Superannuation (Financial Assistance Funding) Levy Act 1993

1 Short title [see Note 1]

This Act may be cited as the Superannuation (Financial Assistance Funding) Levy Act 1993.

2 Commencement [see Note 1]

This Act commences on the same day as Superannuation Industry (Supervision) Act 1993.Part 23 of the

3 Object of Act

The object of this Act is to impose levies on superannuation funds and approved deposit funds for the purpose of funding financial assistance under Superannuation Industry (Supervision) Act 1993 to certain funds that have suffered loss as a result of fraudulent conduct or theft.Part 23 of the

4 Application of the Superannuation Industry (Supervision) Act

Section 9, and Superannuation Industry (Supervision) Act 1993 apply in relation to this Act in a corresponding way to the way in which they apply in relation to that Act.Division 2 of Part 1, of the

5 Interpretation

In this Act, unless the contrary intention appears:

fund means a regulated superannuation fund or an approved deposit fund, but does not include a self managed superannuation fund.

levy means levy imposed by regulations under section 6 of this Act.

6 Regulations may impose levies

(1) If the Minister makes a determination under Superannuation Industry (Supervision) Act 1993 to grant financial assistance to a fund, the regulations may impose a levy or levies on each fund other than:Part 23 of the

(a) the first-mentioned fund; or

(b) another fund in respect of which such a determination was made in the same financial year.

(1A) If the Minister makes more than one determination in a financial year under Superannuation Industry (Supervision) Act 1993 to grant financial assistance, the regulations may impose a levy on each fund that is not a fund in respect of which a determination was made in the same financial year.Part 23 of the

Regulations made for the purposes of subsection (1A) imposing a levy in respect of more than one determination must specify all the funds in respect of which determinations are made and the proportion of the levy that each fund represents.

Each levy must be identified in the regulations by a unique number.

Regulations imposing a levy in respect of one or more determinations may specify that either or both of the following are payable:

(a) a maximum amount of levy;

(b) a minimum amount of levy.

7 Basis for prescribing amount of levy

Subject to subsection (2):

(a) the rate or rates of a levy that are imposed because of one or more grants of financial assistance under Superannuation Industry (Supervision) Act 1993; andPart 23 of the

(b) the maximum amount of levy, and the minimum amount of levy, that is payable;

are to be fixed on the basis that the amount of revenue to be raised by the levy or by the levy and any previous levy imposed because of the same grant or grants of financial assistance is not to exceed the amount of levy needed to recoup the Commonwealth for the amount of that financial assistance.

The rate or rates of a levy imposed in a financial year are not to be such that the total of the amounts payable in respect of the levy, or the total of those amounts and any amounts payable in respect of a previous levy imposed in the same financial year, would exceed 0.05% of the sum of the values at the end of the previous financial year of all the assets of the funds on which the levy or levies are imposed.

In making regulations fixing the rate or rates of a levy, regard is to be had to subsections (1) and (2) but the validity of a regulation is not affected merely because it fixes a rate or rates of levy in excess of the maximum rate or rates required because of those subsections.

8 Amount of levy

The amount of a levy imposed on a fund is worked out using the formula:

where:

Applicable rate means the rate (expressed as a decimal fraction) that, under the regulations, is the rate of the levy applicable to the fund.

Value of assets means the value of the assets of the fund at the end of the last financial year of the fund before the day on which the regulation imposing the levy took effect.

However:

(a) if there is a maximum amount of levy that is payable and the amount worked out under subsection (1) is more than that maximum amount—the amount of levy imposed on the fund is the maximum amount; or

(b) if there is a minimum amount of levy that is payable and the amount worked out under subsection (1) is less than that minimum amount—the amount of levy imposed on the fund is the minimum amount.

The applicable rate must not exceed 0.0005.

9 Levies may discriminate between classes of funds

Regulations imposing a levy:

(a) may provide different rates of the levy for different classes of funds; but

(b) must not otherwise discriminate between different funds.

Regulations imposing a levy may define what constitutes a class of funds for the purposes of the levy but must not define a class in such a way that the levy would discriminate between States or parts of States.

10 Regulations

The Governor-General may make regulations prescribing matters:

(a) required or permitted by this Act to be prescribed; or

(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.

The Superannuation (Financial Assistance Funding) Levy Act 1993 as shown in this compilation comprises Act No. 79, 1993 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Notes to the Superannuation (Financial Assistance Funding) Levy Act 1993

Note 1

(a) The Superannuation (Financial Assistance Funding) Levy Act 1993 was amended by Schedule 9 (items 2–4) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000, subsections 2(1), (12) and (13) of which provide as follows:

Subject to this section, this Act commences on the day on which it receives the Royal Assent.

Part 1 of Schedule 12 commences:

(a) after all of the Acts listed in subsection (13) have received the Royal Assent; and

(b) on the day that is the last day on which any of those Acts received the Royal Assent.

These are the relevant Acts for the purposes of paragraph (12)(a):

(a) this Act;

(b) each of the Acts referred to in the definition of Validation Act in item 1 of Schedule 12 to this Act.

Table of Amendments

Table A

Application, saving or transitional provisions

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 (No. 24, 2000)

Schedule 12