WARNING:
This Digest was prepared for debate. It reflects the legislation as
introduced and does not canvass subsequent amendments. This Digest
does not have any official legal status. Other sources should be
consulted to determine the subsequent official status of the
Bill.
CONTENTS
Passage History
Purpose
Background
Main Provisions
Contact Officer & Copyright Details
Passage
History
Date Introduced: 26 March
1998
House: House of
Representatives
Portfolio: Treasury
Commencement: The Act commences
on the commencement of the Australian Prudential Regulation
Authority Act 1998.
Purpose
To enable the collection of the levies imposed
by:
- Authorised Deposit-taking Institutions Supervisory Levy
Imposition Bill 1998
- Authorised Non-operating Holding Companies Supervisory Levy
Imposition Bill 1998
- Superannuation Supervisory Levy Imposition Bill 1998
- Retirement Savings Account Providers Supervisory Levy
Imposition Bill 1998
- Live Insurance Supervisory Levy Imposition Bill 1998
- General Insurance Supervisory Levy Imposition Bill 1998
(These Bills are collectively referred to as the
'levy Bills')
Background
Readers are referred to the Bills Digest of the
related Bills mentioned above for background information.
Main
Provisions
Part 1 of the Bill deals with preliminary
matters. Part 3 replicates the provisions of the Superannuation
Entities (Taxation) Act 1987 dealing with the collection of
levy under the Superannuation (Financial Assistance Funding)
Levy Act 1993. This is to ensure that the levies to be
administered by the Australian Prudential Regulation Authority are
all contained in the same Act. Part 4 deals with the review of
decisions to waive levy and late payment penalties and sets out the
regulation making power.
Part 2
Clause 8 creates the liability
for the levy on each of the six types of institutions which is set
out in the levy Bills.
For entities other than superannuation entities,
if the entity is a leviable body on 1 July, the levy is payable on
the first business day after 1 July each year. If the entity
becomes a leviable body after 1 July, the levy is payable on the
day which is six weeks after the entity became a leviable body.
For superannuation entities if the entity is a
superannuation entity on 1 July, the levy is payable six weeks
after the lodgment of a particular return under the
Superannuation Industry (Supervision) Act 1993. If the
superannuation entity becomes a superannuation entity after 1 July,
the levy is payable on the day which is six weeks after the entity
became a superannuation entity (clause 9).
The levy is payable to APRA on behalf of the
Commonwealth (clause 11).
Clause 14 clarifies that no
existing law exempts a leviable body from paying levy. No law
passed after the commencement of this clause will exempt a leviable
body from paying levy unless the exemption expressly refers to levy
under this Bill.
Lee Jones
13 May 1998
Bills Digest Service
Information and Research Services
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is taken to ensure that the paper is accurate and balanced, the
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ISSN 1328-8091
© Commonwealth of Australia 1998
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Published by the Department of the Parliamentary Library,
1998.
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