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Schedule 1—Amendments

Schedule 1 Amendments

   

Superannuation Supervisory Levy Imposition Act 1998

1  Section 5 (paragraph (a) of the definition of statutory upper limit )

Repeal the paragraph, substitute:

                     (a)  for the financial year commencing on 1 July 2020—$10,000,000; or

2  Section 5 (paragraph (b) of the definition of statutory upper limit )

Omit “in relation to”, substitute “for”.

3  Subsection 7(4)

Omit “maximum restricted levy amount must not exceed the statutory upper limit as at the time when the determination is made”, substitute “maximum restricted levy amount for a financial year must not exceed the statutory upper limit for the financial year”.

4  Subsection 8(1)

Repeal the subsection, substitute:

             (1)  The indexation factor for a financial year is the number worked out by:

                     (a)  ascertaining the index number for the most recent quarter for which the Australian Statistician has published an index number, as at the start of the day on which the Treasurer makes the first determination under subsection 7(3) of an amount or percentage for the financial year; and

                     (b)  dividing that index number by the index number for the quarter 12 months before the quarter mentioned in paragraph (a); and

                     (c)  adding 0.030 to the number worked out under paragraph (b).

5  Subsection 8(3)

Omit “paragraph (1)(a)”, substitute “subsection (1)”.

6  Application of amendments

The amendments made by this Schedule apply in relation to a determination under subsection 7(3) of the Superannuation Supervisory Levy Imposition Act 1998 that is made on or after the commencement of this Act.

(71/20)