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This is a Bill, not an Act. For current law, see the Acts databases.


AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE SUPERVISORY COST RECOVERY LEVY (COLLECTION) AMENDMENT BILL 2014

 

 

 

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 

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

 

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

 

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 

Transaction Reports and Analysis Centre Supervisory 

Cost Recovery Levy (Collection) Act 2011, and for 

related purposes 

The Parliament of Australia enacts: 

1  Short title 

 

  This Act may be cited as the Australian Transaction Reports and 

Analysis Centre Supervisory Cost Recovery Levy (Collection) 

Amendment Act 2014

   

   

 

 

2 

Australian Transaction Reports and Analysis Centre Supervisory Cost 

Recovery Levy (Collection) Amendment Bill 2014 

No.      , 2014 

 

2  Commencement 

 

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

Assent. 

3  Schedules 

 

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

repealed as set out in the applicable items in the Schedule 

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

according to its terms. 

Amendments  Schedule 1 

   

 

 

No.      , 2014 

Australian Transaction Reports and Analysis Centre Supervisory Cost 

Recovery Levy (Collection) Amendment Bill 2014 

3 

 

Schedule 1

--Amendments 

   

Australian Transaction Reports and Analysis Centre 

Supervisory Cost Recovery Levy (Collection) Act 

2011 

1  Section 1 

Omit "Supervisory Cost Recovery Levy", substitute "Industry 

Contribution". 

Note: 

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

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

10 

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

11 

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

12 

2  Subsection 6(1) (definitions of leviable entity and levy

13 

Omit "Supervisory Cost Recovery Levy", substitute "Industry 

14 

Contribution". 

15 

3  Section 7 

16 

Repeal the section, substitute: 

17 

7  Liability to pay levy 

18 

 

  A person who is a leviable entity for a financial year is liable to 

19 

pay levy, in one or more instalments, for that financial year. 

20 

4  Section 8 (heading) 

21 

Repeal the heading, substitute: 

22 

8  When instalment of levy due for payment 

23 

5  Subsection 8(1) 

24 

Omit "Levy payable by a person for a financial year under section 7", 

25 

substitute "An instalment of levy payable by a person for a financial 

26 

year". 

27 

Schedule 1  Amendments 

   

 

 

4 

Australian Transaction Reports and Analysis Centre Supervisory Cost 

Recovery Levy (Collection) Amendment Bill 2014 

No.      , 2014 

 

6  Paragraph 8(1)(a) 

Omit "financial year", substitute "instalment". 

7  Subsection 9(1) 

Repeal the subsection, substitute: 

 

(1)  If any instalment of levy payable by a person remains unpaid at the 

start of the levy month after the instalment became due for 

payment, the person is liable to pay the Commonwealth, for that 

levy month, a penalty worked out using the following formula: 

0.2

Amount of the instalment remaining

unpaid at the start of the levy month

12

 

8  Section 10 

10 

Omit "Levy", substitute "An instalment of levy". 

11 

9  Paragraph 12(1)(a) 

12 

Before "levy", insert "an instalment of". 

13 

10  Subsection 13(3) 

14 

Omit "Supervisory Cost Recovery Levy", substitute "Industry 

15 

Contribution". 

16 

11  At the end of the Act 

17 

Add: 

18 

17  Review of operation of levy 

19 

 

(1)  The Minister must cause an independent review of the operation of 

20 

the levy to be undertaken as soon as possible after the fourth 

21 

anniversary of the commencement of the Australian Transaction 

22 

Reports and Analysis Centre Supervisory Cost Recovery Levy 

23 

(Collection) Amendment Act 2014

24 

 

(2)  The person who undertakes the review must: 

25 

 

(a)  consult with industry participants about the impact of the 

26 

levy and the costs of complying with the Australian 

27 

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 

Contribution Act 2011; and 

 

(b)  give the Minister a written report of the review within 6 

months after the fourth anniversary of the commencement of 

the Australian Transaction Reports and Analysis Centre 

Supervisory Cost Recovery Levy (Collection) Amendment Act 

2014

 

(3)  The Minister must cause a copy of the report of the review to be 

tabled in each House of Parliament within 15 sitting days of 

receiving it. 

10 

 

(4)  A report prepared under subsection (2) must include (but is not 

11 

limited to): 

12 

 

(a)  a review of the methodology used to calculate instalments of 

13 

levy; and 

14 

 

(b)  a summary of the consultations undertaken under 

15 

paragraph (2)(a). 

16 

12  Application of amendments 

17 

The amendments made by this Schedule apply in relation to levy 

18 

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

19 

financial years. 

20 

 


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