First Home Saver Account Providers Supervisory Levy Imposition Determination 2015
I, Joshua Frydenberg, Assistant Treasurer, make the following determination under subsection 7(5) of the First Home Saver Account Providers Supervisory Levy Imposition Act 2008.
Dated: 25 June 2015
Joshua Frydenberg
Assistant Treasurer
Contents
1............ Name of determination.................................................................................................. 1
2............ Commencement............................................................................................................. 1
3............ Authority....................................................................................................................... 1
4............ Repeal............................................................................................................................ 1
5............ Definitions..................................................................................................................... 1
6............ Amount of levy............................................................................................................. 2
7............ Leviable FHSA entity’s levy base—trustee of a trust.................................................... 2
8............ Leviable FHSA entity’s levy base—ADI or life insurance company............................ 2
1 Name of determination
This determination is the First Home Saver Account Providers Supervisory Levy Imposition Determination 2015.
2 Commencement
This determination commences on 1 July 2015.
3 Authority
This determination is made under subsection 7(5) of the First Home Saver Account Providers Supervisory Levy Imposition Act 2008.
4 Repeal
The First Home Saver Account Providers Supervisory Levy Imposition Determination 2014 is repealed.
5 Definitions
(1) In this determination:
2015‑2016 financial year means the financial year commencing on 1 July 2015.
Act means the First Home Saver Account Providers Supervisory Levy Imposition Act 2008.
valuation day, in relation to a leviable FHSA entity, means:
(a) for a leviable FHSA entity that was a leviable FHSA entity at all times during the period from 17 March 2015 to 30 June 2015—31 March 2015; and
(b) for a leviable FHSA entity that was a leviable FHSA entity for some, but not all, of the period from 17 March 2015 to 30 June 2015—the day, after 17 March 2015, on which it became a leviable FHSA entity; and
(c) for a leviable FHSA entity that became a leviable FHSA entity after 30 June 2015—the day on which it became a leviable FHSA entity.
Note: A number of expressions used in this determination are defined in the Act, including the following:
(a) ADI;
(b) FHSA;
(c) FHSA trust;
(d) leviable FHSA entity;
(e) life insurance company.
(2) In this determination, a reference to a period from a specified date to another specified date is a reference to a period that includes both of those dates.
6 Amount of levy
For paragraphs 7(5)(a), (b), (c) and (d) of the Act, the table sets out matters for the 2015‑2016 financial year.
Amount of levy
Item
Entity
Maximum restricted levy amount ($)
Minimum restricted levy amount ($)
Restricted levy percentage
Unrestricted levy percentage
1
Leviable FHSA entity
0
0
0
0
7 Leviable FHSA entity’s levy base—trustee of a trust
For paragraph 7(5)(e) of the Act, the leviable FHSA entity’s levy base of a leviable FHSA entity that is the trustee of a trust is the sum of the value of the assets of FHSA trusts provided by the entity/trustee.
8 Leviable FHSA entity’s levy base—ADI or life insurance company
For paragraph 7(5)(e) of the Act, the leviable FHSA entity’s levy base of a leviable FHSA entity that is an ADI or a life insurance company is the sum of the balances of all FHSAs provided by the entity as at the valuation day for the leviable FHSA entity.
