Authorised-deposit-taking institutions that offer services in South Australia and are liable for the Commonwealth Government major bank levy will also be liable for a South Australian major bank levy from 1 July 2017.
The State levy will apply at a rate of 0.015% of South Australia’s share of the total value of bank liabilities subject to the Commonwealth Government levy at the end of each quarter.
South Australia’s share of relevant bank liabilities will be set based on South Australia’s share of the national economy – this will be calculated by dividing the value of South Australia’s gross state product (GSP) by the value of Australia’s gross domestic product (GDP) as published by the Australian Bureau of Statistics for the most recent year available (catalogue 5220.0 and 5206.0 respectively).
For the 2017-18 financial year, South Australia’s share of relevant bank liabilities will be set at 6.06% (based on the South Australia’s share of the national economy in 2015-16).
Banks liable for the State levy will be required to provide a return and make levy payments to RevenueSA.
Payment timeframes for the State levy are summarised in the table below:
|Quarter ending||State levy due and payable|
|30 September||21 March 2018||21 December|
|31 December||21 March 2018||21 March|
|31 March||21 June 2018||21 June|
|30 June||21 September 2018||21 September|