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This is a Bill, not an Act. For current law, see the Acts databases.
2004
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Authorised
Non-operating Holding Companies Supervisory Levy Imposition Amendment Bill
2004
No. ,
2004
(Treasury)
A Bill
for an Act to amend the Authorised Non-operating Holding Companies
Supervisory Levy Imposition Act 1998, and for related
purposes
Contents
A Bill for an Act to amend the Authorised
Non-operating Holding Companies Supervisory Levy Imposition Act 1998, and
for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Authorised Non-operating Holding
Companies Supervisory Levy Imposition Amendment Act 2004.
This Act commences on the day on which it receives the Royal
Assent.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
1 Section 5 (definition of authorised
NOHC)
Repeal the definition, substitute:
authorised NOHC means an authorised NOHC within the meaning
of either:
(a) the Banking Act 1959; or
(b) the Insurance Act 1973.
Note: NOHC is short for non-operating holding
company.
2 Section 5 (paragraph (a) of the
definition of statutory upper limit)
Repeal the paragraph, substitute:
(a) in relation to the financial year commencing on 1 July
2005—$1,500,000; or
3 Subsection 7(1)
Repeal the subsection, substitute:
(1) Subject to subsection (2), the amount of levy payable by an
authorised NOHC for a financial year is:
(a) if the authorised NOHC is an authorised NOHC within the meaning of the
Banking Act 1959—the amount determined in writing by the Treasurer
for the purpose of this paragraph in relation to the financial year;
or
(b) if the authorised NOHC is an authorised NOHC within the meaning of the
Insurance Act 1973—the amount determined in writing by the
Treasurer for the purpose of this paragraph in relation to the financial
year.
The amount determined under paragraph (a) or (b) must not exceed the
statutory upper limit as at the time when the determination is made.
4 Subsection 8(1)
Repeal the subsection, substitute:
(1) The indexation factor for a financial year is the number worked out
by:
(a) dividing the index number for the March quarter immediately preceding
that financial year by the index number for the March quarter immediately
preceding that first-mentioned March quarter; and
(b) adding 0.030 to the number worked out under
paragraph (a).
5 Subsection 8(3)
Omit “subsection (1)”, substitute
“paragraph (1)(a)”.
6 Application
The amendments made by this Schedule apply in relation to levy payable
for:
(a) the financial year commencing on 1 July 2005; and
(b) each succeeding financial year.