Australian Prudential Regulation Authority Supervisory Levies Determination 2024 I, Stephen Jones, Assistant Treasurer and Minister for Financial Services, make the following determination. Dated 27 June 2024 Stephen Jones Assistant Treasurer Minister for Financial Services Contents Part 1—Preliminary 1 1-1 Name 1-2 Commencement 1-3 Authority 1-4 Schedule 1-5 Interpretation 1-6 References to reporting standards Part 2—Australian Prudential Regulation Authority (Commonwealth costs) 2-1 Definitions 2-2 Commonwealth costs 2-3 Proportion of levy money paid to APRA Part 3—Authorised deposit‑taking institutions supervisory levy 3-1 Definitions 3-2 Amount of levy 3-3 ADI's levy base Part 4—Authorised non‑operating holding companies supervisory levy 4-1 Definitions 4-2 Amount of levy Part 5—General insurance supervisory levy 5-1 Definitions 5-2 General component 5‑3 General insurance company's levy base 5-4 Special component 5-5 Eligible premium income for working out special component Part 6—Life insurance supervisory levy 6-1 Definitions 6-2 Amount of levy 6‑3 Life insurance company's levy base Part 7—Private health insurance supervisory levy 7‑1 Definitions 7‑2 Amount of supervisory levy 7‑3 Amount of supervisory levy for a single policy 7‑4 Census day Part 8—Retirement savings account providers supervisory levy 8‑1 Definitions 8‑2 Amount of levy 8‑3 RSA provider's levy base Part 9—Superannuation supervisory levy 9‑1 Definitions 9‑2 Amount of levy 9‑3 Superannuation entity's levy base Schedule 1—Repeals Australian Prudential Regulation Authority Supervisory Levies Determination 2023 Part 1—Preliminary 1-1 Name This instrument is the Australian Prudential Regulation Authority Supervisory Levies Determination 2024. 1-2 Commencement (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of this instrument 1 July 2024. 1 July 2024 Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument. (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument. 1-3 Authority This determination is made under the following: (a) the Australian Prudential Regulation Authority Act 1998; and (b) the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998; and (c) the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998; and (d) the General Insurance Supervisory Levy Imposition Act 1998; and (e) the Life Insurance Supervisory Levy Imposition Act 1998; and (f) the Private Health Insurance Supervisory Levy Imposition Act 2015; and (g) the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998; and (h) the Superannuation Supervisory Levy Imposition Act 1998. 1-4 Schedule Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms. 1-5 Interpretation (1) An expression in a provision of a Part of this instrument has the same meaning as in the Act defined in that Part as the Act. (2) In this instrument: ADI means an authorised deposit-taking institution within the meaning of the Banking Act 1959. APRA means the Australian Prudential Regulation Authority. current financial year means the financial year commencing on 1 July 2024. foreign ADI has the meaning given by section 5 of the Banking Act 1959. previous calendar year means the last calendar year that ended before the start of the current financial year. reporting period, in relation to a Reporting Standard, means a reporting period within the meaning of the Reporting Standard. Reporting Standard: see section 1‑6. RSA means a retirement savings account within the meaning given by section 8 of the Retirement Savings Accounts Act 1997. (3) In this instrument, a reference to a period from a specified day to another specified day includes both days. 1-6 Reporting Standards (1) If a provision (the referring provision) of this instrument refers, in relation to a day, to a Reporting Standard with a particular identifier, the referring provision is to be taken to refer to the version of the Reporting Standard with that identifier that: (a) applied to a reporting period (within the meaning of that version of the Reporting Standard) that ended on that day, or that included that day, as the case requires; and (b) so applied because of a reporting standard determined under section 13 of the Financial Sector (Collection of Data) Act 2001. Example: Reporting Standard GRS 300.0 Statement of Financial Position. (2) However, if no version of that Reporting Standard applies to such a reporting period because that Reporting Standard has been replaced by a Reporting Standard with a different identifier: (a) subsection (1) applies as if the referring provision referred instead, in relation to that day, to the Reporting Standard with the different identifier; and (b) if the referring provision also refers to particular material in the Reporting Standard that has been replaced, it is taken to refer instead to the corresponding material in the applicable version of the Reporting Standard with the different identifier. (3) In this section: identifier means a combination of letters and numbers (with or without punctuation marks, and whether or not followed by a title). Part 2—Australian Prudential Regulation Authority (Commonwealth costs) 2-1 Definitions (1) In this Part: the Act means the Australian Prudential Regulation Authority Act 1998. Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument. (2) An expression used in this Part has the meaning given by subsection 50(6) of the Act. 2-2 Commonwealth costs For the purposes of paragraph 50(1)(b) of the Act, the amount of levy money mentioned in an item of the following table is specified as the amount payable to the Commonwealth for the current financial year in respect of the class of levy mentioned in that item. Note: The levy amounts payable to the Commonwealth are to cover the costs to the Commonwealth mentioned in a subparagraph to paragraph 50(1)(b) of the Act. Item Class of levy Amount of levy money payable 1 Levy imposed by the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998 Nil 2 Levy imposed by the General Insurance Supervisory Levy Imposition Act 1998 Nil 3 Levy imposed by the Life Insurance Supervisory Levy Imposition Act 1998 Nil 4 Levy imposed by the Superannuation Supervisory Levy Imposition Act 1998 $47,900,000 5 Levy imposed by the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998 Nil 6 Levy imposed by the Private Health Insurance Supervisory Levy Imposition Act 2015 Nil 7 Levy imposed by the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 Nil 2-3 Proportion of levy money paid to APRA For the purposes of subsection 50(1A) of the Act, the proportion of amounts of levy money paid to APRA for the current financial year, on behalf of the Commonwealth, that is to be credited to the APRA Special Account on an ongoing basis, is specified as 83.7%. Part 3—Authorised deposit‑taking institutions supervisory levy 3-1 Definitions In this Part: provider of purchased payment facilities means an ADI that: (a) engages in the provision of one or more purchased payment facilities, in relation to at least one of which APRA has determined as mentioned in section 6 of the Banking Regulation 2016; and (b) does not otherwise carry on banking business within the meaning of section 5 of the Banking Act 1959. purchased payment facility has the meaning given by section 7 of the Payment Systems (Regulation) Act 1998. the Act means the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998. Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument. valuation day, in relation to an ADI, means: (a) for an ADI that is an ADI at all times during the period from 17 March of the previous financial year to the following 30 June—31 March in the previous financial year; and (b) for an ADI that was not an ADI at all times during the period from 17 March of the previous financial year to the following 30 June—the day after 17 March in the previous financial year, on which the ADI became an ADI. 3-2 Amount of levy For the purposes of paragraphs 7(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the current financial year. Amount of levy Item Class of ADI Maximum restricted levy amount ($) Minimum restricted levy amount ($) Restricted levy percentage Unrestricted levy percentage 1 Foreign ADI 1,500,000 22,500 0.00044 0.000777 2 Provider of purchased payment facilities 1,500,000 22,500 0.00221 0.000777 3 ADI not mentioned in item 1 or 2 7,500,000 22,500 0.00221 0.000777 3-3 ADI's levy base (1) For the purposes of paragraph 7(3)(d) of the Act, an ADI's levy base is to be worked out using this section. (2) For the purposes of subsection 7(5) of the Act, the day as at which the levy base is to be worked out is the valuation day for the ADI. (3) The levy base is the value of the ADI's assets, as at the valuation day, worked out in the same way as the information required by: (a) if Reporting Standard ARS 720.0 ABS/RBA Statement of Financial Position applies to the ADI for a reporting period that ends on or includes the valuation day—item 13 (Total assets including intra‑group assets) in Section A of Reporting Form ARF 720.0A ABS/RBA Statement of Financial Position (Standard), or of Reporting Form ARF 720.0B ABS/RBA Statement of Financial Position (Reduced), as applicable, in that Reporting Standard; or (b) otherwise—item 11 (Total assets) in Section A of Form ARF 323.0 in Reporting Standard ARS 323.0 Statement of Financial Position (Licensed ADI); would be worked out for a reporting period ending on the valuation day. Part 4—Authorised non‑operating holding companies supervisory levy 4-1 Definitions In this Part: the Act means the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998. Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument. 4-2 Amount of levy For the purposes of paragraphs 7(1)(a), (b) and (c) of the Act, the amount of levy payable by an authorised NOHC mentioned in each of those paragraphs for the current financial year is $45,000. Note: "Authorised NOHC" is defined in section 5 of the Act. Part 5—General insurance supervisory levy 5-1 Definitions In this Part: general insurance company includes Lloyd's. general insurance company in runoff means a general insurance company that did not issue or renew any insurance policies of any of the following kinds during the previous calendar year: (a) public liability insurance; (b) product liability insurance; (c) professional indemnity insurance. Lloyd's has the meaning given by section 3 of the Insurance Act 1973. product liability insurance includes insurance that provides cover for compensation for one or both of the following, caused by, or as a result of, the use of goods: (a) loss; (b) injury. professional indemnity insurance includes: (a) insurance that provides cover for a professional person for actions taken against that person in tort, contract or under statute law in respect of advice or services provided as part of his or her professional practice, including cover in respect of damages and legal expenses; and (b) directors' and officers' liability insurance and legal expense insurance; and (c) medical indemnity insurance. public liability insurance includes: (a) insurance covering legal liability to the public in respect of bodily injury or property damage arising out of the operation of the business of the insured person or body; and (b) insurance in respect of environmental clean‑up costs resulting from pollution where not covered by Fire and Industrial Special Risk policies. the Act means the General Insurance Supervisory Levy Imposition Act 1998. Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument. valuation day, in relation to a general insurance company, means: (a) for a general insurance company that is a general insurance company at all times during the period from 17 March in the previous financial year to the following 30 June—31 March in the previous financial year; and (b) for a general insurance company that was not a general insurance company at all times during the period from 17 March of the previous financial year to the following 30 June—the day after 17 March in the previous financial year when the general insurance company became a general insurance company. 5-2 General component For the purposes of paragraphs 8(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the current financial year. General component Item Company Maximum restricted levy amount ($) Minimum restricted levy amount ($) Restricted levy percentage Unrestricted levy percentage 1 General insurance company 1,600,000 22,500 0.01394 0.010477 5‑3 General insurance company's levy base (1) For the purposes of paragraph 8(3)(d) of the Act, a general insurance company's levy base is to be worked out using this section. (2) For the purposes of subsection 8(5) of the Act, the day as at which the levy base is to be worked out is the valuation day for the company. (3) The levy base is the value of the company's assets, as at the valuation day, worked out in the same way as the information "Total assets (item 15)", as required to be reported as a dataset in a 3rd column, as described in Reporting Standard GRS 300.0 Statement of Financial Position worked out for a reporting period ending on the valuation day. (4) However, in the case of Lloyd's, the levy base is the total of the amounts standing to the credit of all designated security trust funds (as defined by section 69 of the Insurance Act 1973) as at 31 March of the previous financial year. 5-4 Special component (1) For the purposes of paragraphs 8(3)(e), (f) and (g) of the Act, the following table sets out matters for the current financial year. Special component Item Company Special maximum levy amount Special minimum levy amount Special levy percentage 1 General insurance company (except a general insurance company in runoff) the amount worked out under subsection (2) the amount worked out under subsection (3) the percentage worked out under subsection (4) 2 General insurance company in runoff the amount worked out under subsection (5) the amount worked out under subsection (5) Nil (2) The amount worked out under this subsection is the total of: (a) if during the previous calendar year the company carried on either or both of public liability insurance business and product liability insurance business—the special public/product maximum; and (b) if during the previous calendar year the company carried on professional indemnity insurance business—the special professional maximum. (3) The amount worked out under this subsection is the total of: (a) if during the previous calendar year the company carried on either or both of public liability insurance business and product liability insurance business—the special public/product minimum; and (b) if during the previous calendar year the company carried on professional indemnity insurance business—the special professional minimum. (4) The percentage worked out under this subsection is the following fraction expressed as a percentage: where: A means the amount worked out for the company under paragraph 5‑5(3)(a) (gross premium income from public liability insurance and product liability insurance, capped by reference to the special public/product maximum). B means the amount worked out for the company under paragraph 5‑5(3)(b) (gross premium income from professional indemnity insurance, capped by reference to the special professional maximum). C means the special public/product percentage. D means the special professional percentage. (5) The amount worked out under this subsection is the total of: (a) if during the previous calendar year the company has liabilities in respect of either or both of public liability insurance and product liability insurance—the special runoff amount; and (b) if during the previous calendar year the company has liabilities in respect of professional indemnity insurance—the special runoff amount. (6) In this section: special professional maximum means $32,000. special professional minimum means $5,000. special professional percentage means 0.0398 per cent. special public/product maximum means $50,000. special public/product minimum means $5,000. special public/product percentage means 0.0273 per cent. special runoff amount means $2,500. 5-5 Eligible premium income for working out special component (1) For the purposes of paragraph 8(3)(h) of the Act, this section determines how a general insurance company's eligible premium income is to be worked out. (2) For the purposes of paragraph 8(6)(b) of the Act, the period for which a general insurance company's eligible premium income is to be worked out is the previous calendar year. (3) For the purposes of paragraph 8(6)(a) of the Act, the part of the general insurance company's premium income that is eligible premium income is the sum of: (a) the company's gross premium income (if any) from public liability insurance and from product liability insurance (if any) during the previous calendar year, worked out under subsection (4), but only so much of that gross premium income as, when multiplied by the special public/product percentage, does not exceed the special public/product maximum; and (b) the company's gross premium income from professional indemnity insurance (if any) during the previous calendar year, worked out under subsection (6), but only so much of that gross premium income as, when multiplied by the special professional percentage, does not exceed the special professional maximum. (4) For the purposes of paragraph (3)(a), gross premium income from public liability insurance and product liability insurance during the previous calendar year is the sum of: (a) the aggregate of the amounts required to be reported in: (i) the policy file for the 6 months ending on 30 June of the previous calendar year; and (ii) the policy file for the 6 months ending on 31 December of the previous calendar year; in the column headed "Gross Earned Premium" (and referred to as "field 15b"), where the class of business reported in the column headed "Class of Business" (and referred to as "field 2") is "Public & Product" ("PL"); and (b) for each record in either of those policy files for which the general insurance company has not completed the column headed "Gross Earned Premium"—the aggregate of each GEP amount for that record worked out in accordance with subsection (5). (5) For the purposes of subsection (4), a GEP amount for a record in a policy file is worked out using the formula: where: GAP is the gross annualised premium reported in the policy file in respect of the relevant policy in the column headed "Gross Annualised Premium" (and referred to as "field 15a"), where the class of business reported in the column headed "Class of Business" (and referred to as "field 2") is "Public & Product" ("PL"). F is the number of days during which the policy was in force in the 6 months covered by the policy file, expressed as a percentage of the number of days in the previous calendar year. (6) For the purposes of paragraph (3)(b), gross premium income from professional indemnity insurance during the previous calendar year is the sum of: (a) the aggregate of the amounts required to be reported in: (i) the policy file for the 6 months ending on 30 June of the previous calendar year; and (ii) the policy file for the 6 months ending on 31 December of the previous calendar year; in the column headed "Gross Earned Premium" (and referred to as "field 15b"), where the class of business reported in the column headed "Class of Business" (and referred to as "field 2") is "Professional Risk" ("PI"); and (b) for each record in either of those policy files for which the general insurance company has not completed the column headed "Gross Earned Premium"—the aggregate of each GEP amount for that record worked out in accordance with subsection (7). (7) For the purposes of subsection (6), a GEP amount for a record in a policy file is worked out using the formula: where: GAP is the gross annualised premium reported in the policy file in respect of the relevant policy in the column headed "Gross Annualised Premium" (and referred to as "field 15a"), where the class of business reported in the column headed "Class of Business" (and referred to as "field 2") is "Professional Risk" ("PI"). F is the number of days during which the policy was in force in the 6 months covered by the policy file, expressed as a percentage of the number of days in the previous calendar year. (8) In this section: policy file means a document (including an electronic document) that: (a) a general insurance company submits to APRA for period ending on 30 June or 31 December of the previous financial year; and (b) complies with whichever of the following applies to the company: (i) Reporting Standard GRS 800.1 Policy Data: Public and Product Liability and Professional Indemnity Insurance; (ii) Reporting Standard LOLRS 800.1 Policy Data: Public and Product Liability and Professional Indemnity Insurance; and (c) contains the information about individual policies required by the data specifications set out in that reporting standard. record means a line entry or row in a policy file that contains information relating to a single insurance policy. special professional maximum has the meaning given by subsection 5‑4(6). special professional percentage has the meaning given by subsection 5‑4(6). special public/product maximum has the meaning given by subsection 5‑4(6). special public/product percentage has the meaning given by subsection 5‑4(6). Part 6—Life insurance supervisory levy 6-1 Definitions In this Part: the Act means the Life Insurance Supervisory Levy Imposition Act 1998. Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument. valuation day, in relation to a life insurance company, means: (a) for a life insurance company that is a life insurance company at all times during the period from 17 March in the previous financial year to the following 30 June—31 March in the previous financial year; and (b) for a life insurance company that was not a life insurance company at all times during the period from 17 March in the previous financial year to the following 30 June—the day after 17 March in the previous financial year, when the life insurance company became a life insurance company. 6-2 Amount of levy For the purposes of paragraphs 7(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the current financial year. Amount of levy Item Company Maximum restricted levy amount ($) Minimum restricted levy amount ($) Restricted levy percentage Unrestricted levy percentage 1 Life insurance company 1,200,000 22,500 0.01235 0.006971 6‑3 Life insurance company's levy base (1) For the purposes of paragraph 7(3)(d) of the Act, a life insurance company's levy base is to be worked out using this section. (2) For the purposes of subsection 7(5) of the Act, the day as at which the levy base is to be worked out is the valuation day for the life insurance company. (3) The levy base is the value of the life insurance company's assets, as at the valuation day, worked out in the same way as the information "Total assets (item 15)" as described in Reporting Standard LRS 300.0 Statement of Financial Position, requires to be reported as a dataset in a 12th column, worked out for a reporting period ending on the valuation day. Part 7—Private health insurance supervisory levy 7‑1 Definitions In this Part: the Act means the Private Health Insurance Supervisory Levy Imposition Act 2015. Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument. 7‑2 Amount of supervisory levy For the purposes of subsection 8(4) of the Act, for the current financial year: (a) the amount of supervisory levy for each complying health insurance policy (a single policy) under which only one person is covered is worked out under section 7‑3; and (b) the amount of supervisory levy for each complying health insurance policy that is not a single policy is twice the amount for a single policy. 7‑3 Amount of supervisory levy for a single policy (1) The amount of supervisory levy for a single policy is the amount in cents worked out using the formula: where: aggregate single policies means the total number of single policies on issue from all private health insurers on census day. aggregate other policies means the total number of complying health insurance policies (other than single policies) on issue from all private health insurers on census day. (2) However, if the amount worked out using the formula is more than $2, the amount of supervisory levy for a single policy is $2. Note: For the definition of single policy, see paragraph 7‑2(a). 7‑4 Census day For the purposes of subsection 8(5) of the Act, the first day of the current financial year is specified as the census day for the current financial year. Part 8—Retirement savings account providers supervisory levy 8‑1 Definitions In this Part: the Act means the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998. Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument. 8‑2 Amount of levy For the purposes of paragraphs 7(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the current financial year. Amount of levy Item Provider Maximum restricted levy amount ($) Minimum restricted levy amount ($) Restricted levy percentage Unrestricted levy percentage 1 RSA provider Nil Nil Nil Nil 8‑3 RSA provider's levy base (1) For the purposes of paragraph 7(3)(d) of the Act, the RSA provider's levy base is to be worked out by adding together each amount held in an RSA by the RSA provider. (2) For the purposes of subsection (1), the day as at which the RSA provider's levy base for the current financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(a) of the Act is 31 March of the previous financial year. (3) For the purposes of subsection (1), the day as at which the RSA provider's levy base for the current financial year is to be worked out for an RSA provider mentioned in paragraph 7(5)(b) of the Act is the day, after 17 March of the previous financial year, on which the RSA provider became an RSA provider. Part 9—Superannuation supervisory levy 9‑1 Definitions In this Part: AASB 1056 Superannuation Entities means the accounting standard of that name made by the Australian Accounting Standards Board under section 334 of the Corporations Act 2001. employer‑sponsored receivables has the same meaning as in AASB 1056 Superannuation Entities. pooled superannuation trust has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993. SAF (short for small APRA fund) means a superannuation entity that: (a) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and (b) has fewer than 5 members. SMADF (short for single member approved deposit fund) means a superannuation entity that: (a) is an approved deposit fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and (b) has only one member. the Act means the Superannuation Supervisory Levy Imposition Act 1998. Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument. valuation day, in relation to an entity, means: (a) for an entity that is a superannuation entity on 30 June of the previous financial year—that day; or (b) for an entity that becomes a superannuation entity during the current financial year—the day on which the superannuation entity became a superannuation entity. 9‑2 Amount of levy For the purposes of paragraphs 7(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the current financial year: Amount of levy Entity Maximum restricted levy amount ($) Minimum restricted levy amount ($) Restricted levy percentage Unrestricted levy percentage 1 Superannuation entity that is a pooled superannuation trust on the levy imposition day 450,000 12,500 0.00388 0.001226 2 Superannuation entity that is a SAF or SMADF on the levy imposition day 590 590 Nil Nil 3 Superannuation entity not mentioned in item 1 or 2 900,000 12,500 0.00776 0.003272 9‑3 Superannuation entity's levy base (1) For the purposes of paragraph 7(3)(d) of the Act, this section sets out how a superannuation entity's levy base is to be worked out. (2) If the valuation day for a superannuation entity is 30 June of the previous financial year, the superannuation entity's levy base is the amount that is required to be reported as at that day in: (a) if Reporting Standard SRS 320.0 Statement of Financial Position applies to the entity for a reporting period that ends on that day—item 25 of Form SRF 320.0 Statement of Financial Position in that Reporting Standard; or (b) otherwise—item 7 of Form SRF 800.0: Financial Statements in Reporting Standard SRS 800.0 Financial Statements. (3) If the valuation day for a superannuation entity is during the current financial year, the superannuation entity's levy base is to be worked out: (a) if the superannuation entity consists entirely of the life insurance policies of individual members of the fund—in the same way as the current value of the policies on the valuation day is assessed by the insurer; or (b) otherwise—by determining the net balance of the entity on the valuation day based on the audited accounts of the entity. (4) Despite subsections (2) and (3), in working out a superannuation entity's levy base, disregard the superannuation entity's employer‑sponsored receivables. Schedule 1—Repeals Australian Prudential Regulation Authority Supervisory Levies Determination 2023 1 The whole of the instrument Repeal the instrument.