Bills Digest 82 1996-97 Retirement Savings Accounts Supervisory Levy Bill 1996


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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 consulted to determine the subsequent official status of the Bill.

CONTENTS

Passage History

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

Purpose

To impose a maximum levy on Retirement Savings Accounts (RSA) providers to pay for the Insurance and Superannuation Commission supervision of the industry.

Background

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.

Main Provisions

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.

Contact Officer and Copyright Details

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

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by Members of the Australian Parliament in the course of their official duties.

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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