Superannuation (Financial Assistance Funding) Levy Amendment Act 2003 (Cth)

Superannuation (Financial Assistance Funding) Levy Amendment Act 2003

No. 51, 2003

An Act to amend the Superannuation (Financial Assistance Funding) Levy Act 1993, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Amendment of the Superannuation (Financial Assistance Funding) Levy Act 1993

Superannuation (Financial Assistance Funding) Levy Amendment Act 2003

No. 51, 2003

An Act to amend the Superannuation (Financial Assistance Funding) Levy Act 1993, and for related purposes

[Assented to 26 June 2003]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Superannuation (Financial Assistance Funding) Levy Amendment Act 2003.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Superannuation (Financial Assistance Funding) Levy Act 1993

1 After subsection 6(1) Insert:

(1A) If the Minister makes more than one determination in a financial year under Part 23 of the Superannuation Industry (Supervision) Act 1993 to grant financial assistance, the regulations may impose a levy on each fund that is not a fund in respect of which a determination was made in the same financial year.

(1B) Regulations made for the purposes of subsection (1A) imposing a levy in respect of more than one determination must specify all the funds in respect of which determinations are made and the proportion of the levy that each fund represents.

2 At the end of section 6 Add:

(3) Regulations imposing a levy in respect of one or more determinations may specify that either or both of the following are payable: (a) a maximum amount of levy; (b) a minimum amount of levy.