The Government has hiked up its levy rate from 0.025 per cent to 0.030 per cent of the value of assets held by superannuation entities because of a call for greater supervision of this sector.
Minister for Revenue and Assistant Treasurer Senator Helen Coonan says the total levy revenue needed by the financial sector has risen from $67.1 million in the 2001/02 financial year to $74.2 million in 2002/03.
“The bulk of the increase reflects the increased cost of supervision, especially in the superannuation and general insurance sectors,” she says.
The maximum amount payable in the superannuation sector rose from $53,000 to $66,000, but there was no rise in the minimum amount payable of $400.
