2022-2023

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Financial Services Compensation Scheme of Last Resort Levy Bill 2023

No.      , 2023

(Treasury)

A Bill for an Act to impose levy on persons relating to the AFCA scheme, and for related purposes

Contents

Part 1—Preliminary                                                                                                              1

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

2............ Commencement.................................................................................. 2

3............ Act to bind Crown.............................................................................. 2

4............ Extension to external Territories........................................................ 2

5............ Extra-territorial application................................................................ 2

6............ Act does not impose levy on property of a State................................ 3

7............ Definitions.......................................................................................... 3

Part 2—Levy                                                                                                                              6

Division 1—Imposition of levy                                                                                    6

8............ Imposition of levy—main cases......................................................... 6

9............ Imposition of special levy—revised estimate of claims, fees and costs exceeds the sub-sector levy cap and is to be spread across several sub-sectors etc......................................... 7

10.......... Imposition of levy—unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day................................................................. 8

11.......... By whom levy payable....................................................................... 9

Division 2—Amount of levy                                                                                        10

12.......... Amount of annual levy..................................................................... 10

13.......... Amount of further levy—total levy does not exceed the sub-sector levy cap         10

14.......... Amount of special levy—total levy exceeds the sub-sector levy cap 11

15.......... Amount of special levy—total levy exceeds the sub-sector levy cap and is to be spread across several sub-sectors etc.................................................................................. 12

16.......... Amount of levy for unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day............................................................... 14

Division 3—Caps on levy                                                                                             15

17.......... Total caps on levy............................................................................. 15

Part 3—Other matters                                                                                                       17

18.......... Treatment of partnerships, unincorporated associations and multiple trustees       17

19.......... Regulations....................................................................................... 18

A Bill for an Act to impose levy on persons relating to the AFCA scheme, and for related purposes

The Parliament of Australia enacts: