Superannuation (Financial Assistance Funding) Levy and Collection Amendment Regulation 2013 (No. 1)

Link to law: https://www.comlaw.gov.au/Details/F2013L00488

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Superannuation (Financial Assistance Funding) Levy and Collection Amendment Regulation 2013 (No. 1)
 
Select Legislative Instrument No. 29, 2013
I, Quentin Bryce, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Superannuation (Financial Assistance Funding) Levy Act 1993 and the Financial Institutions Supervisory Levies Collection Act 1998.
Dated             14 March 2013
Quentin Bryce
Governor‑General
By Her Excellency’s Command
William Richard Shorten
Minister for Financial Services and Superannuation
 
  
  
Contents
1............ Name of regulation.............................................................................. 1
2............ Commencement................................................................................... 1
3............ Authority............................................................................................. 1
4............ Schedule(s)......................................................................................... 1
Schedule 1—Amendments                                                                                                2
Superannuation (Financial Assistance Funding) Levy and Collection Regulations 2005              2
 
1  Name of regulation
                   This regulation is the Superannuation (Financial Assistance Funding) Levy and Collection Amendment Regulation 2013 (No. 1).
2  Commencement
                   This regulation commences on the day after it is registered.
3  Authority
                   This regulation is made under the Superannuation (Financial Assistance Funding) Levy Act 1993 and the Financial Institutions Supervisory Levies Collection Act 1998.
4  Schedule(s)
                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
  
Superannuation (Financial Assistance Funding) Levy and Collection Regulations 2005
1  After Part 6
Insert:
Part 7—Superannuation (Financial Assistance Funding) Levy No. 2012‑2013: 1
  
24  Imposition of levy
             (1)  For subsection 6(1A) of the Levy Act, a levy is imposed on each fund that is not a levy‑exempt fund.
             (2)  For subsection 6(2) of the Levy Act, the number of the levy is Superannuation (Financial Assistance Funding) Levy No. 2012‑2013: 1.
25  Rate of levy
                   For the definition of applicable rate in subsection 8(1) of the Levy Act, the rate of the levy applicable to a fund is 0.00002497.
26  Maximum and minimum amounts of levy
             (1)  For paragraph 6(3)(a) of the Levy Act, the maximum amount of levy is $750,000.
             (2)  For paragraph 6(3)(b) of the Levy Act, the minimum amount of levy is $50.
27  When levy due for payment
                   For section 19 of the Collection Act, the levy payable by the trustee of a fund is due and payable:
                     (a)  28 days after the commencement of this regulation; or
                     (b)  if APRA determines a later day—on that later day.