2013-2014 

 

The Parliament of the 

Commonwealth of Australia 

 

HOUSE OF REPRESENTATIVES 

 

 

 

 

Presented and read a first time 

 

 

 

 

Australian Transaction Reports and 

Analysis Centre Supervisory Cost 

Recovery Levy Amendment Bill 2014 

 

No.      , 2014 

 

(Justice) 

 

 

 

A Bill for an Act to amend the Australian 

Transaction Reports and Analysis Centre Supervisory 

Cost Recovery Levy Act 2011, and for related 

purposes 

   

   

 

 

No.      , 2014 

Australian Transaction Reports and Analysis Centre Supervisory Cost 

Recovery Levy Amendment Bill 2014 

i 

 

Contents 

1 

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

 

2 

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

 

3 

Schedules ........................................................................................... 2

 

Schedule 1--Amendments

 

3

 

Australian Transaction Reports and Analysis Centre Supervisory Cost 

Recovery Levy Act 2011

 

3

 

 

 

 

 

No.      , 2014 

Australian Transaction Reports and Analysis Centre Supervisory Cost 

Recovery Levy Amendment Bill 2014 

1 

 

A Bill for an Act to amend the Australian 

1 

Transaction Reports and Analysis Centre Supervisory 

2 

Cost Recovery Levy Act 2011, and for related 

3 

purposes 

4 

The Parliament of Australia enacts: 

5 

1  Short title 

6 

 

  This Act may be cited as the Australian Transaction Reports and 

7 

Analysis Centre Supervisory Cost Recovery Levy Amendment Act 

8 

2014. 

9 

   

   

 

 

2 

Australian Transaction Reports and Analysis Centre Supervisory Cost 

Recovery Levy Amendment Bill 2014 

No.      , 2014 

 

2  Commencement 

1 

 

  This Act commences on the day after this Act receives the Royal 

2 

Assent. 

3 

3  Schedules 

4 

 

  Legislation that is specified in a Schedule to this Act is amended or 

5 

repealed as set out in the applicable items in the Schedule 

6 

concerned, and any other item in a Schedule to this Act has effect 

7 

according to its terms. 

8 

Amendments  Schedule 1 

   

 

 

No.      , 2014 

Australian Transaction Reports and Analysis Centre Supervisory Cost 

Recovery Levy Amendment Bill 2014 

3 

 

Schedule 1

--Amendments 

1 

   

2 

Australian Transaction Reports and Analysis Centre 

3 

Supervisory Cost Recovery Levy Act 2011 

4 

1  Section 1 

5 

Omit "Supervisory Cost Recovery Levy", substitute "Industry 

6 

Contribution". 

7 

Note: 

This item amends the short title of the Act. If another amendment of the Act is 

8 

described by reference to the Act's previous short title, that other amendment has effect 

9 

after the commencement of this item as an amendment of the Act under its amended 

10 

short title (see section 10 of the Acts Interpretation Act 1901). 

11 

2  Subsection 7(1) (paragraph (a) of the definition of census 

12 

day) 

13 

Omit "2011-12 financial year", substitute "financial year beginning on 

14 

1 July 2014". 

15 

3  Subsection 7(1) (definitions of indexation factor and index 

16 

number) 

17 

Repeal the definitions. 

18 

4  Subsection 7(1) (definition of statutory limit) 

19 

Repeal the definition, substitute: 

20 

statutory limit, in relation to a financial year, means the amount 

21 

that is 2 times the sum of all amounts appropriated by the 

22 

Parliament for the purposes of AUSTRAC for the financial year. 

23 

5  Subsection 7(1) (definition of statutory minimum) 

24 

Repeal the definition. 

25 

6  Section 8 (heading) 

26 

Repeal the heading, substitute: 

27 

Schedule 1  Amendments 

   

 

 

4 

Australian Transaction Reports and Analysis Centre Supervisory Cost 

Recovery Levy Amendment Bill 2014 

No.      , 2014 

 

8  Imposition of levy 

1 

7  Section 8 

2 

Omit "Supervisory Cost Recovery Levy", substitute "Industry 

3 

Contribution". 

4 

8  After section 8 

5 

Insert: 

6 

8A  Amount of levy 

7 

 

  The amount of levy payable by a leviable entity for a financial year 

8 

is the amount equal to the sum of instalments of levy payable by 

9 

the leviable entity for the financial year. 

10 

9  Section 9 (heading) 

11 

Repeal the heading, substitute: 

12 

9  Amount of instalment of levy 

13 

10  Subsections 9(1) and (2) 

14 

Repeal the subsections, substitute: 

15 

 

(1A)  The amount of an instalment of levy payable by a leviable entity 

16 

for a financial year is the amount determined under subsection (1). 

17 

 

(1)  The Minister may, by legislative instrument, determine the amount 

18 

of an instalment of levy payable by a leviable entity for a financial 

19 

year. 

20 

 

(2)  However: 

21 

 

(a)  the Minister must make at least one determination under 

22 

subsection (1) for a financial year; and 

23 

 

(b)  the sum of all amounts of all instalments of levy payable by 

24 

all leviable entities for a financial year must not exceed the 

25 

statutory limit for that year. 

26 

11  Subsection 9(4) 

27 

Omit "for the 2011-12", substitute "for a". 

28 

Amendments  Schedule 1 

   

 

 

No.      , 2014 

Australian Transaction Reports and Analysis Centre Supervisory Cost 

Recovery Levy Amendment Bill 2014 

5 

 

12  Subsection 9(5) 

1 

Repeal the subsection. 

2 

13  Section 10 

3 

Repeal the section. 

4 

14  Application of amendments 

5 

The amendments made by this Schedule apply in relation to levy 

6 

payable for the financial year beginning on 1 July 2014 and later 

7 

financial years. 

8