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Financial Institutions Supervisory Levies Collection Bill 1998

Part 3 Collection of Levy Under the Superannuation (Financial Assistance Funding) Levy Act 1993

   

16   Definitions

                   In this Part, unless the contrary intention appears:

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 20.

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 .

trustee , in relation to a fund, has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

unpaid levy means the amount of levy unpaid by the trustee of a fund as at the beginning of a levy month.

17   Fund’s accounts to be prima facie evidence of value of its assets

             (1)  This section applies if:

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

                     (b)  an amount is shown on 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.

18   Liability to levy

                   The trustee of a fund is liable to pay a levy imposed on the fund.

19   When levy due for payment

             (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.

20   Late payment penalty

             (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:

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

21   Payment of levy and late payment penalty

                   Levy and late payment penalty are payable to the Minister.

22   Waiver of late payment penalty

                   The Minister may waive the whole or a part of an amount of late payment penalty.

23   Recovery of levy and late payment penalty

                   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.

24   How payments of levy and late payment penalty and repayments of financial assistance are to be applied

             (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).

25   Exempting laws ineffective

             (1)  Nothing in a law passed before the commencement of this section exempts a trustee of a fund from liability to pay levy.

             (2)  If a law (including a provision of a law) passed after the commencement of this section purports to exempt a trustee of a fund from:

                     (a)  liability to pay taxes under laws of the Commonwealth; or

                     (b)  liability to pay certain taxes under laws of the Commonwealth that would otherwise include levy;

the law does not operate to exempt the trustee from liability to pay levy unless the exemption expressly refers to levy under this Act.

26   Delegation

                   The Minister may, by signed writing, delegate to APRA all or any of his or her powers under this Part.