Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION SUPERVISORY LEVY REGULATIONS 1992 NO. 283

STATUTORY RULES 1992 No. 283

ISSUED BY AUTHORITY OF THE TREASURER

SUPERANNUATION SUPERVISORY LEVY ACT 1991

SUPERANNUATION SUPERVISORY LEVY REGULATIONS

LEGISLATIVE BASIS FOR THE REGULATIONS

Section 7 of the Superannuation Supervisory Levy Act 1991 (the Act) provides that the Governor-General may make regulations for the purposes of the Act.

BACKGROUND

The Act imposes a levy payable in accordance with section 15DA of the Occupational Superannuation Standards Act 1987.

The regulations amend the basic levy amount for the purposes of paragraph 6(1)(a) of the Levy Act to give effect to the Government's intention to achieve full cost recovery for the supervision by the Insurance and Superannuation Commission of the superannuation industry.

The amendments have been developed in consultation with representatives of the superannuation industry including the Association of Superannuation Funds of Australia and the Life Insurance Federation of Australia.

DETAILS OF THE REGULATIONS

The regulation amends:

(1)       the basic levy amount prescribed under the existing paragraphs 4(1)(a), (c) and (d) from $40 to $200;

(2)       the maximum amount payable under the existing paragraph 4(1)(d) from $5,000 to $14,000; and

(3)       the basic levy amount prescribed under the existing paragraph 4(1)(b) for a Pooled Superannuation Trust from $200 to $300.