Commonwealth Numbered Acts

SUPERANNUATION SUPERVISORY LEVY ACT 1991 No. 61, 1991 - SECT 6

6. (1) The amount of levy payable on the lodgment of a return for a year of
income is the sum of:
(a) the amount (in this section called the "basic levy amount") ascertained in
accordance with the regulations; and

   (b)  if the return is lodged after the end of the period of grace for the
        return - the late lodgment amount worked out under subsection (2).

(2) The late lodgment amount is the amount obtained by:

   (a)  calculating, for each levy month any part of which occurs in the
        period commencing at the beginning of the first levy month after the
        end of the period of grace for the return and ending on the day the
        return is lodged, whichever is the greater of the following amounts:

   (i)  the amount calculated using the following formula and rounded up to
        the nearest whole dollar:
Basic levy X 0.2
                    amount        12
where:

"Basic levy amount" means the basic levy amount for the return;

   (ii) the amount calculated using the following formula and rounded up to
        the nearest whole dollar:
Minimum basic levy X 0.125
amount where:

"Minimum basic levy amount" means the minimum basic levy amount for the year
of income; and

   (b)  aggregating those amounts.

(3) In calculating, for the purposes of this section, the greater of 2
amounts, if those amounts are equal, the first-mentioned amount is taken to be
greater than the other amount.

(4) The basic levy amount for a return must not exceed $30,000.

(5) The regulations may provide for different basic levy amounts for different
classes of funds or unit trusts.