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This is a Bill, not an Act. For current law, see the Acts databases.
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 (Collection) Amendment
Bill 2014
No. , 2014
(Justice)
A Bill for an Act to amend the Australian
Transaction Reports and Analysis Centre Supervisory
Cost Recovery Levy (Collection) Act 2011, and for
related purposes
No. , 2014
Australian Transaction Reports and Analysis Centre Supervisory Cost
Recovery Levy (Collection) 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 (Collection) Act 2011
3
No. , 2014
Australian Transaction Reports and Analysis Centre Supervisory Cost
Recovery Levy (Collection) Amendment Bill 2014
1
A Bill for an Act to amend the Australian
1
Transaction Reports and Analysis Centre Supervisory
2
Cost Recovery Levy (Collection) Act 2011, and for
3
related purposes
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The Parliament of Australia enacts:
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1 Short title
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This Act may be cited as the Australian Transaction Reports and
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Analysis Centre Supervisory Cost Recovery Levy (Collection)
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Amendment Act 2014.
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2
Australian Transaction Reports and Analysis Centre Supervisory Cost
Recovery Levy (Collection) 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
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Legislation that is specified in a Schedule to this Act is amended or
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repealed as set out in the applicable items in the Schedule
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concerned, and any other item in a Schedule to this Act has effect
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according to its terms.
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Amendments Schedule 1
No. , 2014
Australian Transaction Reports and Analysis Centre Supervisory Cost
Recovery Levy (Collection) Amendment Bill 2014
3
Schedule 1
--Amendments
1
2
Australian Transaction Reports and Analysis Centre
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Supervisory Cost Recovery Levy (Collection) Act
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2011
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1 Section 1
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Omit "Supervisory Cost Recovery Levy", substitute "Industry
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Contribution".
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Note:
This item amends the short title of the Act. If another amendment of the Act is
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described by reference to the Act's previous short title, that other amendment has effect
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after the commencement of this item as an amendment of the Act under its amended
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short title (see section 10 of the Acts Interpretation Act 1901).
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2 Subsection 6(1) (definitions of leviable entity and levy)
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Omit "Supervisory Cost Recovery Levy", substitute "Industry
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Contribution".
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3 Section 7
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Repeal the section, substitute:
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7 Liability to pay levy
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A person who is a leviable entity for a financial year is liable to
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pay levy, in one or more instalments, for that financial year.
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4 Section 8 (heading)
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Repeal the heading, substitute:
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8 When instalment of levy due for payment
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5 Subsection 8(1)
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Omit "Levy payable by a person for a financial year under section 7",
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substitute "An instalment of levy payable by a person for a financial
26
year".
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Schedule 1 Amendments
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Australian Transaction Reports and Analysis Centre Supervisory Cost
Recovery Levy (Collection) Amendment Bill 2014
No. , 2014
6 Paragraph 8(1)(a)
1
Omit "financial year", substitute "instalment".
2
7 Subsection 9(1)
3
Repeal the subsection, substitute:
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(1) If any instalment of levy payable by a person remains unpaid at the
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start of the levy month after the instalment became due for
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payment, the person is liable to pay the Commonwealth, for that
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levy month, a penalty worked out using the following formula:
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0.2
Amount of the instalment remaining
unpaid at the start of the levy month
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9
8 Section 10
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Omit "Levy", substitute "An instalment of levy".
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9 Paragraph 12(1)(a)
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Before "levy", insert "an instalment of".
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10 Subsection 13(3)
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Omit "Supervisory Cost Recovery Levy", substitute "Industry
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Contribution".
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11 At the end of the Act
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Add:
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17 Review of operation of levy
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(1) The Minister must cause an independent review of the operation of
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the levy to be undertaken as soon as possible after the fourth
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anniversary of the commencement of the Australian Transaction
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Reports and Analysis Centre Supervisory Cost Recovery Levy
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(Collection) Amendment Act 2014.
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(2) The person who undertakes the review must:
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(a) consult with industry participants about the impact of the
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levy and the costs of complying with the Australian
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Amendments Schedule 1
No. , 2014
Australian Transaction Reports and Analysis Centre Supervisory Cost
Recovery Levy (Collection) Amendment Bill 2014
5
Transaction Reports and Analysis Centre Industry
1
Contribution Act 2011; and
2
(b) give the Minister a written report of the review within 6
3
months after the fourth anniversary of the commencement of
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the Australian Transaction Reports and Analysis Centre
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Supervisory Cost Recovery Levy (Collection) Amendment Act
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2014.
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(3) The Minister must cause a copy of the report of the review to be
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tabled in each House of Parliament within 15 sitting days of
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receiving it.
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(4) A report prepared under subsection (2) must include (but is not
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limited to):
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(a) a review of the methodology used to calculate instalments of
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levy; and
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(b) a summary of the consultations undertaken under
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paragraph (2)(a).
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12 Application of amendments
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The amendments made by this Schedule apply in relation to levy
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payable for the financial year beginning on 1 July 2014 and later
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financial years.
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