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Financial Institutions Supervisory Levies Collection Bill 1998



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Bills Digest No. 204 1997-98

 

Financial Institutions Supervisory Levies Collection Bill 1998

Warning:

This Digest was prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments. This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

Contents

 

 

Passage History

Financial Institutions Supervisory Levies Collection B ill 1998

Date Introduced:  26 March 1998

House:  House of Representatives

Portfolio:  Treasury

Commencement:  The Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998 .

Purpose

To enable the collection of the levies i mposed by:

• Authorised Deposit-taking Institutions Supervisory Levy Imposition Bill 1998

• Authorised Non-operating Holding Companies Supervisory Levy Imposition Bill 1998

• Superannuation Supervisory Levy Imposition Bill 1998

• Retirement Savings Account Providers Supervisory Levy Imposition Bill 1998

• Live Insurance Supervisory Levy Imposition Bill 1998

• General Insurance Supervisory Levy Imposition Bill 1998

(These Bills are collectively referred to as the ‘levy Bills’)

Background

Readers are referred to the Bills Digest of the related Bills mentioned above for background information.

Main Provisions

Part 1 of the Bill deals with preliminary matters.  Part 3 replicates the provisions of the Superannuation Entities (Taxation) Act 1987 dealing with the collection of levy under the Superannuation (Financial Assistance Funding) Levy Act 1993 .  This is to ensure that the levies to be administered by the Australian Prudential Regulation Authority are all contained in the same Act.  Part 4 deals with the review of decisions to waive levy and late payment penalties and sets out the regulation making power.

Part 2

Clause 8 creates the liability for the levy on each of the six types of institutions which is set out in the levy Bills.

For entities other than superannuation entities, if the entity is a leviable body on 1 July, the levy is payable on the first business day after 1 July each year.  If the entity becomes a leviable body after 1 July, the levy is payable on the day which is six weeks after the entity became a leviable body.

For superannuation entities if the entity is a superannuation entity on 1 July, the levy is payable six weeks after the lodgment of a particular return under the Superannuation Industry (Supervision) Act 1993 .  If the superannuation entity becomes a superannuation entity after 1 July, the levy is payable on the day which is six weeks after the entity became a superannuation entity ( clause 9 ).

The levy is payable to APRA on behalf of the Commonwealth ( clause 11 ).

Clause 14 clarifies that no existing law exempts a leviable body from paying levy.  No law passed after the commencement of this clause will exempt a leviable body from paying levy unless the exemption expressly refers to levy under this Bill.

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Contact Officer

Lee Jones

13 May 1 998

Bills Digest Service

Information and Research Services

This paper has been prepared for general distribution to Senators and Members of the Australian Parliament.  While great care is taken to ensure that the paper is accurate and balanced, the paper i s written using information publicly available at the time of production. The views expressed are those of the author and should not be attributed to the Information and Research Services (IRS). Advice on legislation or legal policy issues contained in this paper is provided for use in parliamentary debate and for related parliamentary purposes. This paper is not professional legal opinion. Readers are reminded that the paper is not an official parliamentary or Australian government document. IRS staff are available to discuss the paper's contents with Senators and Members and their staff but not with members of the public.