$2.2 million owed for Trio compensation levy

Treasury is yet to recoup $2.2 million from the levy it imposed on the superannuation industry in 2011 to compensate victims of the Trio Capital collapse.

It has released exposure draft regulations and explanatory material to recoup the total $16.7 million grant that was awarded in the 2012-13 financial year and collect the $2.2 million still owing from the 2011 levy.

Non-exempt funds would need to pay a levy at a rate of 0.00002482, the draft said. It proposed the maximum levy amount be capped at $750,000 and the minimum levy amount restricted to $50, with payment due a minimum of 28 days after the regulations were passed.

At the beginning of last year, Treasury provided a grant of $55 million under Part 23 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) to compensate victims of fraud from the Australian Prudential Regulation Authority (APRA)-regulated super industry who had suffered as a result of the collapse of Trio Capital.

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The grant was to be recouped by the 2011 levy.

In the second half of 2012, the Government pledged a further grant of $16.7 million to compensate members of super funds that invested in Trio and also signalled its intent to collect the $2.2 million shortfall.