Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Corporations (Review Fees) Bill 2003

 

 

 

 

 

 

Corporations (Review Fees) Act 2003

 

No. 23, 2003

 

 

 

 

 

An Act to impose, as taxes, review fees in relation to the Corporations Act 2001 , and for related purposes

   

   

   



Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

3............ Application to the Crown.................................................................. 2

4............ Definitions.......................................................................................... 2

5............ Imposition of review fees................................................................... 2

6............ Matters relating to amount of fees..................................................... 3

7............ Who is liable to pay a review fee, and time that liability is incurred.. 3

8............ Regulations......................................................................................... 4

 



 

 

Corporations (Review Fees) Act 2003

No. 23, 2003

 

 

 

An Act to impose, as taxes, review fees in relation to the Corporations Act 2001 , and for related purposes

[ Assented to 11 April 2003 ]

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Corporations (Review Fees) Act 2003 .

2   Commencement

                   This Act commences on 1 July 2003.

3   Application to the Crown

                   If the Crown, in a capacity, is bound by the provision or provisions of the Corporations Act 2001 to which a review fee relates, then the Crown, in that capacity, is bound by this Act in respect of that review fee.

4   Definitions

             (1)  In this Act:

review date :

                     (a)  for a company or a registered scheme—has the meaning given by section 345A of the Corporations Act 2001 ; and

                     (b)  for a person mentioned in subsection 5(1) other than a company or a registered scheme—has the meaning prescribed by the regulations in relation to that person.

review fee means a fee imposed by section 5.

             (2)  Other expressions used in this Act that are defined in the Corporations Act 2001 have the same meanings as they have in that Act.

5   Imposition of review fees

             (1)  Subject to section 6, the regulations may prescribe fees in relation to the review dates of the following:

                     (a)  companies;

                     (b)  registered schemes;

                     (c)  registered Australian bodies;

                     (d)  natural persons registered as auditors under Part 9.2 of the Corporations Act 2001 ;

                     (e)  natural persons registered as liquidators under Part 9.2 of the Corporations Act 2001 ;

                      (f)  persons holding an Australian financial services licence under Part 7.6 of the Corporations Act 2001 .

             (2)  The fees prescribed by the regulations are imposed, and are so imposed as taxes.

6   Matters relating to amount of fees

             (1)  The regulations may prescribe a review fee by specifying an amount (not exceeding $10,000) as the fee.

             (2)  A review fee need not bear any relationship to the cost of providing any service.

7   Who is liable to pay a review fee, and time that liability is incurred

             (1)  The person who is liable to pay a review fee is worked out under this table.

 

Liability for review fees

Item

For a review fee imposed on...

The person liable is...

1

a company

the company

2

a registered scheme

the responsible entity of the scheme

3

a registered Australian body

the body

4

a natural person registered as an auditor under Part 9.2 of the Corporations Act 2001

the natural person

5

a natural person registered as a liquidator under Part 9.2 of the Corporations Act 2001

the natural person

6

a person holding an Australian financial services licence under Part 7.6 of the Corporations Act 2001

the person

 

             (2)  A person who is liable to pay a review fee incurs that liability on each review date for the person.

8   Regulations

                   The Governor-General may make regulations for the purposes of this Act.

 

 

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 12 December 2002

Senate on 26 March 2003 ]

 

 

(272/02)