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This is a Bill, not an Act. For current law, see the Acts databases.
1996
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Retirement Savings
Accounts Supervisory Levy Bill 1996
No.
, 1996
(Treasury)
A
Bill for an Act to impose a levy on the lodgment of certain returns under the
Retirement Savings Accounts Act 1996
9619520—1,055/3.12.1996—(195/96) Cat.
No. 96 5610 3 ISBN 0644 480424
Contents
A Bill for an Act to impose a levy on the lodgment of
certain returns under the Retirement Savings Accounts Act
1996
The Parliament of Australia enacts:
This Act may be cited as the Retirement Savings Accounts Supervisory
Levy Act 1996.
This Act commences on the day on which the Retirement Savings Accounts
Act 1996 commences.
Section 6, and Part 2, of the Retirement Savings Accounts Act 1996
apply in relation to this Act in a corresponding way to the way in which they
apply in relation to that Act.
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 1996.
Levy payable in accordance with section 10 of the Superannuation
Entities (Taxation) Act 1987 is imposed.
(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:
(ii) the amount worked out using the following formula and rounded up to
the nearest whole dollar:
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.
The Governor-General may make regulations for the purposes of section
6.