Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION SUPERVISORY LEVY REGULATIONS (AMENDMENT) 1995 NO. 156

STATUTORY RULES 1995 No. 156

Issued by the authority of the Treasurer

Superannuation Supervisory Levy Act 1991

Superannuation Supervisory Levy Regulations (Amendment)

The Superannuation Supervisory Levy Act 1991 (the Act) provides for imposition of a levy on the lodgment of annual returns under section 36 of the Superannuation Industry (Supervision) Act 1993.

Section 7 of the Act provides that the Governor-General may make Regulations for the purposes of section 6 of the Act.

These regulations make a small number of minor technical amendments to the Superannuation Supervisory Levy Regulations (the Principal Regulations), such as replacing references to the Occupational Superannuation Standards Act 1987 with the Superannuation Entities (Taxation) Act 1987.

The regulations are-described in detail in the attachment.

The regulations commence on gazettal.

ATTACHMENT

Superannuation Supervisory Levy Regulations (Amendment)

Regulation 1 - Amendment

Regulation 1 provides that the Superannuation Supervisory Levy Regulations (the Principal Regulations) are amended as set out in these Regulations.

The regulations will commence on gazettal.

Regulation 2 - Regulation 3 (Interpretation)

Regulation 2 amends the definition of "levy payee" by omitting the current definition and replacing it with a definition which cross references to the Superannuation Entities (Taxation) Act 1987 (SETA).

This makes the definition consistent with the Superannuation Supervisory Levy Act 1991 which makes reference to SETA, and reflects the fact that the Occupational Superannuation Standards Act 1987 has been renamed the SETA.

Regulation 3 - Regulation 4 (Basic levy amount)

Changes made by the Taxation Laws Amendment (No. 4) Act 1994, to the Income Tax Assessment Act 1936 (the Tax Act) effectively made superannuation funds which are 'foreign superannuation funds', as defined in the Tax Act, ineligible for taxation concessions. Superannuation funds must now be a 'resident regulated superannuation fund' to be considered eligible for taxation concessions. A 'foreign superannuation fund', does not meet the definition of 'resident regulated superannuation fund'.

As a result of the changes to the Tax Act 'foreign superannuation funds' will not submit annual return forms. Therefore it is no longer necessary to prescribe a levy amount for 'foreign superannuation funds'. Subregulation 3.1 omits paragraph 4(1)(a) which prescribed the levy amount for these funds.

Subregulation 3.2 amends paragraph 4(1)(c) by omitting "within the meaning of the Occupational Superannuation Standards Act 1987". By virtue of section 3 of the Act 'year of income' will have the meaning given in the Superannuation Industry (Supervision) Act 1993.

Subregulation 3.3 amends paragraph 4(2)(b) by omitting "financial year" and replacing it with "Year of income". This is for consistency with the Act and other provisions of the Principal Regulations which refer to "year of income".

Regulation 4 - Application of amendments

These regulations will apply in relation to returns for the 1994-95 year of income and for all later years of income.