Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (EXCLUDED FUNDS) SUPERVISORY LEVY IMPOSITION AMENDMENT REGULATIONS 1999 (NO. 2) 1999 NO. 240

STATUTORY RULES 1999 No. 240

Issued by the authority of the Assistant Treasurer

Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991

Superannuation (Excluded Funds) Supervisory Levy

Imposition Amendment Regulations 1999 (No. 2)

The Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 (the Act) and the Superannuation (Excluded Funds) Supervisory Levy Imposition Regulations (the Principal Regulations) impose the supervisory levy to be paid by the trustee of an excluded superannuation fund in accordance with the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987.

Section 7 of the Act provides that the Governor-General may make regulations for the purposes of the Act.

The regulations rename the Principal Regulations the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Regulations 199 1. This amendment reflects the introduction of the new term, self managed superannuation fund (previously an excluded superannuation funds), and the resulting change in the name of the Act under which the Principal Regulations are made.

The Act provides for the amount of the annual supervisory levy to be paid by self managed superannuation funds to be set in the Principal Regulations. The Act also provides for self managed superannuation funds to pay a penalty on the late lodgement of annual returns with the monthly amount of the penalty set in the Principal Regulations. The amendments provide for the inclusion of these amounts in the Principal Regulations.

The regulations are described in detail in the attachment.

The regulations commence on gazettal.

ATTACHMENT

Superannuation (Excluded Funds) Supervisory Levy Imposition Amendment Regulations 1999 (No. 2)

Regulation 1 - Name of Regulations

The amending regulations are the Superannuation (Excluded Funds) Supervisory Levy Imposition Amendment Regulations 1999 (No. 2).

Regulation 2 - Commencement

The regulations commence on gazettal.

Regulation 3 - Amendment of Superannuation Supervisory Levy Regulations

The regulations amend the Superannuation (Excluded Funds) Supervisory Levy Imposition Regulations 1991 (the Principal Regulations).

Regulation 4 - Transitional

This regulation provides that the amendment made by Item 3 of Schedule 1 of the amending regulations does not apply in relation to a return of a superannuation fund for the 1998-99 year of income. That is, the new Regulation 4 of the Principal Regulations only applies in respect of the 1999-2000 and subsequent income years. The effect of this regulation is that the supervisory levy amount to be paid by a self managed superannuation fund in respect of the 1998-99 income year is to be determined in accordance with the requirements as set out in the Principal Regulations immediately before commencement of these amending regulations.

SCHEDULE 1        AMENDMENTS

Item 1 - Name of regulations

This item amends Regulation 1 of the Principal Regulations, providing for a change in the name of the Principal Regulations to the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Regulations 1991. This reflects a change in the name of the Act under which the Principal Regulations are made.

Item 2 - Regulation 3 (Definition - Act)

This item amends Regulation 3 of the Principal Regulations, changing the definition of 'Act' to Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991, reflecting a change in the name of the Act under which the Principal Regulations are made.

Item 3 - Regulation 4 (Specified levy amount and late lodgement penalty amount

This item amends Regulation 4 of the Principal Regulations to provide that, in accordance with subsection 6(1) of the Act, the annual supervisory levy amount to be paid by self managed superannuation funds in respect of the 1999-2000 year of income is $45. This item also amends Regulation 4 of the Principal Regulations to provide that, in accordance with subsection 6(2) of the Act, the monthly amount of any late annual return lodgement penalty to be paid by self managed superannuation funds in respect of the 1999-2000 year of income is $10 per month.