Retirement Savings Account Providers Supervisory Levy Imposition Determination 2004
I, HELEN LLOYD COONAN, Minister for Revenue and Assistant Treasurer, make this Determination under subsection 7 (3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
Dated 25 June 2004
HELEN COONAN
Minister for Revenue and Assistant Treasurer
1 Name of Determination
This Determination is the Retirement Savings Account Providers Supervisory Levy Imposition Determination 2004.
2 Commencement
This Determination commences on 1 July 2004.
3 Revocation
The Retirement Savings Account Providers Supervisory Levy Imposition Determination 2003 is revoked.
4 Definitions
In this Determination:
2004–2005 financial year means the financial year beginning on 1 July 2004.
Act means the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
asset, for an RSA provider, means an item described as an asset in the balance sheet of the RSA provider.
5 Amount of levy (Act s 7)
For paragraphs 7 (3) (a), (b) and (c) of the Act:
(a) the maximum levy amount for the 2004–2005 financial year is $18 500; and
(b) the minimum levy amount for the 2004–2005 financial year is $5 000; and
(c) the levy percentage for the 2004–2005 financial year is 0.020%.
6 Asset value (Act s 7)
(1) For paragraph 7 (3) (d) of the Act, an RSA provider’s asset value 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 asset value for the 2004–2005 financial year is to be worked out is:
(a) for an RSA provider mentioned in paragraph 7 (5) (a) of the Act — 31 March 2004; and
(b) for an RSA provider mentioned in paragraph 7 (5) (b) of the Act — the day after 17 March 2004 on which the RSA provider became, or becomes, an RSA provider.
