FIRST HOME SAVER ACCOUNT PROVIDERS SUPERVISORY LEVY IMPOSITION ACT 2008 (REPEALED)

SECTION 7   AMOUNT OF LEVY  

7(1)    
Subject to subsection (4), the amount of levy payable by a leviable FHSA entity for a financial year is the sum of the restricted levy component and the unrestricted levy component for the financial year.

Note:

For restricted levy component , see subsection (2). For unrestricted levy component , see subsection (3).

7(2)    
The restricted levy component for the financial year is:

(a) unless paragraph (b) or (c) applies - the amount that, for the financial year, is the restricted levy percentage of the leviable FHSA entity ' s levy base; or

(b) if the amount worked out under paragraph (a) exceeds the maximum restricted levy amount for the financial year - the maximum restricted levy amount; or

(c) if the amount worked out under paragraph (a) is less than the minimum restricted levy amount for the financial year - the minimum restricted levy amount.

Note:

The restricted levy percentage, maximum restricted levy amount, minimum restricted levy amount and the method of working out the leviable FHSA entity ' s levy base are as determined under subsection (5).

7(3)    
The unrestricted levy component for the financial year is the amount that, for the financial year, is the unrestricted levy percentage of the leviable FHSA entity ' s levy base.

Note:

The unrestricted levy percentage is as determined under subsection (5).

7(4)    
If the levy imposition day for the leviable FHSA entity for the financial year is later than 1 July in the financial year, the amount of levy payable by the provider for the financial year is the amount worked out using the following formula:

	The amount worked out under subsection (1)	×	(   1     +	The number of days in the financial year after the levy imposition day	)
	The number of days in the financial year

7(5)    
The Treasurer must, by legislative instrument, determine:

(a) the maximum restricted levy amount for each financial year; and

(b) the minimum restricted levy amount for each financial year; and

(c) the restricted levy percentage for each financial year; and

(d) the unrestricted levy percentage for each financial year; and

(e) how a leviable FHSA entity ' s levy base is to be worked out.

7(6)    
An amount determined under paragraph (5)(a) as the maximum restricted levy amount must not exceed the statutory upper limit as at the time when the determination is made.

7(7)    
The Treasurer ' s determination under paragraph (5)(e) of how a leviable FHSA entity ' s levy base is to be worked out must:

(a) in the case of a leviable FHSA entity that is the trustee of a trust - specify that the value is to be worked out using the total value of the assets of FHSA trusts provided by the entity; and

(b) in the case of a leviable FHSA entity that is an ADI or a life insurance company - specify that the value is to be worked out using the balances of all FHSAs provided by the entity.

7(8)    
The Treasurer ' s determination under paragraph (5)(e) of how a leviable FHSA entity ' s levy base is to be worked out must include, but is not limited to, a determination of the day as at which the leviable FHSA entity ' s levy base is to be worked out. That day must be:

(a) if the leviable FHSA entity was a leviable FHSA entity at all times from and including 17 March of the previous financial year to and including the following 30 June - a day in the period from and including that 17 March to and including the following 14 April; or

(b) if the leviable FHSA entity was not a leviable FHSA entity at all times from and including 17 March of the previous financial year to and including the following 30 June - the day after that 17 March when the leviable FHSA entity became, or becomes, a leviable FHSA entity.

7(9)    
A determination under subsection (5) may make different provision for different classes of leviable FHSA entity.