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This is a Bill, not an Act. For current law, see the Acts databases.
1996-97-98
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Authorised
Deposit-taking Institutions Supervisory Levy Imposition Bill
1998
No. ,
1998
(Treasury)
A Bill
for an Act to impose a levy on authorised deposit-taking
institutions
9803220—787/24.3.1998—(32/98)
Cat. No. 97 2871 1 ISBN 0644 518820
Contents
A Bill for an Act to impose a levy on authorised
deposit-taking institutions
The Parliament of Australia enacts:
This Act may be cited as the Authorised Deposit-taking Institutions
Supervisory Levy Imposition Act 1998.
(1) Subject to subsection (2), this Act commences on a day to be fixed by
Proclamation.
(2) If this Act does not commence under subsection (1) within the period
of 24 months beginning on the day on which this Act receives the Royal Assent,
it commences on the first day after the end of that period.
(3) If this Act commences during a financial year (but not on 1 July of
that financial year), this Act has effect in relation to that financial year
subject to the modifications specified in the regulations.
This Act binds the Crown in each of its capacities.
This Act extends to each external Territory.
In this Act, 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.
indexation factor means the indexation factor calculated
under section 8.
index number, in relation to a quarter, means the All Groups
Consumer Price Index number, being the weighted average of the 8 capital cities,
published by the Australian Statistician in respect of that quarter.
levy imposition day, in relation to an ADI for a financial
year, means:
(a) if the ADI is an ADI on 1 July of the financial year—that day;
or
(b) in any other case—the day, during the financial year, on which
the ADI becomes an ADI.
statutory upper limit means:
(a) in relation to the first financial year that ends after this Act
commences—$1,000,000; or
(b) in relation to a later financial year—the amount calculated by
multiplying the statutory upper limit for the previous financial year by the
indexation factor for the later financial year.
Levy payable in accordance with subsection 8(1) of the Financial
Institutions Supervisory Levies Collection Act 1998 is imposed.
(1) Subject to subsection (2), the amount of levy payable by an ADI for a
financial year is:
(a) unless paragraph (b) or (c) applies—the amount that, for the
financial year, is the levy percentage of the ADI’s asset value;
or
(b) if the amount worked out under paragraph (a) exceeds the maximum levy
amount for the financial year—the maximum levy amount; or
(c) if the amount worked out under paragraph (a) is less than the minimum
levy amount for the financial year—the minimum levy amount.
Note: The levy percentage, maximum levy amount, minimum levy
amount and the method of working out the ADI’s asset value, are as
determined under subsection (3).
(2) If the levy imposition day for the ADI for the financial year is later
than 1 July in the financial year, the amount of levy payable by the ADI for the
financial year is the amount worked out using the following
formula:
(3) The Treasurer is, in writing, to determine:
(a) the maximum levy amount for each financial year;
and
(b) the minimum levy amount for each financial year;
and
(c) the levy percentage for each financial year;
and
(d) how an ADI’s asset value is to be worked
out.
(4) An amount determined under subsection (3) as the maximum levy amount
must not exceed the statutory upper limit as at the time when the determination
is made.
(5) The Treasurer’s determination under paragraph (3)(d) of how an
ADI’s asset value is to be worked out is to include, but is not limited
to, a determination of the day as at which the ADI’s asset value is to be
worked out. That day must be:
(a) if the ADI was an ADI on 1 July of the financial year—a day
between 17 March and 14 April of the previous financial year; or
(b) if the ADI was not an ADI on 1 July of the financial year—the
day after 31 March of the previous financial year on which the ADI became or
becomes an ADI.
(6) A determination under subsection (3) may make different provision for
different classes of ADIs.
(7) A determination under subsection (3) is a disallowable instrument for
the purposes of section 46A of the Acts Interpretation Act
1901.
(1) The indexation factor for a financial year is the number worked out by
dividing the index number for the March quarter immediately preceding that
financial year by the index number for the March quarter immediately preceding
that first-mentioned March quarter.
(2) The indexation factor is to be calculated to 3 decimal places, but
increased by .001 if the 4th decimal place is more than 4.
(3) Calculations under subsection (1):
(a) are to be made using only the index numbers published in terms of the
most recently published reference base for the Consumer Price Index;
and
(b) are to be made disregarding index numbers that are published in
substitution for previously published index numbers (where the substituted
numbers are published to take account of changes in the reference
base).
The Governor-General may make regulations for the purposes of subsection
2(3).