Commonwealth Numbered Acts

FIRST HOME SAVER ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 2008 (NO. 93, 2008) - SECT 5

                   In this Act:

"ADI" has the same meaning as in the First Home Saver Accounts Act 2008 .

"APRA" means the Australian Prudential Regulation Authority.

"FHSA" has the same meaning as in the First Home Saver Accounts Act 2008 .

"FHSA trust" has the same meaning as in the First Home Saver Accounts Act 2008 .

"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.

"leviable FHSA entity" means:

                     (a)  a body corporate that has notified APRA in accordance with section 123 of the First Home Saver Accounts Act 2008 and has not revoked that notice under section 123A of that Act; or

                     (b)  a trustee that is authorised under section 92 of that Act.

"levy imposition day" , in relation to a leviable FHSA entity for a financial year, means:

                     (a)  if the leviable FHSA entity is a leviable FHSA entity on 1 July of the financial year--that day; or

                     (b)  in any other case--the day, during the financial year, on which the leviable FHSA entity becomes a leviable FHSA entity.

"life insurance company" has the same meaning as in the First Home Saver Accounts Act 2008 .

"statutory upper limit" means:

                     (a)  in relation to the financial year commencing on 1 July 2009--$1,500,000; 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.