SUPERANNUATION (FINANCIAL ASSISTANCE FUNDING) LEVY ACT 1993

SECTION 8   AMOUNT OF LEVY  

8(1)  [Formula]  

The amount of a levy imposed on a fund is worked out using the formula:

                      Applicable rate x Value of assets
          

where: CMPT ``Applicable rate'' means the rate (expressed as a decimal fraction) that, under the regulations, is the rate of the levy applicable to the fund; CMPT ``Value of assets'' means the value of the assets of the fund at the end of the last financial year of the fund before the day on which the regulation imposing the levy took effect.

8(1A)  [Maximum and minimum amounts]  

However:

(a)  if there is a maximum amount of levy that is payable and the amount worked out under subsection (1) is more than that maximum amount - the amount of levy imposed on the fund is the maximum amount; or

(b)  if there is a minimum amount of levy that is payable and the amount worked out under subsection (1) is less than that minimum amount - the amount of levy imposed on the fund is the minimum amount.

8(2)  [Maximum rate]  

The applicable rate must not exceed 0.0005.