7Amount of levy

#### 7 Amount of levy (1) Subject to subsection (2), the amount of levy payable by a trustee of a superannuation entity for a financial year is the sum of the restricted levy component and the unrestricted levy component for the financial year. > Note: For restricted levy component, see subsection (1A). For unrestricted levy component, see subsection (1B). (1A) The restricted levy component for the financial year is: (a) unless paragraph (b) or (c) applies—the amount that, for the financial year, is the restricted levy percentage of: (i) except where the superannuation entity was an unregulated entity on 30 June of the previous financial year—the superannuation entity’s levy base on that day; or (ii) if the superannuation entity was an unregulated entity, or was not in existence, on 30 June of the previous financial year—the entity’s levy base on the day when the entity became a superannuation entity; or (b) if the amount worked out under paragraph (a) exceeds the maximum restricted levy amount for the financial year—the maximum restricted levy amount; or (c) if the amount worked out under paragraph (a) is less than the minimum restricted levy amount for the financial year—the minimum restricted levy amount. > Note: The restricted levy percentage, maximum restricted levy amount, minimum restricted levy amount and the method of working out the superannuation entity’s levy base are as determined under subsection (3). (1B) The unrestricted levy component for the financial year is the amount that, for the financial year, is the unrestricted levy percentage of: (a) if the superannuation entity was an unregulated entity, or was not in existence, on 30 June of the previous financial year—the entity’s levy base on the day when the entity became a superannuation entity; or (b) otherwise—the superannuation entity’s levy base on 30 June of the previous financial year. > Note: The unrestricted levy percentage is as determined under subsection (3). (2) If the levy imposition day for the trustee of a superannuation entity for the financial year is later than 1 July in the financial year, the amount of levy payable by the trustee for the financial year is the amount worked out using the following formula:  (3) The Treasurer is, by legislative instrument, to determine: (a) the maximum restricted levy amount for each financial year; and (b) the minimum restricted levy amount for each financial year; and (c) the restricted levy percentage for each financial year; and (ca) the unrestricted levy percentage for each financial year; and (d) how a superannuation entity’s levy base is to be worked out. (4) An amount determined under subsection (3) as the maximum restricted levy amount for a financial year must not exceed the statutory upper limit for the financial year. (4A) A determination under subsection (3) may make different provision for different classes of superannuation entity. (5) Without limiting subsection (3), the Treasurer may make more than one determination, for a financial year, about any or all of the matters referred to in that subsection.