Definitions
5 Definitions
In this Act, unless the contrary intention appears:
indexation factor means the indexation factor calculated under section 8.
index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.
levy imposition day, in relation to a trustee of a superannuation entity for a financial year, means:
if the superannuation entity is a superannuation entity on 1 July of the financial year—that day; or
in any other case—the day, during the financial year, on which the superannuation entity becomes a superannuation entity.
statutory upper limit means:
for the financial year commencing on 1 July 2020—$10,000,000; or
for a later financial year—the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.
superannuation entity means an entity that:
is a superannuation entity within the meaning of the Superannuation Industry (Supervision) Act 1993; and
is not a self managed superannuation fund within the meaning of that Act.
trustee, in relation to a superannuation entity, means the person who is the trustee of the entity for the purposes of the Superannuation Industry (Supervision) Act 1993.
unregulated entity at a particular time means:
a fund, trust or scheme that, at that time, is not a superannuation entity within the meaning of the Superannuation Industry (Supervision) Act 1993; or
a fund or scheme that, at that time, is a self managed superannuation fund within the meaning of that Act.
This Act’s bill:Second reading speech
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