WARNING:
This Digest was prepared for debate. It reflects the legislation as
introduced and does not canvass subsequent amendments. This Digest
does not have any official legal status. Other sources should be
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CONTENTS
Retirement Savings Accounts Supervisory Levy Bill 1996
Date Introduced: 4 December 1996
House: House of Representatives
Portfolio: Treasury
Commencement: On the day on which the Retirement
Savings Account Bill 1996 commences
To impose a maximum levy on Retirement Savings Accounts (RSA)
providers to pay for the Insurance and Superannuation Commission
supervision of the industry.
Refer to the Digest for the Retirement Savings Accounts Bill
1996 for general information on RSAs. The collection of the levy is
dealt with in the Retirement Savings Accounts Consequential
Amendments Bill 1996.
Clause 5 of the Bill will formally impose the
levy on RSA providers.
The amount of the levy is dealt with in clause 6. The maximum
annual levy payable by a RSA provider will be $30 000, although the
actual rate of levy is to fixed by regulation. Where the levy is
not paid on the due date, an additional late payment penalty will
apply.
Chris Field
31 January 1997
Bills Digest Service
Information and Research Services
This Digest does not have any official legal status. Other
sources should be consulted to determine whether the Bill has been
enacted and, if so, whether the subsequent Act reflects further
amendments.
IRS staff are available to discuss the paper's contents
with Senators and Members and their staff but not with members of
the public.
ISSN 1323-9031
© Commonwealth of Australia 1997
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Published by the Department of the Parliamentary Library,
1997.
This page was prepared by the Parliamentary Library,
Commonwealth of Australia
Last updated: 10 April 1997
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