50APRA’s share of levy money

50 APRA’s share of levy money

Determination of Commonwealth costs

(1) The Minister is to make, by legislative instrument, for each financial year, either of the following determinations:

(a) a determination specifying the amount of the levy money payable to the Commonwealth, in respect of levy for that financial year, to cover the following costs to the Commonwealth:

(i) costs incurred in connection with supporting the integrity and efficiency of markets in which leviable bodies operate;

(ii) costs incurred in connection with promoting the interests of consumers in markets in which leviable bodies operate;

(iii) the cost of administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account;

(iv) the cost of governing and maintaining the superannuation transactions network;

(v) costs relating directly or indirectly to the regulation of leviable bodies;

(b) a determination, in respect of each class of levy for that financial year, specifying the amount of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, to cover the following costs to the Commonwealth:

(i) costs incurred in connection with supporting the integrity and efficiency of markets in which leviable bodies operate;

(ii) costs incurred in connection with promoting the interests of consumers in markets in which leviable bodies operate;

(iii) the cost of administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account;

(iv) the cost of governing and maintaining the superannuation transactions network;

(v) costs relating directly or indirectly to the regulation of leviable bodies.

Note: Regulations made under the Superannuation Industry (Supervision) Act 1993 and the Retirement Savings Accounts Act 1997 provide for the making of determinations about the release of benefits on compassionate grounds.

(1A) The Minister may make, by legislative instrument, for each financial year, a determination specifying the proportion of amounts of levy money paid to APRA, on behalf of the Commonwealth, for the year, that is to be credited to the APRA Special Account on an ongoing basis.

Crediting to APRA Special Account

(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: