[pic] Corporations (Review Fees) Act 2003 Act No. 23 of 2003 as amended This compilation was prepared on 1 September 2007 taking into account amendments up to Act No. 103 of 2007 The text of any of those amendments not in force on that date is appended in the Notes section The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section Prepared by the Office of Legislative Drafting and Publishing, Attorney-General's Department, Canberra Contents 1 Short title [see Note 1] 1 2 Commencement 1 3 Application to the Crown 1 4 Definitions 1 5 Imposition of review fees 1 6 Matters relating to amount of fees 2 7 Who is liable to pay a review fee, and time that liability is incurred 2 8 Regulations 3 Notes 5 An Act to impose, as taxes, review fees in relation to the Corporations Act 2001, and for related purposes 1 Short title [see Note 1] This Act may be cited as the Corporations (Review Fees) Act 2003. 2 Commencement This Act commences on 1 July 2003. 3 Application to the Crown If the Crown, in a capacity, is bound by the provision or provisions of the Corporations Act 2001 to which a review fee relates, then the Crown, in that capacity, is bound by this Act in respect of that review fee. 4 Definitions (1) In this Act: review date: (a) for a company or a registered scheme-has the meaning given by section 345A of the Corporations Act 2001; and (b) for a person mentioned in subsection 5(1) other than a company or a registered scheme-has the meaning prescribed by the regulations in relation to that person. review fee means a fee imposed by section 5. (2) Other expressions used in this Act that are defined in the Corporations Act 2001 have the same meanings as they have in that Act. 5 Imposition of review fees (1) Subject to section 6, the regulations may prescribe fees in relation to the review dates of the following: (a) companies; (b) registered schemes; (c) registered Australian bodies; (d) natural persons registered as auditors under Part 9.2 of the Corporations Act 2001; (e) natural persons registered as liquidators under Part 9.2 of the Corporations Act 2001; (f) persons holding an Australian financial services licence under Part 7.6 of the Corporations Act 2001. Note: The regulations may prescribe a fee to be paid in one year in relation to the review date of a later year (see paragraph 1351(4)(b) of the Corporations Act 2001). (2) The fees prescribed by the regulations are imposed, and are so imposed as taxes. 6 Matters relating to amount of fees (1) The regulations may prescribe a review fee by specifying an amount (not exceeding $10,000) as the fee. (2) A review fee need not bear any relationship to the cost of providing any service. 7 Who is liable to pay a review fee, and time that liability is incurred (1) The person who is liable to pay a review fee is worked out under this table. |Liability for review fees | |Item |For a review fee imposed |The person liable | | |on... |is... | |1 |a company |the company | |2 |a registered scheme |the responsible | | | |entity of the scheme | |3 |a registered Australian body|the body | |4 |a natural person registered |the natural person | | |as an auditor under Part 9.2| | | |of the Corporations Act 2001| | |5 |a natural person registered |the natural person | | |as a liquidator under | | | |Part 9.2 of the Corporations| | | |Act 2001 | | |6 |a person holding an |the person | | |Australian financial | | | |services licence under | | | |Part 7.6 of the Corporations| | | |Act 2001 | | (2) A person who is liable to pay a review fee incurs that liability on each review date for the person. 8 Regulations The Governor-General may make regulations for the purposes of this Act and section 1351 of the Corporations Act 2001. Notes to the Corporations (Review Fees) Act 2003 Note 1 The Corporations (Review Fees) Act 2003 as shown in this compilation comprises Act No. 23, 2003 amended as indicated in the Tables below. Table of Acts |Act |Number |Date |Date of |Applica| | |and year|of Assent|commencement|tion, | | | | | |saving | | | | | |or | | | | | |transit| | | | | |ional | | | | | |provisi| | | | | |ons | |Corporations |23, 2003|11 Apr |1 July 2003 | | |(Review Fees) | |2003 | | | |Act 2003 | | | | | |Corporations |103, |28 June |Schedule 1: |- | |(Review Fees) |2007 |2007 |1 Sept 2007 | | |Amendment Act | | |(see s. 2(1)| | |2007 | | |and | | | | | |F2007L02629)| | | | | | | | | | | |Remainder: | | | | | |Royal Assent| | Table of Amendments |ad. = added or inserted am. = amended rep. = | |repealed rs. = repealed and substituted | |Provision |How affected | |affected | | |Note to s. 5(1) |ad. No. 103, 2007 | |S. 8 |am. No. 103, 2007 |