House of Representatives
Financial Sector Legislation Amendment Bill (No. 1) 2002
Explanatory Memorandum
(Circulated by authority of the Treasurer,the Hon Peter Costello, MP)12 - Schedule 9 Amendment of the Superannuation Supervisory Levy Imposition Act 1998
Item 1
12.1 This amendment defines unregulated entity and it gives effect to changes to Paragraph 7(1)(a) of the Superannuation Supervisory Levy Imposition Act 1998 (the SSLI Act).
Item 2
12.2 This amendment removes an existing ambiguity in the SSLI Act. The amendment provides for a superannuation entity which becomes a superannuation entity during a financial year, but which was in existence as an unregulated entity during the previous financial year, be required to pay a levy based on a percentage of the value of the entitys assets on 30 June of the previous financial year.
Commencement
12.3 These amendments will commence the day after the day on which this Act receives the Royal Assent.