Retirement Savings Account Providers Supervisory Levy Imposition Determination 2019
I, Simon Birmingham, Acting Treasurer, make the following determination under subsection 7(3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
Simon Birmingham
Acting Treasurer
Contents
2 Commencement
3 Authority
4 Repeal...................................................
5 Definitions
6 Amount of levy
7 RSA provider’s levy base
This determination is the Retirement Savings Account Providers Supervisory Levy Imposition Determination 2019.
This determination commences on 1 July 2019.
This determination is made under subsection 7(3) of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
The Retirement Savings Account Providers Supervisory Levy Imposition Determination 2018 is repealed.
In this determination:
2019‑2020 financial year means the financial year commencing on 1 July 2019.
Act means the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
RSA (short for retirement savings account) has the meaning given by section 8 of the Retirement Savings Accounts Act 1997.
Note: Terms used in this determination have the same meaning as in the Act—see section 13 of the Legislation Act 2003.
For paragraphs 7(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the 2019‑2020 financial year.
Amount of levy | |||||
Item | Provider | Maximum restricted levy amount ($) | Minimum restricted levy amount ($) | Restricted levy percentage | Unrestricted levy percentage |
1 | RSA provider | 0 | 0 | 0 | 0 |
(1) For paragraph 7(3)(d) of the Act, the RSA provider’s levy base is to be worked out by adding together each amount held in an RSA by the RSA provider.
(2) For subsection (1), the day as at which the RSA provider’s levy base for the 2019‑2020 financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(a) of the Act is 31 March 2019.
(3) For subsection (1), the day as at which the RSA provider’s levy base for the 2019‑2020 financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(b) of the Act is the day, after 17 March 2019, on which the RSA provider became, or becomes, an RSA provider.