30 May 2017
House of Representatives
Introduced with the Major Bank Levy Bill 2017, the bill amends: the
Australian Prudential Regulation Authority Act 1998 to enable the Australian Prudential Regulation Authority (APRA) to share major bank levy information with the Commissioner of Taxation;
Financial Sector (Collection of Data) Act 2001 to enable the APRA reporting standards to include information relating to amounts for the purposes of the levy;
Income Tax Assessment Act 1997 to provide for the indexation of the $100 billion threshold; and
Taxation Administration Act 1953 to: specify that the levy is payable to the commissioner quarterly; ensure that the ordinary collection and recovery provisions apply in relation to the levy; introduce an anti-avoidance law for the levy; and enable the commissioner to share levy information with APRA.