Save Search

Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Occupational Superannuation Standards Amendment Bill 1993



Download PDFDownload PDF

House: House of Representatives

Portfolio: Treasury

Purpose

To repeal those parts of the Occupational Superannuation Standards Act 1987 (the Principal Act) which deal with the prudential control of superannuation entities and to provide for the collection of certain levies that will be imposed on superannuation entities.

Background

Refer to the Digest for the Superannuation Industry (Supervision) Bill 1993.

Main Provisions

Part 2 of the Bill will amend the Principal Act to reflect the removal of the prudential supervision of superannuation entities from the Principal Act. Clause 4 will change the title of the Principal Act to Superannuation Entities (Taxation) Act 1987.

Clause 18 will insert a new Part IIIAB into the Principal Act which will deal with the collection of any levy imposed by the Superannuation (Financial Assistance Funding) Levy Bill 1993. For the purposes of the levy the accounts of the entity will be prima facie evidence of the value of the assets of the entity (the amount of levy payable will be based on the assets of the body) (proposed section 15DJ).

The levy will be payable by the trustee of the entity (proposed section 15DK) and the levy will be payable on the date specified in the regulations. Such a date is not to be earlier than 28 days after the relevant regulation takes effect (proposed section 15DL).

If the levy is not paid by the due date, a penalty will be payable. The amount of penalty payable monthly will be the amount of unpaid levy multiplied by 0.01666 (proposed section 15DM). The Minister may remit all or part of the penalty (proposed section 15DQ).

Proposed Part IIIAC deals with the collection of any levy payable under the Superannuation (Rolled- Over Benefits) Levy Bill 1993. The proposed provisions are similar to those described above.

Bills Digest Service 30 July 1993

Parliamentary Research Service

This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

Commonwealth of Australia 1993

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by Members of the Australian Parliament in the course of their official duties.

Published by the Department of the Parliamentary Library, 1993.