Commonwealth Consolidated Acts

SUPERANNUATION (FINANCIAL ASSISTANCE FUNDING) LEVY ACT 1993 - NOTES

This compilation was prepared on 4 July 2003
taking into account amendments up to Act No. 51 of 2003
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting,
Attorney-General's Department, Canberra

Note 1

The Superannuation (Financial Assistance Funding) Levy Act 1993 as shown in this compilation comprises Act No. 79, 1993 amended as indicated in the Tables below.
For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

(a) The Superannuation (Financial Assistance Funding) Levy Act 1993 was amended by Schedule 9 (items 2-4) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000, subsections 2(1), (12) and (13) of which provide as follows:

Table A

Application, saving or transitional provisions

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 (No. 24, 2000)

In this Part:
Collection Act means the Financial Institutions Supervisory Levies Collection Act 1998.
deferred payment day means the day that is 6 weeks after the day on which this Part commences.
Imposition Act means any of the following Acts:

(a)

the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998;

(b)

the General Insurance Supervisory Levy Imposition Act 1998;

(c)

the Life Insurance Supervisory Levy Imposition Act 1998;

(d)

the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998;

(e)

the Superannuation Supervisory Levy Imposition Act 1998.

levy paying entity has the same meaning as in the Collection Act.
Validation Act means any of the following Acts:

(a)

the Authorised Non-operating Holding Companies Supervisory Levy Determination Validation Act 2000;

(b)

the General Insurance Supervisory Levy Determination Validation Act 2000;

(c)

the Life Insurance Supervisory Levy Determination Validation Act 2000;

(d)

the Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000;

(e)

the Superannuation Supervisory Levy Determination Validation Act 2000.

(1) This item applies to a levy paying entity if, because of section 4 of a Validation Act:

(a)

the entity is liable to pay levy imposed by an Imposition Act; and

(b)

the levy payable by the entity would, apart from this item, have been due and payable under section 9 of the Collection Act before the deferred payment day.

(2) The levy payable by the entity is taken to be due and payable on the deferred payment day, despite section 9 of the Collection Act.

Note: This provision affects the calculation of late payment penalty (if any) under section 10 of the Collection Act.

Nothing in this Part or the Validation Acts is taken to make a person criminally liable in respect of acts or omissions of the person before the day on which this Part commences, if the person would not have been so liable had this Part and the Validation Acts not been enacted.

The amendments made by Schedule 9 only apply in relation to losses incurred by a fund after the commencement of that Schedule.