Superannuation (Financial Assistance Funding) Levy Act 1993

The Act builds on a small set of statutory concepts and a tightly specified regulatory mechanism.

• Fund. The Act defines “fund” to mean a regulated superannuation fund or an approved deposit fund, expressly excluding self managed superannuation funds (s5). That definition determines the universe of potential levy payers.

• Levy. “Levy” is defined in s5 as a levy imposed by regulations under s6. The Act does not itself set tax or collection procedures; it delegates the substantive imposition and details to regulations made by the Governor‑General (s6, s10).

• Triggering event. A levy can only be imposed if the Minister makes a determination under Part 23 of the Superannuation Industry (Supervision) Act 1993 to grant financial assistance to a fund (s6(1)). The Act therefore ties levy imposition to a specific, external decision under the SIS Act rather than to an independent assessment under this Act.

• Multiple determinations in a financial year. If the Minister makes more than one Part 23 determination in a financial year, regulations may impose levies only on funds that are not recipients of determinations in that same financial year (s6(1A)). Where levies are imposed in respect of more than one determination, regulations must list the relevant funds and the proportion of the levy each represents (s6(1B)).

• Calculation base. The levy is calculated by applying an “applicable rate” (a decimal fraction prescribed in the regulations) to the “value of assets” of the fund at the end of its last financial year prior to the regulation taking effect (s8(1)). The Act thus fixes both the arithmetic form of the levy and the timing for the asset base.

• Floor and ceiling. Regulations may specify maximum and minimum amounts of levy (s6(3)), and the Act provides that where such maxima or minima are specified the computed amount is subject to those bounds (s8(1A)). Separately, s8(2) caps the applicable rate at 0.0005 and s7(2) imposes a financial‑year limit on the aggregate burden such that rates in a year must not be such that the total payable would exceed 0.05 per cent of the sum of asset values of the funds on which levies are imposed.

• Non‑discrimination and classification. Regulations may set different rates by class of fund, but not otherwise discriminate between funds, and they may not define classes so as to operate as discrimination between States or parts of States (s9(1)-(2)). Each levy must also be identified by a unique number (s6(2)).

• Importation of SIS Act provisions. Section 4 makes section 9 and Division 2 of Part 1 of the Superannuation Industry (Supervision) Act 1993 apply “in a corresponding way” to this Act. The Act thereby imports procedural or application provisions from the SIS Act into this levy framework; the specific content of those provisions is not set out in this Act but is linked to it (s4).

• Regulation‑making power. The Governor‑General may make regulations prescribing matters required or permitted by the Act or matters necessary or convenient for carrying out the Act (s10). The substantive levy design, collection, and procedural machinery therefore rest primarily in delegated instruments rather than this Act’s text.

These concepts combine to place the levy apparatus on a contingent, regulatory footing: levies arise only following Ministerial determinations under Part 23 of the SIS Act, are specified in regulations, are calculated on a fund‑level asset base as at a prior financial year end, and are subject to numerical caps, class distinctions, and non‑discrimination constraints laid down in the Act.

The Act specifies a narrow but economically broad category of affected entities.

First, the levy power extends to “funds” as defined in the Act, namely regulated superannuation funds and approved deposit funds. The Act expressly excludes self managed superannuation funds from that definition (s5). Therefore trustees or administrators of regulated superannuation funds and approved deposit funds are the primary payers in the scheme created by the Act. The exclusion of self managed superannuation funds from the statutory definition means those entities lie outside the statutory levy base and would not be subject to levies imposed under this Act (s5).

Second, the Act provides that the fund or funds that receive financial assistance under Part 23 in a financial year are not to be levied in respect of that determination in the same financial year (s6(1)(a)-(b); s6(1A)). Practically, that means the burden of recoupment is placed on the remainder of the regulated fund universe, excluding the direct recipient(s) of assistance and excluding any other fund that is the subject of a contemporaneous determination in the same financial year. Where there are multiple Ministerial determinations in a single financial year, the regulations must specify all the funds in respect of which those determinations are made and each fund’s proportion of the levy (s6(1B)). That requirement binds the form of cross‑fund allocation when multiple recipients exist within a single year.

Third, the Act authorises differentiation between classes of funds but constrains discrimination. Regulations may prescribe different rates for different classes of funds (s9(1)(a)); that enables the regime to treat, for example, industry funds, retail funds, or small funds differently if the regulations so provide. However, regulations must not otherwise discriminate between different funds, and must not define classes so as to operate as discrimination between States or parts of States (s9(1)(b)-(2)). Consequently, the practical incidence of the levy can be shaped by class‑based regulatory design but not by ad hoc, fund‑specific treatment or by geographic discrimination.

Fourth, the levy calculation uses each fund’s “value of assets” at the end of the last financial year of the fund before the regulation took effect (s8(1)). The timing rule means that funds’ balance dates and their reported asset values become the direct determinant of their individual levy, which has budgeting and governance implications for trustees and administrators in the period between the financial year end and any levy regulation.

Finally, decision‑making actors are the Minister (who determines grants of financial assistance under Part 23 of the SIS Act) and the Governor‑General (who makes the regulations identifying the levies and their parameters) (s6, s10). The Act therefore affects entities whose behaviour is governed by or interacts with Ministerial determinations under the SIS Act and with regulations made by the Governor‑General pursuant to this Act.

In short, trustees and administrators of regulated superannuation funds and approved deposit funds (excluding SMSFs) carry the primary compliance exposure; the recipients of Part 23 assistance are excluded in the year of receipt; class‑based regulatory distinctions are permitted but state‑based discrimination is not; and the levy base is tied to each fund’s published financial year end asset value.

The Act assigns a limited set of statutory duties to affected funds and identifies rights and procedural constraints embedded in the regulatory design.

Duties and calculational obligations

• Payment obligation as prescribed. The Act empowers regulations to impose levies on funds (s6(1)). The text itself does not contain procedural language about notice, payment schedules, or collection mechanisms; those matters are within the regulations made under s10 and the provisions of the Superannuation Industry (Supervision) Act that are applied by s4. Nonetheless, the essential duty established by the Act is that where regulations impose a levy, a fund within the levy class must pay the amount calculated under the formula in s8(1), subject to any minimum or maximum in the regulations (s6(3), s8(1A)).

• Calculation method. The Act prescribes how the levy amount is worked out: by applying the applicable rate (a decimal fraction set by regulation) to the fund’s “value of assets” at the end of the fund’s last financial year before the day the regulations take effect (s8(1)). The applicable rate is capped at 0.0005 (s8(2)). If the regulations set a maximum or minimum payable amount, those bounds control the final payable figure for the fund (s6(3), s8(1A)).

Rights and constraints

• Exemptions in the year of assistance. The fund that receives financial assistance under Part 23 is explicitly excluded from being levied in respect of that assistance in the same financial year; similarly, if more than one determination is made in a financial year, funds that are recipients in that year are excluded from levy for those determinations (s6(1), s6(1A)). Where regulations impose levies in respect of more than one determination, they must specify the funds to which determinations relate and each fund’s proportion of the levy (s6(1B)). Those textual rights constrain who may be charged in a given year.

• Class differentiation. Regulations can provide different rates for different classes of funds, enabling differential treatment (s9(1)(a)). At the same time, regulations must not otherwise discriminate between different funds and must not define classes in a way that discriminates by State or part of a State (s9(1)(b)-(2)). These provisions operate as legal limits on regulatory design.

• Identification and transparency requirement. Each levy must be identified in the regulations by a unique number (s6(2)). That requirement imposes a basic transparency structure on the regulatory instrument so that levies are identifiable and trackable across instruments and years.

• Importation of SIS Act procedural provisions. Section 4 applies certain provisions of the Superannuation Industry (Supervision) Act 1993 to this Act in a corresponding way. The practical effect is that rights, obligations, definitions, or procedures set out in those SIS Act provisions will govern aspects of the levy regime; the Act therefore confers rights and imposes duties not only directly but also through those applied SIS Act provisions (s4).

Discretionary or delegated aspects

• Regulation‑making power. The Governor‑General has a broad power to make regulations prescribing matters required or permitted by the Act or necessary or convenient to carry out the Act (s10). That means the detailed duties and compliance processes for funds are to be found primarily in delegated rules rather than in the Act’s main body.

• Ministerial role. The levy power is contingent upon a Ministerial determination under Part 23 of the SIS Act (s6(1)). The Minister’s exercise of that Part 23 function therefore effectively starts the administrative machinery that leads to levies.

Limitations on duties

• Rate and aggregate caps. The Act contains two numerical constraints: the applicable rate must not exceed 0.0005 (s8(2)); and rates imposed in a financial year are not to be such that total payable would exceed 0.05 per cent of the aggregate asset base for funds subject to the levy (s7(2)). Those constraints limit the statutory exposure of funds, although s7(3) preserves the validity of a regulation even where it fixes rates in excess of the maximum rates required by subsections (1) and (2).

Overall, the core duty is clear: pay the levy amount computed by regulation and by the formula in s8, unless exempted by the Act’s specific provisions. The Act delegates most procedural and enforcement specifics to regulations and to the applied provisions of the SIS Act (s10, s4).

The Act itself contains no explicit penalty provisions, sanctioning language, or detailed enforcement mechanics within its operative text. It confines itself to authorising the imposition of levies by regulation, prescribing calculation rules, and setting constraints on rates and discrimination. Where the Act addresses procedural or enforcement aspects, it does so indirectly.

• No express criminal or civil penalties in this Act. The provided text contains no sections establishing offences, penalty levels, interest for late payment, distraint powers, garnishment mechanisms, lien or priority rules, administrative penalties, or similar enforcement devices. The levy power in s6 is framed as a regulation‑making power; the Act leaves the practicalities of collection to the regulations made under s10 and to the Superannuation Industry (Supervision) Act provisions applied by s4.

• Delegated enforcement. Section 10 gives the Governor‑General the power to make regulations necessary or convenient to carry out the Act (s10). Enforcement powers, recovery methods, timeframes for payment, notice requirements, objection and review processes, and related sanctions would therefore need to be specified in those regulations. The Act anticipates but does not itself provide for these details.

• Importing SIS Act mechanisms. Section 4 imports section 9 and Division 2 of Part 1 of the Superannuation Industry (Supervision) Act 1993 in a corresponding way (s4). Those SIS Act provisions, where they contain collection, administrative, or enforcement mechanisms, will apply to the levy regime to the extent their content is relevant and applicable. The Act’s reliance on those SIS Act provisions means enforcement is likely to be carried out in the framework of existing superannuation regulatory procedures, but the content and scope of those SIS Act enforcement mechanisms are not set out in this Act and must be read from the SIS Act itself.

• Judicial validity and challenge. Section 7(3) of this Act states that the validity of a regulation is not affected merely because it fixes a rate or rates of levy in excess of the maximum rate or rates required because of subsections (1) and (2) (s7(3)). That provision narrows a ground on which a regulation might be challenged for exceeding statutory maxima. It does not, however, preclude other judicial review avenues or challenges based on other legal errors in the making of regulations. The Act does not specify a statutory tribunal or specific time limits for challenges.

In practical terms, compliance officers, trustees, and advisers must look to the regulations made under s10 and to the applied SIS Act provisions mentioned in s4 to identify the exact enforcement, penalty and recovery regime that will govern non‑payment or late payment of levies. The Act establishes the levy power and the arithmetic of liability but leaves the remediation and sanctioning framework to delegated legislation and to the SIS Act text applied by s4.

The Act is explicitly tethered to the Superannuation Industry (Supervision) Act 1993 and operates by reference to it. Beyond that primary interaction, the Act leaves other legal interfaces to the content of regulations and the imported SIS Act provisions.

Direct and explicit interactions

• Part 23 of the SIS Act is the trigger. The Minister’s determination under Part 23 of the Superannuation Industry (Supervision) Act 1993 to grant financial assistance is the statutory condition for levies under this Act (s6(1)). The Act therefore cannot operate independently of the SIS Act’s Part 23 mechanisms; it is a contingent fiscal instrument that implements cross‑fund recoupment following the operation of the SIS Act’s financial assistance provisions.

• Importation of SIS Act provisions. Section 4 applies section 9 and Division 2 of Part 1 of the SIS Act “in a corresponding way” to this Act (s4). That import will align aspects of the levy regime - potentially procedural, definitional, or administrative matters - with pre‑existing SIS Act constructs. The precise effects depend on the text of those imported SIS Act provisions.

Implicit or practical interactions

• Fund accounting and reporting regimes. The levy calculation in s8 uses the fund’s “value of assets” at the end of the last financial year before the regulation takes effect (s8(1)). Determining that valuation will interact with the accounting rules, actuarial valuations, audit requirements, and financial reporting timetables that apply to regulated superannuation funds and approved deposit funds under other statutes, regulatory guidance, and fund rules. The Act takes those external accounting outcomes as inputs but does not specify valuation methodology; consequently the levy interacts with the body of law and regulatory practice that governs how funds prepare and certify year‑end asset values.

• Tax and insolvency regimes. Although the Act does not mention taxation or insolvency laws, levies imposed under this Act will interact in practice with funds’ cashflow, tax liabilities, and priority of claims under insolvency regimes. The Act does not set priority or recovery rules in those contexts; those interactions will be governed by general corporate and insolvency law principles and by any collection rules contained in the regulations or the SIS Act provisions applied by s4.

• Constitutional and federal relations constraints. Section 9(2) bars regulations from defining classes in a way that would discriminate between States or parts of States (s9(2)). That constraint reflects a statutory recognition of inter‑jurisdictional fairness and interacts with federal constitutional principles about discrimination between States. The Act therefore imposes a legal boundary on regulatory design to avoid state‑based economic discrimination.

• Delegated law and administrative law. The Act grants a regulation‑making power to the Governor‑General (s10) and imports SIS Act provisions (s4). The content of the levy regime will therefore be shaped by delegated legislation, which must comply with overarching administrative law principles, the enabling Act’s constraints (including s7 numerical constraints and s9 non‑discrimination rules), and any applicable disallowance or parliamentary oversight mechanisms for regulations. Section 7(3) also interacts with judicial review because it narrows one ground for contention about rate validity.

In short, the Act operates as a narrowly specified fiscal device that depends on, and must be read with, the SIS Act. For operational detail on collection, valuation methods, enforcement, and dispute resolution, one must consult the regulations made under s10 and the SIS Act provisions applied by s4. The Act intentionally leaves these technical interactions to delegated instruments and the pre‑existing superannuation regulatory framework.

The supplied text of the Superannuation (Financial Assistance Funding) Levy Act 1993 contains its operative provisions as presented; it does not include textual annotations, schedules of amendments, or a legislative history in the body supplied. The Act’s own commencement clause ties its coming into operation to Part 23 of the Superannuation Industry (Supervision) Act 1993 (s2), and its short title is specified in s1. The Act does not itself present any chronological list of amendments, omissive notes, or historical annotations in the provided material.

What the text does show about its structure and legislative design:

• The Act is short and focused. It comprises discrete provisions: title and commencement (ss1-2), a single‑sentence object provision (s3), an importation clause linking specified SIS Act provisions to this Act (s4), definitions (s5), the core delegation to regulations to impose levies (s6), numerical and conceptual constraints on levy design (s7-s9), and a standard regulation‑making provision (s10).

• The Act uses “see Note 1” markers alongside the short title and commencement provisions in the provided text. Those note references ordinarily indicate ancillary publication notes or internal legislative references in an official version; however, no text of Note 1 or subsequent amendment annotations is included in the supplied material.

• The Act contains provisions that anticipate evolving regulatory practice. For example, the power to set maximum and minimum levy amounts by regulation (s6(3)), the requirement for unique levy identification (s6(2)), and the importation of SIS Act provisions (s4) indicate that the drafters intended the Act to be implemented through delegated instruments rather than by frequent primary legislation amendments.

Because no amendment schedule or history is included in the supplied text, readers seeking the legislative amendment record, dates of any variations to rate caps, or later repeals must consult official consolidated legislation or government legislative history sources. The Act as supplied presents the law’s operative form without an internal amendment log.

The supplied Act text contains no references to judicial decisions, litigation, or case law construing its provisions. There are no annotated cases cited, no cross‑references to judicial determinations, nor any record in the text of legal challenges to its provisions.

Given that s7(3) preserves the validity of regulations even where they fix rates in excess of certain statutory maxima, potential avenues for litigation would likely centre on procedural defects in regulation‑making, constitutional challenges, or other legal errors in the exercise of delegated legislative power. However, no such proceedings or authorities are referenced in the supplied material.

Consequently, within the boundaries of the text provided, there is no litigation history to report. Practitioners requiring information on whether this Act has been the subject of judicial interpretation or constitutional challenge must consult external legal databases, court records, and consolidated legislation with annotations, none of which are included in the supplied text.

This Act is short, but it contains several drafting and operation features that can produce practical pitfalls for funds, regulators, and advisers. The following items highlight specific textual mechanics that warrant attention.

1. Exemption timing and multiple determinations. The Act prevents levying the fund that receives assistance in the same financial year (s6(1)(a)). If there are multiple Ministerial determinations in a financial year, s6(1A) similarly excludes recipient funds for that year and s6(1B) requires regulations imposing levies in respect of more than one determination to specify all funds and the proportion of the levy each fund represents. The consequence is that the timing and sequencing of Part 23 determinations materially affect which funds get levied and how the burden is allocated across the remaining funds. Funds and advisers must watch the administrative timeline of Part 23 determinations closely.

2. Definition of “fund” excludes SMSFs. Self managed superannuation funds are expressly excluded from the levy base (s5). That exclusion creates a legal boundary with potential economic consequences for equity across fund types, and it may create behavioural incentives where certain trustees might consider structural choices in response to a levy regime. The Act itself does not discuss such incentives, but the exclusion is explicit and unambiguous in the statutory text.

3. Dependence on prior financial year asset values. The levy uses the value of assets at the end of the fund’s last financial year before the regulation takes effect (s8(1)). This creates potential timing distortions. A fund that has experienced recent growth or decline after its last financial year end will still be levied on the prior year end value until the next regulation uses a later financial year end. Trustees should note the effect of their chosen fund balance date and audit timetables, as those dates determine the base for levy computation.

4. Apparent duplication of numerical caps and a non‑invalidate clause. The Act contains two numerical constraints: s8(2) caps the applicable rate at 0.0005; s7(2) provides that rates imposed in a financial year are not to be such that total amounts payable would exceed 0.05 per cent of the sum of the asset values of the funds subject to levy. Numerically, 0.0005 expressed as a fraction equals 0.05 per cent, so the two provisions appear to be aligned. However, s7(3) says that the validity of a regulation is not affected merely because it fixes a rate or rates in excess of the maximal rate required by subsections (1) and (2). That means a regulation that exceeds the numerical constraints will not automatically be invalidated solely on that ground. The clause therefore narrows a conventional statutory check against over‑collection and may affect legal strategies that seek to challenge overreaching regulations.

5. Delegation of operational detail to regulations and imported SIS Act provisions. The Act intentionally leaves procedural, collection, recovery, objection and enforcement mechanisms to regulations (s10) and to provisions of the SIS Act applied by s4. Practically, therefore, the statute sets out the liability formula and constraints but not the how of administration. That raises a potential operational gotcha: until the regulations are examined, affected parties cannot know the timing for notices, due dates, interest or penalties for late payment, or recovery routes.

6. Unique levy numbering but otherwise aggregated instruments. The Act requires each levy to be identified by a unique number (s6(2)). Where the regulations impose levies in respect of multiple determinations, they must aggregate and specify proportions (s6(1B)). Funds therefore need to track levy instruments by number and by the underlying Part 23 determination(s) to understand both purpose and allocation.

7. Limits on discrimination by State but permission to class‑differentiate. Regulations may provide different rates for different classes of funds (s9(1)(a)), which enables targeted design. At the same time, regulations must not otherwise discriminate between funds and must not define classes so as to discriminate between States or parts of States (s9(1)(b)-(2)). For drafters, the constraint requires careful class definitions that are neutral with respect to geography; for regulated entities, the result is that class‑based differential treatment is permissible but geography‑based differentials are not.

8. No explicit procedural safeguards in the Act text. There is no express right of review, appeal, or objection concerning the levy amount or its imposition in the Act itself. Any such procedures must be found in the regulations or in the SIS Act provisions incorporated by s4. Practitioners must therefore consult subordinate instruments and the SIS Act for redress mechanisms.

9. Potential mismatch between statutory arithmetic and practical distribution of burden. The Act’s arithmetic approach (applicable rate × prior year asset value, subject to min/max) is simple, but when multiple determinations or multiple levies are imposed across years, tracking cumulative levies and ensuring compliance with the recoupment premise in s7(1) and the aggregate cap in s7(2) becomes administratively non‑trivial. The Act anticipates such multi‑determination situations (s6(1B)) but leaves the detailed allocation and accounting practice to regulations.

10. Reliance on external definitions. Terms such as “regulated superannuation fund,” “approved deposit fund,” and “financial year of the fund” are central to levy incidence but are not defined in this Act. Those definitions are likely sourced in the SIS Act and in tax and superannuation regulatory instruments. A failure to cross‑reference those external definitions in practical compliance could produce misclassification and payment errors.

These features are not speculative; each is traceable to specific text in the Act. Practitioners should inspect the regulations made under s10 and the relevant provisions of the Superannuation Industry (Supervision) Act 1993 applied by s4 to resolve operational questions and to avoid these common pitfalls.

This Act provides the liability formula and delegates procedural detail to regulations and to certain provisions of the Superannuation Industry (Supervision) Act 1993. Compliance therefore requires a combination of statutory awareness and practical steps to be taken once regulations are made. The following is a practical compliance checklist grounded in the Act’s operative text.

1. Monitor Part 23 determinations. Because a levy can only be imposed after the Minister makes a Part 23 determination under the SIS Act (s6(1)), funds should monitor Ministerial actions under Part 23. Trustees and administrators should establish a process to receive prompt notification of any Part 23 determinations and to liaise with industry bodies or regulators to obtain copies of any associated levy regulations.

2. Track regulations and unique levy numbers. Each levy must be identified by a unique number in the regulations (s6(2)). Ensure that internal finance, compliance and record keeping systems can record levy numbers, the regulation instrument, the relevant Part 23 determination(s), and any associated correspondence. This will be essential where regulations allocate levies across multiple determinations (s6(1B)).

3. Calculate the levy using the statutory formula. The Act requires that the levy amount for a fund be worked out using the formula set out in s8(1) , the applicable rate (prescribed in the regulations) applied to the fund’s value of assets at the end of the last financial year of the fund before the regulation took effect. Practically:

   • Identify the fund’s last financial year end that precedes the regulation’s effective date.

   • Use the certified or audited “value of assets” at that date as the base.

   • Apply the applicable rate specified in the regulation to that value.

   • Apply any regulation‑specified maximum or minimum amounts so the final liability is the bounded value (s8(1A), s6(3)).

4. Check rate caps and aggregate limits. Ensure the applicable rate does not exceed the statutory cap of 0.0005 (s8(2)). Confirm whether the regulation respects the annual aggregate limit in s7(2), which provides that rates in a financial year should not result in total amounts payable exceeding 0.05 per cent of the aggregate asset base. Note, however, that s7(3) preserves a regulation’s validity even if it exceeds maxima required because of s7(1) and s7(2). In practice, funds should still perform these checks for accounting and governance reasons.

5. Determine whether the fund is excluded. If the fund is the recipient of Part 23 assistance in the same financial year, it is not to be levied in respect of that assistance (s6(1)(a)). If multiple determinations exist in the same financial year, check whether the fund is excluded under s6(1A). Where levies are imposed for multiple determinations, use the proportions provided in the regulation to allocate liability (s6(1B)).

6. Consider classification and non‑discrimination provisions. If different classes of funds are treated differently in the regulation, identify the regulating instrument’s class definitions and verify that they conform to s9(1)-(2) (no otherwise discrimination between funds; no class definition that discriminates between States or parts of States). Ensure that your fund’s classification aligns with the regulatory definition.

7. Prepare internal controls for timing and payment. The Act fixes the valuation date as the fund’s last financial year end prior to the regulation’s effective date (s8(1)). Ensure that auditors, actuaries, and finance teams can provide certified asset valuations at year end and that the fund can process payments within the timelines and methods that the regulations or applied SIS Act provisions prescribe.

8. Maintain documentation and records. Retain records demonstrating the source of the asset value (audited financial statements, trustee resolutions as to financial year end, valuation certificates), the calculation steps, the applicable regulatory instrument and number, and any communications with regulators. Because the Act does not itself provide detailed records or notification obligations, those records will be essential if collection or auditing questions arise under the regulations or the SIS Act provisions applied by s4.

9. Review the regulations for procedural rights. The Act does not set out objection, dispute resolution, or review processes in its text. Examine the regulations made under s10 and the SIS Act provisions imported by s4 to identify rights of objection, administrative review, or appeal and the timeframes and processes for contesting liabilities.

10. Budget for potential minimums, maximums and cumulative levies. Regulations may set minimum or maximum amounts for individual fund liabilities (s6(3), s8(1A)). Additionally, if multiple determinations occur or multiple levies are imposed across periods, cumulative burdens can arise. Trustees should incorporate contingent budgeting into their financial plans and communicate expected impacts to members and stakeholders.

11. Consider structural implications. The statutory exclusion of self managed superannuation funds (s5) is clear. Trustees and advisers should consider the regime’s interaction with fund structure and governance as part of strategic planning, while recognising that any structural decisions should be taken with full compliance with the SIS Act and tax law and not solely to avoid levies.

12. Seek legal and regulatory advice. Because procedural, enforcement and remedial mechanisms are delegated to regulations and to the SIS Act provisions applied by s4, trustees and their advisers should consult the subsidiary instruments and the SIS Act to obtain actionable guidance on payment schedules, collection mechanisms, and rights of review. The Act provides the liability form; the regulations will provide the operational rules.

By following these steps , monitor Part 23 determinations, obtain and record applicable regulations and levy numbers, compute liabilities using the last financial year asset values and the prescribed rate, apply regulatory minima and maxima, and consult the regulations and applied SIS Act provisions for procedural details , funds can meet the statutory requirements the Act establishes.