Retirement Savings Account Providers Supervisory Levy Imposition Determination 2014

Link to law: https://www.comlaw.gov.au/Details/F2014L00947

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Retirement Savings Account Providers Supervisory Levy Imposition Determination 2014
I, Mathias Cormann, Minister for Finance, make the following determination under subsection 7(3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
Dated:  25 June 2014
Mathias Cormann
Minister for Finance
for the Treasurer
 
  
  
  
Contents
1............ Name of determination.................................................................................................. 1
2............ Commencement............................................................................................................. 1
3............ Authority....................................................................................................................... 1
4............ Repeal............................................................................................................................ 1
5............ Definitions..................................................................................................................... 1
6............ Amount of levy............................................................................................................. 1
7............ RSA provider’s levy base............................................................................................. 1
 
1  Name of determination
                   This determination is the Retirement Savings Account Providers Supervisory Levy Imposition Determination 2014.
2  Commencement
                   This determination commences on 1 July 2014.
3  Authority
                   This determination is made under subsection 7(3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
4  Repeal
                   The Retirement Savings Account Providers Supervisory Levy Imposition Determination 2013 is repealed.
5  Definitions
                   In this determination:
2014‑2015 financial year means the financial year commencing on 1 July 2014.
Act means the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
RSA (short for retirement savings account) has the same meaning as in section 8 of the Retirement Savings Accounts Act 1997.
Note:          RSA provider is defined in section 5 of the Act.
6  Amount of levy
                   For paragraphs 7(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the 2014‑2015 financial year.
 
Amount of levy

Item
Provider
Maximum restricted levy amount ($)
Minimum restricted levy amount ($)
Restricted levy percentage
Unrestricted levy percentage

1
RSA provider
0
0
0
0

7  RSA provider’s levy base
             (1)  For paragraph 7(3)(d) of the Act, the RSA provider’s levy base is to be worked out by adding together each amount held in an RSA by the RSA provider.
             (2)  For subsection (1), the day as at which the RSA provider’s levy base for the 2014‑2015 financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(a) of the Act is 31 March 2014.
             (3)  For subsection (1), the day as at which the RSA provider’s levy base for the 2014‑2015 financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(b) of the Act is the day, after 17 March 2014, on which the RSA provider became, or becomes, an RSA provider.