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

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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

 

 

Schedule of the amendment made by the Senate

 

 

 

 

 

(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 by 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 .

 

 

 

 

 

Rosemary Laing

Clerk of the Senate

 

 

The Senate

21 June 2011