7096

2010-2011

The Parliament of the

Commonwealth of Australia

THE SENATE

Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Consequential Amendments) Bill 2011

(Amendment to be moved by Senator Brandis on behalf of the Opposition in committee of the whole)

(1)     Page 3 (after line 5), after clause 3, insert:

4  Review of operation of AUSTRAC cost recovery levy

             (1)  The Minister must cause an independent review of the operation of the levy imposed bhy the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 to be undertaken as soon as possible after the second anniversary of the commencement of section 3 of that Act.

             (2)  The person who undertakes the review must give the Minister a written report of the review within 6 months after the second anniversary of the commencement of section 3 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 .

             (3)  The Minister must cause a copy of the report of the review to be tabled in each House of Parliament within 15 sitting days of receiving it.

             (4)  A report prepared under subsection (1) must include but is not limited to:

                     (a)  a review of the levy calculation methodology;

                     (b)  consultation with industry participants including small and micro businesses about the impact of the levy and the costs of complying with the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 ;

                     (c)  whether the definition of small business that is to be used (of a business employing less than 5 employees) should be amended to the definition of small business currently used by the Australian Bureau of Statistics (a business employing less than 20 employees).

[review of operation of levy]