Download WordBills 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
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.
Contact Officer
Lee Jones
13 May 1 998
Bills Digest Service
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