The Assistant Treasurer Senator Rod Kemp, today announced a reduction in the Superannuation Supervisory Levy applicable to excluded superannuation funds from $200 to $45 for the 1998-99 year of income lodged after 1 July 1999.
The Government announced in the 1998-99 Budget that, consistent with the Financial System Inquiry’s recommendation that regulatory agencies’ charges should reflect their costs, the Superannuation Supervisory Levy would be restructured to more accurately reflect cost recovery principles.
On this basis, the appropriate supervisory levy amount for excluded superannuation funds is $45.
Outstanding levies for the 1997-98 and previous years of income are unchanged by the reduction in the levy for the 1998-99 year of income.
CANBERRA
30 June 1999
Contact Officer: Matthew Guy (02) 6277 7360