Superannuation Legislation Amendment (Stronger Super) Act 2012 (91 of 2012)

Schedule 2  

Australian Prudential Regulation Authority Act 1998

4   Subsections 50(2) and 50(3)

Repeal the subsections, substitute:

(2) The proportion determined under subsection (1A) of any amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year, is to be credited to the APRA Special Account.

(3) If the amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year, exceeds the sum of:

(a) the amount determined under paragraph (1)(a), or the total of the amounts determined under paragraph (1)(b), for that financial year; and

(b) the proportion determined under subsection (1A) of amounts of levy money, for that financial year;

the excess is to be credited to the APRA Special Account.

Note: The annual financial statements of APRA, in respect of the APRA Special Account, must be prepared in accordance with the Finance Minister’s Orders (see section 49 of the Financial Management and Accountability Act 1997).