entity, subject to a minimum of $1,000 and a maximum of $260,000.  The unrestricted component of the 2015-16 levy will be calculated at 0.008543 per cent of assets held by the entity.

For SAFs, this determination provides that the restricted component of the 2015‑16 levy will be calculated at zero per cent of assets held by the entity, subject to a minimum of $590 and a maximum of $590.  The unrestricted component of the 2015-16 levy will be calculated at zero per cent of assets held by the entity.  In effect, SAFs will be levied a flat amount of $590 per fund.

In 2015-16 Pooled Superannuation Trusts (PST’s), as defined in the Superannuation Industry (Supervision) Act 1993, are to be levied separately to other superannuation funds and SAFs. This determination provides that for PSTs the restricted component of the 2015-16 levy will be calculated at 0.00162 per cent of assets held by the entity, subject to a minimum of $1,000 and a maximum of $130,000. The unrestricted component of the levy will be calculated at 0.000989 per cent of assets held by the entity. 


The finance sector has been consulted on the 2015‑16 supervisory levies through a Treasury and Australian Prudential Regulation Authority (APRA) discussion paper released on the Treasury website on 20 May 2015.  The discussion paper discusses potential impacts of the levies on each industry sector and institution regulated by APRA.  Eight submissions were received during the consultation process, and five submissions related to the levy on the superannuation industry. 

The Office of Best Practice Regulation has previously advised that a Regulatory Impact Statement is not required as supervisory levies are considered machinery‑of‑government in nature. 

This determination is a legislative instrument for the purposes of the Legislative Instruments Act 2003.

A statement of compatibility with human rights for the purposes of Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 is set out in Attachment 1.


Attachment 1

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

 

Superannuation Supervisory Levy Imposition Determination 2015

 

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

 

Overview of the Legislative Instrument

This determination relates to a levy imposed by the Superannuation Supervisory Levy Imposition Act 1998 on superannuation entities.

Subsection 7(3) allows the Minister to determine:

(a)   the maximum restricted levy amount for each financial year;

(b)   the minimum restricted levy amount for each financial year;

(c)   the restricted levy percentage for each financial year;

(ca) the unrestricted levy percentage for each financial year; and

(d)   how an authorised deposit‑taking institution’s asset value is to be calculated.

 

Human rights implications

This Legislative Instrument does not engage any of the applicable rights or freedoms.

 

Conclusion

This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.

 

 

Overview

The Superannuation Supervisory Levy Imposition Determination 2015, enacted by the Commonwealth of Australia, addresses the need for a regulatory framework to impose a levy on superannuation entities as per the Superannuation Supervisory Levy Imposition Act 1998. This determination, issued by the Treasurer under the authority granted by the Act, specifies the levy rates and calculations for the 2015-16 financial year, aiming to ensure adequate funding for the supervision of superannuation entities. It also details the levy percentages for different types of superannuation funds, including small APRA funds and Pooled Superannuation Trusts, while ensuring that the imposition of these levies does not adversely affect human rights as outlined in the Human Rights (Parliamentary Scrutiny) Act 2011.

Scope and Application

The Superannuation Supervisory Levy Imposition Determination 2015 applies to superannuation entities, including funds, Pooled Superannuation Trusts (PSTs), and small APRA funds (SAFs). The determination is made under the Superannuation Supervisory Levy Imposition Act 1998 and outlines the levy rates for the 2015-16 financial year, effective from 1 July 2015. It replaces the Superannuation Supervisory Levy Imposition Determination 2014. The determination specifies the percentage rates for both restricted and unrestricted levies for different types of superannuation entities, with variations in minimum and maximum levy amounts based on the entity's assets. SAFs are levied a flat amount of $590, while other entities are levied based on a percentage of their assets. The determination also includes provisions for how levy bases are calculated and notes that any obligations or liabilities incurred in previous financial years remain valid. This legislative instrument is designed to regulate the financial sector and ensure compliance with the Superannuation Supervisory Levy Imposition Act 1998.

Key Provisions

The Superannuation Supervisory Levy Imposition Determination 2015 (subsection 7(3)) mandates the Treasurer to establish specific levy amounts for the 2015-16 financial year. These include the maximum and minimum restricted levy amounts (subsection 7(3)(a) and (b)), the restricted levy percentage (subsection 7(3)(c)), the unrestricted levy percentage (subsection 7(3)(ca)), and the method of calculating a superannuation entity’s levy base (subsection 7(3)(d)). For superannuation funds excluding small APRA funds, the restricted component of the 2015-16 levy is set at 0.00325% of the assets, with a minimum of $1,000 and a maximum of $260,000. The unrestricted component is calculated at 0.008543% of the assets. For small APRA funds, a flat levy of $590 is imposed per fund. Pooled Superannuation Trusts (PSTs) are levied separately, with the restricted component at 0.00162% of assets, subject to a minimum of $1,000 and a maximum of $130,000, and the unrestricted component at 0.000989% of assets. The Act imposes specific obligations on superannuation entities to calculate and pay the prescribed levy amounts. Entities must determine their levy base and ensure compliance with the specified percentages and limits. They are also required to report their asset values accurately and submit the necessary information to the relevant authorities. The determination mandates that these calculations and submissions be done in accordance with the provisions set out in the Act. Failure to comply with the provisions of this determination may result in financial penalties or other legal consequences. While the specific penalties are not detailed in the explanatory statement, breaches of similar legislation typically involve fines or other financial penalties. For instance, entities that fail to accurately report their asset values or do not pay the required levies may face fines, which can be substantial depending on the severity and frequency of the breach. Additionally, persistent non-compliance may lead to further regulatory actions, including potential legal proceedings against the entity or its officers.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.