Superannuation Supervisory Levy Imposition Determination 2007

1 Name of determination

This determination is the Superannuation Supervisory Levy Imposition Determination 2012.

2 Commencement

This determination commences on 1 July 2012.

3 Revocation

The Superannuation Supervisory Levy Imposition Determination 2011 (Federal Register of Legislative Instruments No. F2011L01331) is revoked.

4 Definitions

In this determination:

2012–2013 financial year means the financial year commencing on 1 July 2012.

Act means the Superannuation Supervisory Levy Imposition Act 1998.

SAF means a superannuation entity that:

(a) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and

(b) has fewer than 5 members.

Note SAF stands for small APRA fund.

SMADF means a superannuation entity that:

(a) is an approved deposit fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and

(b) has only one member.

Note SMADF stands for single member approved deposit fund.

valuation day, in relation to an entity, means:

(a) for an entity that was a superannuation entity on 30 June 2012—that day; and

(b) for an entity that became a superannuation entity after 30 June 2012—the day on which it became a superannuation entity.

5 Amount of levy

For paragraphs 7 (3) (a), (b), (c) and (ca) of the Act, the table sets out matters for the 2012–2013 financial year.

Item	Entity	Maximum restricted levy amount ($)	Minimum restricted levy amount ($)	Restricted levy percentage	Unrestricted levy percentage
1	Superannuation entity that is an SAF or an SMADF on the levy imposition day	590	590	0	0
2	Superannuation entity not mentioned in item 1	2 000 000	590	0.02434	0.006535

6 Superannuation entity’s levy base

(1) For paragraph 7 (3) (d) of the Act:

(a) if a superannuation entity consists entirely of the life insurance policies of individual members of the fund, the superannuation entity’s levy base is to be worked out in the same way as the current value of the policies is assessed by the insurer; and

(b) in any other case, a superannuation entity’s levy base is to be worked out by determining the net balance of the entity based on the audited accounts of the entity.

(2) For subsection (1), the day as at which the superannuation entity’s levy base for the 2012–2013 financial year is to be worked out is the valuation day.

(3) For subsection (1), if the financial year of a superannuation entity does not end on 30 June in a year, the entity must use 30 June unaudited accounts.