RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY ACT 1997 NO. 63, 1997 

RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY ACT 1997 NO. 63, 1997 
- TABLE OF PROVISIONS

1. 1  Short title  
2. 2  Commencement  
3. 3  Application of the Retirement Savings Accounts Act 1997  
4. 4  Interpretation  
5. 5  Imposition of retirement savings account levy  
6. 6  Amount of levy  
7. 7  Regulations  

 
(Assented to 28 May 1997)
RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY ACT 1997 No. 63, 1997 - LONG TITLE

      An Act to impose a levy on the lodgment of certain returns
          under the Retirement Savings Accounts Act 1997

RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY ACT 1997 No. 63, 1997
- SECT 1
1  Short title

  This Act may be cited as the Retirement Savings Accounts Supervisory 
Levy Act 1997.

RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY ACT 1997 No. 63, 1997
- SECT 2
2  Commencement

  This Act commences on the day on which the Retirement Savings 
Accounts Act 1997 commences.

RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY ACT 1997 No. 63, 1997
- SECT 3
3  Application of the Retirement Savings Accounts Act 1997

  Section 6, and Part 2, of the Retirement Savings Accounts Act 1997 
apply in relation to this Act in a corresponding way to the way in 
which they apply in relation to that Act.

RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY ACT 1997 No. 63, 1997
- SECT 4
4  Interpretation

  In this Act, unless the contrary intention appears:
  minimum basic levy amount, for a year of income, means the lowest 
basic levy amount applicable to returns for the year of income for RSA 
providers that are RSA providers at all times during the year of 
income.
  period of grace, in relation to a return, means the period of 14 
days commencing on the day after the required return lodgment day for 
the return.
  required return lodgment date, in relation to a return, means the 
last day by which the return is required to be lodged under section 44 
of the Retirement Savings Accounts Act 1997.

RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY ACT 1997 No. 63, 1997
- SECT 5
5  Imposition of retirement savings account levy

  Levy payable in accordance with section 10 of the Superannuation 
Entities (Taxation) Act 1987 is imposed.

RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY ACT 1997 No. 63, 1997
- SECT 6
6  Amount of levy

  (1) The amount of levy payable on the lodgment of a return for a 
year of income is the sum of:
  (a) the amount (the basic levy amount), not exceeding $30,000, 
worked out 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 worked out by:
  (a) working out, for the calendar month beginning on the day after 
the required return lodgment day and each subsequent calendar month 
beginning before the day on which the return is lodged, the greater of 
the following amounts:
    (i) the amount worked out using the following formula and rounded 
up to the nearest whole dollar:
        Basic levy amount  x  0.2
         for the return       12
    (ii) the amount worked out using the following formula and rounded 
up to the nearest whole dollar:
        Maximum basic levy amount  x  0.125
         for the year of income
and
  (b) aggregating those amounts.

  (3) If the amounts worked out under paragraph (2)(a) for a calendar 
month are equal, the monthly amount for that calendar month is that 
amount.

  (4) The regulations may provide for different basic levy amounts for 
different RSA providers.

RETIREMENT SAVINGS ACCOUNTS SUPERVISORY LEVY ACT 1997 No. 63, 1997
- SECT 7
7  Regulations

  The Governor-General may make regulations for the purposes of 
section 6.

[Minister's second reading speech made in-
          House of Representatives on 4 December 1996
          Senate on 5 March 1997]