Retirement Savings Account Providers Supervisory Levy Imposition Act 1998
Act No. 59 of 1998 as amended
Consolidated as in force on 3 August 1999
(includes amendments up to Act No. 44 of 1999)
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
Contents
1 Short title [see Note 1]
2 Commencement [see Note 1]
3 Act binds the Crown
4 External Territories
5 Definitions
6 Imposition of RSA providers supervisory levy
7 Amount of levy
8 Calculation of indexation factor
9 Regulations
Notes
An Act to impose a levy on providers of retirement savings accounts
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.
(2) 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.
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, 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.
levy imposition day, in relation to an RSA provider for a financial year, means:
(a) if the RSA provider is an RSA provider on 1 July of the financial year—that day; or
(b) 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:
(a) in relation to the first financial year that ends after this Act commences—$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.
Levy payable in accordance with subsection 8(5) of the Financial Institutions Supervisory Levies Collection Act 1998 is imposed.
(1) Subject to subsection (2), the amount of levy payable by an RSA provider for a financial year is:
(a) unless paragraph (b) or (c) applies—the amount that, for the financial year, is the levy percentage of the RSA provider’s asset value; or
(b) if the amount worked out under paragraph (a) exceeds the maximum levy amount for the financial year—the maximum levy amount; or
(c) if the amount worked out under paragraph (a) is less than the minimum levy amount for the financial year—the minimum levy amount.
Note: The levy percentage, maximum levy amount, minimum levy amount and the method of working out the RSA provider’s asset value, are as determined under subsection (3).
(2) 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:
(3) The Treasurer is, in writing, to determine:
(a) the maximum levy amount for each financial year; and
(b) the minimum levy amount for each financial year; and
(c) the levy percentage for each financial year; and
(d) how an RSA provider’s asset value is to be worked out.
(4) An amount determined under subsection (3) as the maximum levy amount must not exceed the statutory upper limit as at the time when the determination is made.
(5) The Treasurer’s determination under paragraph (3)(d) of how an RSA provider’s asset value 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 asset value is to be worked out. That day must be:
(a) 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
(b) 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.
(6) A determination under subsection (3) may make different provision for different classes of RSA providers.
(7) A determination under subsection (3) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.
(1) The indexation factor for a financial year is the number worked out by dividing the index number for the March quarter immediately preceding that financial year by the index number for the March quarter immediately preceding that first‑mentioned March quarter.
(2) The indexation factor is to be calculated to 3 decimal places, but increased by .001 if the 4th decimal place is more than 4.
(3) Calculations under subsection (1):
(a) are to be made using only the index numbers published in terms of the most recently published reference base for the Consumer Price Index; and
(b) 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 reference base).
The Governor‑General may make regulations for the purposes of subsection 2(2).
Notes to the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998
Note 1
The Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 as shown in this consolidation comprises Act No. 59, 1998 amended as indicated in the Tables below.
For all relevant information pertaining to application, saving or transitional provisions see Table A.
Table of Acts
Act | Number | Date | Date of commencement | Application, saving or transitional provisions |
Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 | 59, 1998 | 29 June 1998 | 1 July 1998 (see s. 2 and Gazette 1998, No. S316) |
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Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 | 44, 1999 | 17 June 1999 | Schedule 6 (item 27): Royal Assent (a) | Sch. 8 (items 22, 23) |
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(a) The Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 was amended by Schedule 6 (item 27) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, subsection 3(1) of which provides as follows:
(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted | |
Provision affected | How affected |
S. 8.................... | am. No. 44, 1999 |
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Table A
Application, saving or transitional provisions
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (No. 44, 1999)
Schedule 8
22 Regulations may deal with transitional, saving or application matters
(1) The regulations may deal with matters of a transitional, saving or application nature relating to:
(a) the transition from the application of provisions of the replaced legislation to the application of provisions of the Banking Act 1959, the Life Insurance Act 1995, the Financial Sector (Transfers of Business) Act 1999, the Financial Sector (Shareholdings) Act 1998 or the Australian Prudential Regulation Authority Act 1998; or
(b) the transition, for The Cairns Cooperative Weekly Penny Savings Bank Limited, from the application of provisions of the Financial Intermediaries Act 1996 of Queensland to the application of provisions of any of the Acts referred to in paragraph (a); or
(c) the amendments and repeals made by the Schedules to this Act.
(2) Without limiting subitem (1), the regulations may provide for a matter to be dealt with, wholly or partly, in any of the following ways:
(a) by applying (with or without modifications) to the matter:
(i) provisions of a law of the Commonwealth, or of a State or Territory; or
(ii) provisions of a repealed or amended law of the Commonwealth, or of a State or Territory, in the form that those provisions took before the repeal or amendment; or
(iii) a combination of provisions referred to in subparagraphs (i) and (ii);
(b) by otherwise specifying rules for dealing with the matter;
(c) by specifying a particular consequence of the matter, or of an outcome of the matter, for the purposes of a law of the Commonwealth.
(3) Without limiting subitems (1) and (2), the regulations may provide for the continued effect, for the purposes of a provision of a law of the Commonwealth, of a thing done or instrument made, or a class of things done or instruments made, before the transfer date under or for the purposes of a provision of a law of a State or Territory. In the case of an instrument or class of instruments, the regulations may provide for the instrument or instruments to continue to have effect subject to modifications.
(4) Without limiting subitem (3), regulations providing for the continued effect of things done or instruments made may permit all or any of the following matters to be determined in writing by a specified person, or by a person included in a specified class of persons:
(a) the identification of a thing done or instrument made, or a class of things done or instruments made, that is to continue to have effect;
(b) the purpose for which a thing done or instrument made, or a class of things done or instruments made, is to continue to have effect;
(c) any modifications subject to which an instrument made, or a class of instruments made, is to continue to have effect.
(5) Despite subsection 48(2) of the Acts Interpretation Act 1901, regulations for the purposes of this item:
(a) may be expressed to take effect from a date before the regulations are notified in the Gazette; and
(b) may provide for a determination of a kind referred to in subitem (4) to take effect from a date before the determination is made (including a date before the regulations are notified in the Gazette).
(6) In this item, a reference to a law, whether of the Commonwealth or of a State or Territory, includes a reference to an instrument made under such a law.
(7) In this item:
replaced legislation means:
(a) the AFIC Codes; and
(b) the Financial Institutions Codes; and
(c) the Friendly Societies Codes; and
(d) the Australian Financial Institutions Commission Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 21 of the Australian Financial Institutions Commission Act 1992 of Queensland; and
(e) the Financial Institutions (Queensland) Act 1992 of Queensland, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in section 30 of the Financial Institutions (Queensland) Act 1992 of Queensland; and
(f) the Friendly Societies (Victoria) Act 1996 of Victoria, and any Act of another State or of a Territory that provides for the application, as a law of the State or Territory, of the Code set out in the Schedule to the Friendly Societies (Victoria) Act 1996 of Victoria; and
(g) the Friendly Societies (Western Australia) Act 1999; and
(h) any other law of a State or Territory prescribed by the regulations for the purposes of this definition.
23 Power to make regulations
The Governor‑General may make regulations, not inconsistent with this Act, prescribing matters required or permitted by this Act to be prescribed.