SUPERANNUATION (FINANCIAL ASSISTANCE FUNDING) LEVY ACT 1993

SECTION 7   BASIS FOR PRESCRIBING AMOUNT OF LEVY  

7(1)  [Limit on amount]  

Subject to subsection (2):

(a)  the rate or rates of a levy that are imposed because of one or more grants of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993; and

(b)  the maximum amount of levy, and the minimum amount of levy, that is payable;

are to be fixed on the basis that the amount of revenue to be raised by the levy or by the levy and any previous levy imposed because of the same grant or grants of financial assistance is not to exceed the amount of levy needed to recoup the Commonwealth for the amount of that financial assistance.

7(2)  [Limit on rates]  

The rate or rates of a levy imposed in a financial year are not to be such that the total of the amounts payable in respect of the levy, or the total of those amounts and any amounts payable in respect of a previous levy imposed in the same financial year, would exceed 0.05% of the sum of the values at the end of the previous financial year of all the assets of the funds on which the levy or levies are imposed.

7(3)  [Effect of exceeding limits]  

In making regulations fixing the rate or rates of a levy, regard is to be had to subsections (1) and (2) but the validity of a regulation is not affected merely because it fixes a rate or rates of levy in excess of the maximum rate or rates required because of those subsections.