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This is a Bill, not an Act. For current law, see the Acts databases.
Superannuation (Financial Assistance Funding) Levy Amendment Bill
2002
First Reading
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2002
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first
time
Superannuation (Financial Assistance
Funding) Levy Amendment Bill 2002
No. , 2002
(Treasury)
A Bill for an Act to amend the Superannuation (Financial Assistance
Funding) Levy Act 1993, and for related purposes
Contents
A Bill for an Act to amend the Superannuation (Financial
Assistance Funding) Levy Act 1993, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Superannuation (Financial Assistance Funding)
Levy Amendment Act 2002.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as
set out in the applicable items in the Schedule concerned, and any other item in
a Schedule to this Act has effect according to its terms.
Schedule 1Amendment of the Superannuation (Financial Assistance
Funding) Levy Act 1993
1 After subsection 6(1)
Insert:
(1A) If the Minister makes more
than one determination in a financial year under Part 23 of the
Superannuation Industry (Supervision) Act 1993 to grant financial
assistance, the regulations may impose a levy on each fund that is not a fund in
respect of which a determination was made in the same financial year.
(1B) Regulations made for the
purposes of subsection (1A) imposing a levy in respect of more than one
determination must specify all the funds in respect of which determinations are
made and the proportion of the levy that each fund represents.
2 At the end of section 6
Add:
(3) Regulations imposing a levy in
respect of one or more determinations may specify that either or both of the
following are payable:
(a) a maximum amount of
levy;
(b) a minimum amount of
levy.
3 Subsection 7(1)
Repeal the subsection, substitute:
(1) Subject to
subsection (2):
(a) the rate or rates of a levy
that are imposed because of one or more grants of financial assistance under
Part 23 of the Superannuation Industry (Supervision) Act 1993;
and
(b) the maximum amount of levy,
and the minimum amount of levy, that is payable;
are to be fixed on the basis that the amount of revenue to be raised by the
levy or by the levy and any previous levy imposed because of the same grant or
grants of financial assistance is not to exceed the amount of levy needed to
recoup the Commonwealth for the amount of that financial assistance.
4 After subsection 8(1)
Insert:
(1A) However:
(a) if there is a maximum amount
of levy that is payable and the amount worked out under subsection (1) is
more than that maximum amountthe amount of levy imposed on the fund is the
maximum amount; or
(b) if there is a minimum amount
of levy that is payable and the amount worked out under subsection (1) is
less than that minimum amountthe amount of levy imposed on the fund is the
minimum amount.
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