Compilation #6 | Effective 2020-06-20
FRBR Work URI: /akn/au/act/1998/59
This Act may be cited as the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
(1) This Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998.
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.
This Act binds the Crown in each of its capacities.
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This Act extends to each external Territory.
In this Act, unless the contrary intention appears:
indexation factor means the indexation factor calculated under section 8.
index number 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:
if the RSA provider is an RSA provider on 1 July of the financial year—that day; or
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:
for the financial year commencing on 1 July 2020—$10,000,000; or
for 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.
Levy payable in accordance with subsection 8(5) of the Financial Institutions Supervisory Levies Collection Act 1998 is imposed.
Subject to subsection (2), the amount of levy payable by an RSA provider for a financial year is the sum of the restricted levy component and the unrestricted levy component for the financial year.
Note: For restricted levy component, see subsection (1A). For unrestricted levy component, see subsection (1B).
(1A) The restricted levy component for the financial year is:
unless paragraph (b) or (c) applies—the amount that, for the financial year, is the restricted levy percentage of the RSA provider’s levy base; or
if the amount worked out under paragraph (a) exceeds the maximum restricted levy amount for the financial year—the maximum restricted levy amount; or
if the amount worked out under paragraph (a) is less than the minimum restricted levy amount for the financial year—the minimum restricted levy amount.
Note: The restricted levy percentage, maximum restricted levy amount, minimum restricted levy amount and the method of working out the RSA provider’s levy base are as determined under subsection (3).
(1B) The unrestricted levy component for the financial year is the amount that, for the financial year, is the unrestricted levy percentage of the RSA provider’s levy base.
Note: The unrestricted levy percentage is as determined under subsection (3).
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:
The Treasurer is, by legislative instrument, to determine:
(a) the maximum restricted levy amount for each financial year; and
(b) the minimum restricted levy amount for each financial year; and
(c) the restricted levy percentage for each financial year; and
(ca) the unrestricted levy percentage for each financial year; and
(d) how an RSA provider’s levy base is to be worked out.
An amount determined under subsection (3) as the maximum restricted levy amount for a financial year must not exceed the statutory upper limit for the financial year.
The Treasurer’s determination under paragraph (3)(d) of how an RSA provider’s levy base 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 levy base is to be worked out. That day must be:
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
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.
A determination under subsection (3) may make different provision for different classes of RSA providers.
The indexation factor for a financial year is the number worked out by:
ascertaining the index number for the most recent quarter for which the Australian Statistician has published an index number, as at the start of the day on which the Treasurer makes the first determination under subsection 7(3) of an amount or percentage for the financial year; and
dividing that index number by the index number for the quarter 12 months before the quarter mentioned in paragraph (a); and
adding 0.030 to the number worked out under paragraph (b).
The indexation factor is to be calculated to 3 decimal places, but increased by .001 if the 4th decimal place is more than 4.
Calculations under subsection (1):
are to be made using only the index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and
are to be made disregarding index numbers that are published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).
The Governor-General may make regulations for the purposes of subsection 2(2).
Endnotes
Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history