RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998 No. 59, 1998

Making Information
[Assented to 29 June 1998]

Retirement Savings Account Providers Supervisory Levy Imposition Act 1998No. 59, 1998
RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998
No. 59, 1998
-An Act to impose a levy on providers of retirement savings accounts

Contents
1 Short title
2 Commencement
3 Act binds the Crown
4 External Territories
5 Definitions
6 Imposition of RSA providers supervisory levy
7 Amount of levy
8 Calculation of indexation factor
9 Regulations
Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 No. 59, 1998
An Act to impose a levy on providers of retirement savings accounts
[Assented to 29 June 1998]
The Parliament of Australia enacts:
RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998
No. 59, 1998 - SECT 1 Short title This Act may be cited as the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998
No. 59, 1998 - SECT 2 Commencement (1) This Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998.
(2) If this Act commences during a financial year (but not on 1 July of that financial year), this Act has effect in relation to that financial year subject to the modifications specified in the regulations.
RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998
No. 59, 1998 - SECT 3 Act binds the Crown This Act binds the Crown in each of its capacities.
RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998
No. 59, 1998 - SECT 4 External Territories This Act extends to each external Territory.
RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998
No. 59, 1998 - SECT 5 Definitions In this Act, unless the contrary intention appears:
indexation factor means the indexation factor calculated under section 8.
index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.
levy imposition day, in relation to an RSA provider for a financial year, means:
(a) if the RSA provider is an RSA provider on 1 July of the financial year--that day; or (b) in any other case--the day, during the financial year, on which the RSA provider becomes an RSA provider.
RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997. statutory upper limit means:
(a) in relation to the first financial year that ends after this Act commences--$500,000; or (b) in relation to a later financial year--the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.
RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998
No. 59, 1998 - SECT 6 Imposition of RSA providers supervisory levy Levy payable in accordance with subsection 8(5) of the Financial Institutions Supervisory Levies Collection Act 1998 is imposed. RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998
No. 59, 1998 - SECT 7 Amount of levy (1) Subject to subsection (2), the amount of levy payable by an RSA provider for a financial year is:
(a) unless paragraph (b) or (c) applies--the amount that, for the financial year, is the levy percentage of the RSA provider's asset value; or (b) if the amount worked out under paragraph (a) exceeds the maximum levy amount for the financial year--the maximum levy amount; or
(c) if the amount worked out under paragraph (a) is less than the minimum levy amount for the financial year--the minimum levy amount.
Note: The levy percentage, maximum levy amount, minimum levy amount and the method of working out the RSA provider's asset value, are as determined under subsection (3).
(2) If the levy imposition day for the RSA provider for the financial year is later than 1 July in the financial year, the amount of levy payable by the RSA provider for the financial year is the amount worked out using the following formula:
(3) The Treasurer is, in writing, to determine:
(a) the maximum levy amount for each financial year; and (b) the minimum levy amount for each financial year; and
(c) the levy percentage for each financial year; and
(d) how an RSA provider's asset value is to be worked out.
(4) An amount determined under subsection (3) as the maximum levy amount must not exceed the statutory upper limit as at the time when the determination is made. (5) The Treasurer's determination under paragraph (3)(d) of how an RSA provider's asset value is to be worked out is to include, but is not limited to, a determination of the day as at which the RSA provider's asset value is to be worked out. That day must be:
(a) if the RSA provider was an RSA provider at all times from and including 17 March of the previous financial year to and including the following 30 June--a day in the period from and including that 17 March to and including the following 14 April; or (b) if the RSA provider was not an RSA provider at all times from and including 17 March of the previous financial year to and including the following 30 June--the day after that 17 March when the RSA provider became, or becomes, an RSA provider.
(6) A determination under subsection (3) may make different provision for different classes of RSA providers. (7) A determination under subsection (3) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.
RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998
No. 59, 1998 - SECT 8 Calculation of indexation factor (1) The indexation factor for a financial year is the number worked out by dividing the index number for the March quarter immediately preceding that financial year by the index number for the March quarter immediately preceding that first-mentioned March quarter.
(2) The indexation factor is to be calculated to 3 decimal places, but increased by .001 if the 4th decimal place is more than 4.
(3) Calculations under subsection (1):
(a) are to be made using only the index numbers published in terms of the most recently published reference base for the Consumer Price Index; and (b) are to be made disregarding index numbers that are published in substitution for previously published index numbers (where the substituted numbers are published to take account of changes in the reference base).
RETIREMENT SAVINGS ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 1998
No. 59, 1998 - SECT 9 Regulations The Governor-General may make regulations for the purposes of subsection 2(2). [Minister's second reading speech made in--
House of Representatives on 26 March 1998
Senate on 13 May 1998]
(33/98)