Summary
Introduced with the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Amendment Bill 2014, the bill amends the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Act 2011 to implement a new industry contribution to fund the regulatory and financial intelligence unit functions of the Australian Transaction Reports and Analysis Centre by: creating the liability for a leviable entity for a financial year to pay the industry contribution levy in that financial year; enabling the Australian Transaction Reports and Analysis Centre CEO to specify the date for payment of instalments of the levy; providing for late payment penalties; and requiring an independent review of the levy to be undertaken.