Commonwealth Numbered Acts

OCCUPATIONAL SUPERANNUATION STANDARDS AMENDMENT ACT 1993 No. 84, 1993 - SECT 18

18. After Part IIIAA of the Principal Act the following Parts are inserted:

"PART IIIAB - COLLECTION OF LEVY UNDER THE SUPERANNUATION
(FINANCIAL ASSISTANCE FUNDING) LEVY ACT 1993 Definitions

"15DI. In this Part:
'Account' means the Superannuation Protection Account established by section
234 of the Superannuation Industry (Supervision) Act 1993;
'approved deposit fund' has the same meaning as in the Superannuation
Industry (Supervision) Act 1993;
'fund' means a superannuation fund or an approved deposit fund;
'late payment penalty' means penalty payable under section 15DM;
'levy' means levy imposed by regulations under the Superannuation (Financial
Assistance Funding) Levy Act 1993;
'levy month' means one of the 12 months of the calendar year;
'superannuation fund' has the same meaning as in the Superannuation Industry
(Supervision) Act 1993. Fund's accounts to be prima facie evidence of value of
its assets

"15DJ.(1) This section applies if:

   (a)  accounts of a fund were prepared for a financial year; and

   (b)  an amount is shown in those accounts as the value of an asset of the
        fund as at the end of that financial year.

"(2) For the purposes of this Part, the accounts are prima facie evidence of
the value of the asset at the end of that financial year.

"(3) The Minister may certify that a document is a copy of the accounts.

"(4) This section applies to the certified copy as if it were the original.
Liability to levy

"15DK. The trustee of a fund is liable to pay a levy imposed on the fund. When
levy due for payment

"15DL.(1) A levy payable by the trustee of a fund is due and payable on such
date as is specified in the regulations imposing the levy.

"(2) The date to be so specified must not be earlier than the 28th day after
the day on which the regulation imposing the levy took effect. Penalty for
non-payment of levy

"15DM.(1) If any levy payable by the trustee of a fund remains unpaid as at:

   (a)  the beginning of the first levy month after the time when it became
        due for payment; or

   (b)  the beginning of a later levy month; the trustee is liable to pay to
        the Commonwealth, in respect of that levy month, by way of penalty,
        the amount worked out using the formula:
Unpaid levy x 0.2
12 where: 'Unpaid levy' means the amount of levy unpaid as at the beginning of
the levy month.

"(2) Late payment penalty for a levy month is due and payable at the end of
the levy month. Recovery of levy and late payment penalty

"15DN. The following amounts may be recovered by the Commonwealth as debts due
to the Commonwealth:

   (a)  levy that is due and payable;

   (b)  late payment penalty that is due and payable. Payment of levy and late
        payment penalty

"15DO. Levy and late payment penalty are payable to the Minister. How payments
of levy and late payment penalty and repayments of financial assistance are to
be applied

"15DP. (1) If a levy is imposed as a result of a determination by the Minister
to make a grant of financial assistance out of the Consolidated Revenue Fund:

   (a)  any amounts of that levy, and of late payment penalty in respect of
        that levy, that are received by the Minister; and

   (b)  any repayments of that financial assistance; must be paid into the
        Consolidated Revenue Fund.

"(2) If a levy is imposed as a result of a determination by the Minister to
make a grant of financial assistance out of the Account:

   (a)  any amounts of that levy, and of late payment penalty in respect of
        that levy, that are received by the Minister; and

   (b)  any repayments of that financial assistance; must be paid into the
        Consolidated Revenue Fund.

"(3) There must be paid into the Account amounts equal to amounts paid into
the Consolidated Revenue Fund under subsection (2).

"(4) The Consolidated Revenue Fund is appropriated for the purposes of
subsection (3). Remission of late payment penalty

"15DQ. The Minister may remit the whole or a part of an amount of late payment
penalty. Exempting laws ineffective

"15DR. (1) Nothing in a law passed before the commencement of this section
exempts a person from liability to levy.

"(2) A law, or a provision of a law, passed after the commencement of this
section that purports to exempt a person from liability to pay taxes under
laws of the Commonwealth or to pay certain taxes under those laws that include
levy, other than a law or a provision that expressly exempts a person from
liability to pay levy, is not taken to exempt the person from liability to pay
levy. Delegation

"15DS. The Minister may, by signed writing, delegate to the Commissioner all
or any of his or her powers under this Part.

"PART IIIAC - COLLECTION OF LEVY UNDER THE SUPERANNUATION
(ROLLED-OVER BENEFITS) LEVY ACT 1993 Definitions

"15DT. In this Part:
'eligible rollover fund' has the same meaning as in Part 24 of the
Superannuation Industry (Supervision) Act 1993;
'late payment penalty' means penalty payable under section 15DX;
'levy' means levy imposed by regulations under the Superannuation
(Rolled-Over Benefits) Levy Act 1993;
'levy month' means one of the 12 months of the calendar year. Fund's accounts
to be prima facie evidence of value of its assets

"15DU. (1) This section applies if:

   (a)  accounts of an eligible rollover fund were prepared for a financial
        year; and

   (b)  an amount is shown in those accounts as the value of an asset of the
        fund as at the end of that financial year.

"(2) For the purposes of this Part, the accounts are prima facie evidence of
the value of the asset as at the end of that financial year.

"(3) The Commissioner may certify that a document is a copy of the accounts.

"(4) This section applies to the certified copy as if it were the original.
Liability to levy

"15DV. The trustee of an eligible rollover fund is liable to pay a levy
imposed on the fund. When levy due for payment

"15DW. (1) A levy payable by the trustee of an eligible rollover fund is due
and payable on such date as is specified in the regulations imposing the levy.

"(2) The date to be so specified must not be earlier than the 28th day after
the end of the financial year in respect of which the levy is payable. Penalty
for non - payment of levy

"15DX. (1) If any levy payable by the trustee of an eligible rollover fund
remains unpaid as at:

   (a)  the beginning of the first levy month after the time when it became
        due for payment; or

   (b)  the beginning of a later levy month; the trustee is liable to pay to
        the Commonwealth, in respect of that levy month, by way of penalty,
        the amount worked out using the formula:
Unpaid levy x 0.2
12 where: 'Unpaid levy' means the amount of levy unpaid as at the beginning of
the levy month.

"(2) Late payment penalty for a levy month is due and payable at the end of
the levy month. Recovery of levy and late payment penalty

"15DY. The following amounts may be recovered by the Commonwealth as debts due
to the Commonwealth:

   (a)  levy that is due and payable;

   (b)  late payment penalty that is due and payable. Payment of levy and late
        payment penalty

"15DZ. (1) Levy and late payment penalty are payable to the Commissioner.

"(2) The Commissioner must pay into the Consolidated Revenue Fund any amounts
received by him or her under subsection (1). Remission of late payment penalty

"15DZA. The Commissioner may remit the whole or a part of an amount of late
payment penalty. Exempting laws ineffective

"15DZB. (1) Nothing in a law passed before the commencement of this section
exempts a person from liability to levy.

"(2) A law, or a provision of a law, passed after the commencement of this
section that purports to exempt a person from liability to pay taxes under
laws of the Commonwealth or to pay certain taxes under those laws that include
levy, other than a law or a provision that expressly exempts a person from
liability to pay levy, is not taken to exempt the person from liability to pay
levy.".