9‑3 Superannuation entity’s levy base9‑3 Superannuation entity’s levy base

9‑3 Superannuation entity’s levy base

(1) For paragraph 7(3)(d) of the Act, this section sets out how a superannuation entity’s levy base is to be worked out. (2) If the valuation day for a superannuation entity is 30 June of the previous financial year, the superannuation entity’s levy base is the amount that is required to be reported as at that day in: (a) if Reporting Standard SRS 320.0 Statement of Financial Position applies to the entity for a reporting period that ends on that day—item 25 of Form SRF 320.0: Statement of Financial Position in that Reporting Standard; or (b) otherwise—item 7 of Form SRF 800.0: Financial Statements in Reporting Standard SRS 800.0 Financial Statements. (3) If the valuation day for a superannuation entity is during the current financial year, the superannuation entity’s levy base is to be worked out: (a) if the superannuation entity consists entirely of the life insurance policies of individual members of the fund—in the same way as the current value of the policies on the valuation day is assessed by the insurer; or (b) otherwise—by determining the net balance of the entity on the valuation day based on the audited accounts of the entity. (4) Despite subsections (2) and (3), in working out a superannuation entity’s levy base, disregard the superannuation entity’s employer‑sponsored receivables.