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Financial Institutions Supervisory Levies Collection Bill 1998

Part 2 Collection of levies other than levy under the Superannuation (Financial Assistance Funding) Levy Act 1993

   

7   Definitions

                   In this Part, unless the contrary intention appears:

ADI has the same meaning as in the Banking Act 1959 .

Note:          ADI is short for authorised deposit-taking institution.

authorised NOHC has the same meaning as in the Banking Act 1959 .

Note:          NOHC is short for non-operating holding company.

business day means a day that is not a Saturday, a Sunday, a public holiday or a bank holiday in the place concerned.

general insurance company means a body corporate that is authorised under the Insurance Act 1973 to carry on insurance business within the meaning of that Act.

late payment penalty means penalty payable under section 10.

leviable body means any of the following types of bodies:

                     (a)  an ADI;

                     (b)  an authorised NOHC;

                     (c)  a life insurance company;

                     (d)  a general insurance company;

                     (e)  an RSA provider;

                      (f)  a superannuation entity.

levy means:

                     (a)  in respect of a leviable body that is an ADI—levy imposed by the Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998 ; or

                     (b)  in respect of a leviable body that is an authorised NOHC—levy imposed by the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998 ; or

                     (c)  in respect of a leviable body that is a life insurance company—levy imposed by the Life Insurance Supervisory Levy Imposition Act 1998 ; or

                     (d)  in respect of a leviable body that is a general insurance company—levy imposed by the General Insurance Supervisory Levy Imposition Act 1998 ; or

                     (e)  in respect of a leviable body that is an RSA provider—levy imposed by the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 ; or

                      (f)  in respect of a leviable body that is a superannuation entity—levy imposed by the Superannuation Supervisory Levy Imposition Act 1998 .

levy imposition day , in relation to the imposition of a levy in respect of a leviable body of a particular type for a financial year, means:

                     (a)  if the leviable body is that type of leviable body on 1 July of the financial year—that day; or

                     (b)  if the leviable body becomes that type of leviable body on a day during the financial year that is after 1 July of the financial year—the day, during the financial year, on which the leviable body becomes that type of leviable body.

levy paying entity means:

                     (a)  a leviable body, other than a superannuation entity; or

                     (b)  the trustee of a superannuation entity.

life insurance company means a company that is registered under the Life Insurance Act 1995 .

RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997 .

superannuation entity means an entity that:

                     (a)  is a superannuation entity within the meaning of the Superannuation Industry (Supervision) Act 1993 ; and

                     (b)  is not an excluded superannuation fund within the meaning of that Act.

trustee , in relation to a superannuation entity, means the person who is the trustee of the entity for the purposes of the Superannuation Industry (Supervision) Act 1993 .

8   Liability to levy

ADIs

             (1)  A body corporate that is an ADI at any time during a financial year that ends after the commencement of the Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998 is liable to pay a levy in respect of that financial year.

Authorised NOHCs

             (2)  A body corporate that is an authorised NOHC at any time during a financial year that ends on or after the commencement of the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998 is liable to pay a levy in respect of that financial year.

General insurance bodies corporate

             (3)  A body corporate that is a general insurance company at any time during a financial year that ends after the commencement of the General Insurance Supervisory Levy Imposition Act 1998 is liable to pay a levy in respect of that financial year.

Life Insurance companies

             (4)  A body corporate that is a life insurance company at any time during a financial year that ends after the commencement of the Life Insurance Supervisory Levy Imposition Act 1998 is liable to pay a levy imposed in respect of that financial year.

RSA providers

             (5)  A body corporate that is an RSA provider at any time during a financial year that ends after the commencement of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 is liable to pay a levy imposed in respect of that financial year.

Superannuation entities

             (6)  A trustee of a superannuation entity that is a superannuation entity at any time during a financial year that ends after the commencement of the Superannuation Supervisory Levy Imposition Act 1998 is liable to pay a levy in respect of that financial year.

9   When levy due for payment

             (1)  Levy payable by a leviable body (other than a superannuation entity) for a financial year under section 8 is due and payable on:

                     (a)  if the levy imposition day relating to the levy payable by the leviable body is 1 July of that financial year—that day, or if that day is not a business day, the first business day following that 1 July; or

                     (b)  if the levy imposition day relating to the levy payable by the leviable body is a day of that financial year after 1 July—by:

                              (i)  the day that is 6 weeks after the day on which the leviable body becomes that type of leviable body; or

                             (ii)  if the day applicable under subparagraph (i) is not a business day, the first business day following that day.

             (2)  Levy payable under subsection 8(6) for a financial year by a trustee of a superannuation entity is due and payable:

                     (a)  if the superannuation entity is a superannuation entity on 1 July of that financial year—6 weeks after the lodgment of a return under section 36 of the Superannuation Industry (Supervision) Act 1993 that relates to the previous financial year; or

                     (b)  if the superannuation entity becomes a superannuation entity after 1 July of that financial year—by:

                              (i)  the day that is 6 weeks after the day on which the superannuation entity becomes a superannuation entity; or

                             (ii)  if the day applicable under subparagraph (i) is not a business day, the first business day following that day.

10   Late payment penalty

                   If any levy payable by a levy paying entity is unpaid after the time when it becomes due and payable, the levy paying entity is liable to pay, by way of penalty, an amount worked out at the rate of 20% per year on the amount unpaid, computed from that time.

11   Payment of levy and late payment penalty

             (1)  Levy and late payment penalty are payable to APRA on behalf of the Commonwealth.

             (2)  APRA must pay into the Consolidated Revenue Fund any amounts of levy or late payment penalty received by it.

12   Waiver of levy and late payment penalty

                   APRA, on behalf of the Commonwealth, may, if APRA considers it is appropriate to do so, waive the payment of the whole or a part of an amount of levy or late payment penalty that is payable by a levy paying entity.

Note:          For example, if levy is payable by a body corporate which has ceased to be authorised under the Insurance Act 1973 to carry on an insurance business and has ceased to be a life company, APRA may waive the payment of the levy if APRA considers it appropriate to do so because payment of the levy would prevent payment in full of claims under contracts of insurance made with the body corporate.

13   Recovery of levy and late payment penalty

                   The following amounts may be recovered by the Commonwealth as debts due to the Commonwealth:

                     (a)  levy that is due and payable;

                     (b)  late payment penalty that is due and payable.

14   Exempting laws ineffective

             (1)  Nothing in a law passed before the commencement of this section exempts a levy paying entity from liability to pay levy.

             (2)  If a law (including a provision of a law) passed after the commencement of this section purports to exempt a levy paying entity from:

                     (a)  liability to pay taxes under laws of the Commonwealth; or

                     (b)  liability to pay certain taxes under laws of the Commonwealth that would otherwise include levy;

the law does not operate to exempt the levy paying entity from liability to pay levy unless the exemption expressly refers to levy under this Act.

15   Regulations may modify this Part if levy Act commences during a financial year

                   If an Act mentioned in section 8 that imposes levy in respect of a particular type of leviable body commences during a financial year (but not on 1 July of that financial year), this Act has effect in relation to that financial year and that type of leviable body subject to the modifications specified in the regulations.