Commonwealth Numbered Regulations

SUPERANNUATION (FINANCIAL ASSISTANCE FUNDING) LEVY AND COLLECTION AMENDMENT REGULATIONS 2011 (NO. 1) (SLI NO 82 OF 2011) - SCHEDULE 1

(regulation 3)

[1]           After Part 5

insert

Part 6                  Superannuation (Financial Assistance Funding) Levy No. 2010-2011: 1

20             Imposition of levy

         (1)   For subsection 6 (1A) of the Levy Act, a levy is imposed on each fund that is not a levy-exempt fund.

         (2)   For subsection 6 (2) of the Levy Act, the number of the levy is Superannuation (Financial Assistance Funding) Levy No. 2010-2011: 1 .

21             Rate of levy

                For the definition of applicable rate in subsection 8 (1) of the Levy Act, the rate of the levy applicable to a fund is 0.0001347.

Note    Under subsection 8 (1) of the Levy Act, the amount of levy imposed on a fund is worked out by multiplying the applicable rate by the value of the fund's assets.

22             Maximum and minimum amounts of levy

         (1)   For paragraph 6 (3) (a) of the Levy Act, the maximum amount of levy is $750 000.

         (2)   For paragraph 6 (3) (b) of the Levy Act, the minimum amount of levy is $50.

Note    For the effect of the maximum and minimum rates of levy, see subsection 8 (1A) of the Levy Act.

23             When levy due for payment

                For section 19 of the Collection Act, levy payable by the trustee of a fund is due and payable:

                (a)    28 days after the commencement of this regulation; or

               (b)    if APRA determines a later day -- on that later day.