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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
Non-operating Holding Companies Supervisory Levy Imposition Bill
1998
No. ,
1998
(Treasury)
A Bill
for an Act to impose a levy on authorised non-operating holding
companies
9803420—787/24.3.1998—(34/98)
Cat. No. 97 2819 8 ISBN 0644 518847
Contents
A Bill for an Act to impose a levy on authorised
non-operating holding companies
The Parliament of Australia enacts:
This Act may be cited as the Authorised Non-operating Holding
Companies Supervisory Levy Imposition Act 1998.
(1) This Act commences on the commencement of the Australian Prudential
Regulation Authority Act 1998.
(2) 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:
authorised NOHC has the same meaning as in the Banking Act
1959.
Note: NOHC is short for non-operating holding
company.
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 authorised NOHC for a
financial year, means:
(a) if the authorised NOHC is an authorised NOHC on 1 July of the
financial year—that day; or
(b) in any other case—the day, during the financial year, on which
the authorised NOHC becomes an authorised NOHC.
statutory upper limit means:
(a) in relation to the first financial year that ends after this Act
commences—$500,000; 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(2) of the Financial
Institutions Supervisory Levies Collection Act 1998 is imposed.
(1) Subject to subsection (2), the amount of levy payable by an authorised
NOHC for a financial year is the amount determined in writing by the Treasurer
for the purpose of this section in relation to the financial year. The amount
determined must not exceed the statutory upper limit as at the time when the
determination is made.
(2) If the levy imposition day for the authorised NOHC for the financial
year is later than 1 July in the financial year, the amount of levy payable by
the authorised NOHC for the financial year is the amount worked out using the
following formula:
(3) A determination under subsection (1) 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(2).