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The Parliament of the
Commonwealth of Australia
Presented and read a first time
Financial Services Compensation Scheme of Last Resort Levy (Collection) Bill 2023
No. , 2023
(Treasury)
Contents
Part 1—Preliminary 1
1............ Short title............................................................................................ 1
2............ Commencement.................................................................................. 2
3............ Simplified outline of this Act............................................................. 2
4............ Act binds the Crown........................................................................... 3
5............ External Territories............................................................................. 3
6............ Extraterritorial application................................................................. 3
7............ Definitions.......................................................................................... 3
Part 2—Pre-imposition information and estimates of claims and costs 6
8............ Information required from levy payers before a levy period............. 6
9............ Initial estimate of claims, fees and costs for a levy period................. 7
10.......... Revised estimate of claims, fees and costs for a levy period........... 11
11.......... Initial estimate of unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day............................................................... 11
12.......... Revised estimate of unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day............................................................... 12
Part 3—Payment of levy, late payment penalty and shortfall penalty 13
13.......... When levy due for payment............................................................. 13
14.......... Late payment penalty....................................................................... 14
15.......... Default notice................................................................................... 14
16.......... Shortfall penalty............................................................................... 15
17.......... Payment of levy, late payment penalty and shortfall penalty........... 16
18.......... Waiver of levy, late payment penalty and shortfall penalty............. 16
19.......... Recovery of levy, late payment penalty and shortfall penalty......... 16
20.......... Substantiation notices....................................................................... 17
21.......... Compliance with substantiation notice............................................. 17
22.......... Failure to comply with substantiation notice................................... 18
23.......... Exempting laws ineffective.............................................................. 18
24.......... Internal review of certain decisions.................................................. 19
25.......... Administrative Appeals Tribunal review of certain decisions......... 20
Part 4—Other matters 21
26.......... Treatment of partnerships................................................................. 21
27.......... Treatment of unincorporated associations........................................ 21
28.......... Treatment of RSE licensees............................................................. 22
29.......... Treatment of multiple trustees.......................................................... 22
30.......... Approved forms................................................................................ 23
31.......... Regulations....................................................................................... 24
A Bill for an Act to provide for the collection of levy imposed on persons relating to the AFCA scheme, and for related purposes
The Parliament of Australia enacts: