Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (SELF MANAGED SUPERANNUATION FUNDS) TAXATION REGULATIONS 1999 1999 NO. 241

STATUTORY RULES NO. 241

Issued by the authority of the Assistant Treasurer

Superannuation (Self Managed Superannuation Funds) Taxation Act 1987

Superannuation (Self Managed Superannuation Funds) Taxation Regulations 1999

The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 (the Act) provides for the collection of a supervisory levy from the trustees of self managed superannuation funds.

Section 22 of the Act provides that the Governor-General may make regulations for the purposes of the Act.

The regulations:

*       set the due date for payment of the annual supervisory levy for self managed superannuation funds as the day the annual return for the fund for that year of income is lodged.

*       set the late levy payment penalty amount for self managed superannuation funds at $ 10 per month or part month the levy remains unpaid.

The regulations are described in detail in the attachment.

The regulations commence on gazettal.

ATTACHMENT

Superannuation (Self Managed Superannuation Funds) Taxation Regulations 1999

Regulation 1 - Name of Regulations

These regulations are the Superannuation (Self Managed Superannuation Funds) Taxation Regulations 1999.

Regulation 2 - Commencement

The regulations commence on gazettal.

Regulation 3 - Definition

For the purposes of these regulations 'Act' is defined to mean the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987.

Regulation 4 - When levy is due for payment

This regulation sets the due day for the payment of the annual supervisory levy for self managed superannuation funds in accordance with subsection 15DB(1) of the Act. The due day for payment of the supervisory levy in respect of a year of income of a fund is the day the annual return for the fund for that year of income is lodged.

Regulation 5 - Non-payment penalty

This regulation sets the late levy payment penalty amount in accordance with subsection 15DC(1) of the Act, at $10 per month or part month the levy remains unpaid.