FINANCIAL SECTOR LEGISLATION AMENDMENT ACT (NO. 1) 2002 NO. 37, 2002 - SCHEDULE 2 - Amendment of the Financial Institutions Supervisory Levies Collection Act 1998

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FINANCIAL SECTOR LEGISLATION AMENDMENT ACT (NO. 1) 2002 NO. 37, 2002 - SCHEDULE 2

- Amendment of the Financial Institutions Supervisory Levies Collection Act 1998

1 Paragraph 9(1)(a)

Repeal the paragraph, substitute:

(a): if the levy imposition day relating to the levy payable by the leviable body is 1 July of the financial year—a business day that is:

(i): specified in a notice given to the leviable body by APRA in relation to the financial year; and
(ii): is not earlier than 28 days after the day on which the notice is given; or

2 Subsection 9(2)

Repeal the subsection, substitute:

(2) Levy payable under subsection 8(6) for a financial year by a trustee of a superannuation entity is due and payable:

(a): if the entity is a superannuation entity on 1 July of the financial year and became a superannuation entity before that day—on a business day that:

(i): is specified in a notice given by APRA to the trustee on or after the day on which a return under section 36 of the Superannuation Industry
(Supervision): Act 1993 that relates to the previous financial year was received by APRA; and
(ii): is not earlier than 6 weeks after the day on which the notice is given; or

(b): if the entity becomes a superannuation entity on or after 1 July of the financial year—on a business day that:

(i): is specified in a notice given by APRA to the trustee; and
(ii): is not earlier than 6 weeks after the day on which the notice is given.

3 Section 10

Repeal the section, substitute:

(1) If any levy payable by a levy paying entity:

(a): is not paid on or before the day on which it is due and payable (the due day for payment ); and
(b): remains unpaid after the penalty calculation day;

the levy paying entity is liable to pay, by way of penalty, an amount worked out at the rate of 20% per year on the amount unpaid, computed from the end of the due day for payment to the end of the penalty calculation day.

(2) The penalty calculation day is:

(a): if the levy is paid on or after the first day of a month and before the sixth day of that month—the 20th day of the immediately preceding month; or
(b): if the levy is paid on or after the sixth day of a month and before the 20th day of that month—the sixth day of that month; or
(c): if the levy is paid on or after the 20th day of a month and on or before the last day of that month—the 20th day of that month.

4 Application

The amendment made by item 3 applies only to levy that becomes due and payable after the commencement of that item.

5 At the end of section 13

Add:

(2) APRA is authorised, as agent of the Commonwealth, to bring proceedings in the name of the Commonwealth for the recovery of a debt due to the Commonwealth of a kind mentioned in subsection (1).
(3) If, in proceedings brought by APRA under subsection (2), the Commonwealth is ordered to pay costs, APRA must pay the costs out of APRA's money and the Commonwealth is not liable to reimburse APRA for the payment.

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