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RETIREMENT SAVINGS ACCOUNTS (CONSEQUENTIAL AMENDMENTS) ACT 1997 - SCHEDULE 1

- Amendment of the Superannuation Entities (Taxation) Act 1987 1 The Title

After "deposit funds", insert ", retirement savings accounts".

2 Subsection 3(1) (definition of reviewable
decision )

Insert:

(a)
a decision of the Commissioner under section 15;
3 Subsection 3(1)

Insert:

"RSA provider" has the same meaning as in the Retirement Savings Accounts Act 1997 .

4 Subsection 3(1)

Insert:

"year of income", in relation to an RSA provider means a period that is, for the purposes of the Tax Act, the year of income of the RSA provider that commenced on 1 July 1997 or a subsequent year of income.

5 After Part III

Insert:

Part IIIAAA—Collection of Retirement Savings Accounts Supervisory Levy 10 Liability to levy
An RSA provider that lodges a return under section 44 of the Retirement Savings Accounts Act 1997 is liable to pay a levy on that lodgment.

11 When levy due for payment
(1)
Levy payable by an RSA provider on the lodgment of a particular return is due and payable on the day specified in a written notice given to the RSA provider by the Commissioner.

(2)
The specified day must not be earlier than 21 days after the day on which the notice is given.

12 Late payment penalty
(1)
If any levy payable by an RSA provider in relation to a return for a year of income remains unpaid throughout the whole or part of:

(a)
the calendar month beginning at the start of the day after the day on which the levy became due and payable; or
(b)
a later calendar month;

the RSA provider is liable to pay to the Commonwealth, in respect of that calendar month, by way of penalty, the late payment penalty worked out under subsection (2).
However, this rule does not apply if the levy was fully paid before the 15th day of the calendar month referred to in paragraph (a).

(2)
The late payment penalty for a calendar month is the greater of the following amounts:

(a)
the amount worked out using the following formula and rounded up to the nearest whole dollar:

(b)
the amount worked out using the following formula and rounded up to the nearest whole dollar:

(3)
In subsection (2):

"minimum basic levy amount", in relation to a year of income, means the lowest basic levy amount applicable to returns for the year of income for RSA providers that are RSA providers at all times during the year of income.

"unpaid levy" means the amount of levy unpaid in relation to the return as at the beginning of the calendar month.

(4)
If the amounts worked out under subsection (2) for a calendar month are equal, the late payment penalty for that calendar month is that amount.

(5)
Late payment penalty for a calendar month is due and payable at the end of the calendar month.

13 Recovery of levy
The following amounts may be recovered by the Commonwealth as debts due to the Commonwealth:

(a)
levy that is due and payable;
(b)
late payment penalty that is due and payable.
14 Payment of levy and late payment penalty
Levy and late payment penalty are payable to the Commissioner.

15 Remission of levy and penalties
The Commissioner may remit the whole or a part of the following:

(a)
an amount of levy;
(b)
an amount of late payment penalty.
15A Application of payments
(1)
This section applies if:

(a)
2 or more amounts payable to the Commissioner by a person under this Part would, apart from this section, be debts due to the Commonwealth under this Part; and
(b)
an amount (the debt payment ) is paid to the Commissioner in respect of one or more of those amounts; and
(c)
the sum of the amounts payable exceeds the debt payment.
(2)
If this section applies:

(a)
despite any direction to the contrary by or on behalf of the person by whom the amounts are payable or the person making the debt payment, the Commissioner may apply the debt payment in partial discharge of the sum of the amounts payable; and
(b)
the Commonwealth may recover as a debt due to the Commonwealth the amount by which the sum of the amounts payable exceeds the debt payment.
15B Exempting laws ineffective
(1)
Nothing in a law passed before the commencement of this section exempts a person from liability to levy.

(2)
A law, or a provision of a law, passed after the commencement of this section that purports to exempt an RSA provider from liability to pay taxes under laws of the Commonwealth or to pay certain taxes under those laws that include levy, other than a law or a provision that expressly exempts an RSA provider from liability to pay levy, is not to be construed as exempting the RSA provider from liability to pay levy.

15C Definitions
In this Part:

"basic levy amount" has the meaning given by section 6 of the Retirement Savings Accounts Supervisory Levy Act 1997.

"levy" means the levy imposed by the Retirement Savings Accounts Supervisory Levy Act 1997 .

"RSA" has the same meaning as in the Retirement Savings Accounts Act 1997 .

6 Subsection 16(1)

After "Commissioner" (first occurring), insert ", or an RSA provider that is affected by such a decision,".

7 Subsection 16(1)

After "unit trust" (second occurring), insert ", or the RSA provider,".

8 Subsection 17(1)

After "reviewable decision" (first occurring), insert ", or an RSA provider affected by such a decision,".

9 Paragraph 17(1)(a)

After "trustees", insert ", or the RSA provider,".

10 Paragraph 17(1)(b)

After "trustees", insert ", or the RSA provider,".

11 Subsection 17(2)

After "unit trust", insert ", or the RSA provider,".

12 Subsection 17(2)

After "the trustees" (second occurring), insert ", or the RSA provider,".

13 At the end of paragraph 22(2)(b)

Add:

or (c) levy imposed by the Retirement Savings Accounts Supervisory Levy Act 1997 .


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