✦ Plain-English Summary

Superannuation Supervisory Levy Imposition Amendment 2020

What it does

The government updated how it calculates the annual fee (called a "levy") that it charges to superannuation regulators. The main change sets a cap of $10 million on what the regulator can be charged for the 2020-21 financial year, and adjusts the formula used to increase this cap in future years based on inflation.

Why it matters

Super fund regulators pass these costs on to the funds they oversee, which ultimately affects what members pay in fees. Capping and clarifying how these charges increase helps keep costs more predictable and prevents unexpected jumps in what funds have to pay the regulator.

Key details

• The $10 million cap applies from 1 July 2020 onwards
• Future years' caps will be adjusted using a set inflation formula (based on Australian Bureau of Statistics data, plus an extra 3%)
• The law came into effect the day after the Governor-General signed it off
• This only affects how the Treasury calculates the regulator's funding—it doesn't change what individual Australians pay into their super accounts

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

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