Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)

Schedule 5   Amendments relating to levies

Superannuation Supervisory Levy Imposition Act 1998

32   Subsection 7(1B)

Repeal the subsection, substitute:

(1B) The unrestricted levy component for the financial year is the amount that, for the financial year, is the unrestricted levy percentage of:

(a) if the superannuation entity was an unregulated entity, or was not in existence, on 30 June of the previous financial year - the entity's levy base on the day when the entity became a superannuation entity; or

(b) otherwise - the superannuation entity's levy base on 30 June of the previous financial year.

Note: The unrestricted levy percentage is as determined under subsection (3).