Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION SUPERVISORY LEVY AMENDMENT REGULATIONS 1999 (NO. 1) 1999 NO. 134

STATUTORY RULES NO. 134

Issued by the authority of the Assistant Treasurer

Superannuation (Excluded Funds) Supervisory levy Imposition Act 1991

Superannuation Supervisory Levy Amendment Regulations 1999 (No. 1)

The Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991 (the Act) and the Superannuation Supervisory Levy Regulations (the Principal Regulations) impose the supervisory levy to be paid by the trustee of an excluded superannuation fund in accordance with the Superannuation (Excluded funds) Taxation Act 1987.

Subsection 7(1) of the Act provides that the Governor-General may make regulations for the purposes of Section 6 of the Act, where the Australian Prudential Regulation Authority (APRA) has consulted with the industry bodies specified in subsection 7(2). This consultation has been undertaken. Section 6 provides for the calculation of the amount of the supervisory levy, which is to be paid to APRA by regulated superannuation funds.

The regulations amend the Principal Regulations by reducing the amount of the supervisory levy paid by excluded superannuation funds in respect of the 1998-99 and subsequent years of income from $200 to 545. This is consistent with the Financial System Inquiry's recommendation that regulatory agencies' charges should reflect their costs. On this basis, the appropriate supervisory levy amount for excluded superannuation funds should be $45.

In addition, the regulations amend the name of the principal regulations to Superannuation (Excluded Funds) Supervisory Levy Imposition Regulations 199 1. This reflects a change in the name of the Act which took affect in 1998.

The regulations are described in detail in the attachment.

The regulations commence on 1 May 1999.