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This is a Bill, not an Act. For current law, see the Acts databases.
AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE SUPERVISORY COST RECOVERY LEVY BILL 2011
2010-2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Australian Transaction Reports and
Analysis Centre Supervisory Cost
Recovery Levy Bill 2011
No. , 2011
(Attorney-General)
A Bill for an Act to impose a levy on persons
regulated by the Australian Transaction Reports
and Analysis Centre, and for related purposes
i Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Bill
2011 No. , 2011
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3
Act binds the Crown .......................................................................... 2
4 External
Territories
............................................................................
2
5 Extraterritorial
application ................................................................. 2
6
Act does not impose levy on property of a State ............................... 3
7 Definitions
.........................................................................................
3
8
Imposition of AUSTRAC cost recovery levy .................................... 5
9
Amount of levy .................................................................................. 5
10
Calculation of indexation factor ......................................................... 6
Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Bill 2011
No. , 2011 1
A Bill for an Act to impose a levy on persons
1
regulated by the Australian Transaction Reports
2
and Analysis Centre, and for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Australian Transaction Reports and
6
Analysis Centre Supervisory Cost Recovery Levy Act 2011.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
Section 3
2 Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy
Bill 2011 No. , 2011
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 and
2 and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Sections 3 to
10
The later of:
(a) 1 July 2011; and
(b) the day this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
4
enacted. It will not be amended to deal with any later amendments of
5
this Act.
6
(2) Any information in column 3 of the table is not part of this Act.
7
Information may be inserted in this column, or information in it
8
may be edited, in any published version of this Act.
9
3 Act binds the Crown
10
This Act binds the Crown in each of its capacities.
11
4 External Territories
12
This Act extends to every external Territory.
13
5 Extraterritorial application
14
This Act extends to acts, omissions, matters and things outside
15
Australia.
16
Section 6
Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Bill 2011
No. , 2011 3
6 Act does not impose levy on property of a State
1
(1) This Act does not impose a tax on property of any kind belonging
2
to a State.
3
(2) In this section, property of any kind belonging to a State has the
4
same meaning as in section 114 of the Constitution.
5
7 Definitions
6
(1) In this Act:
7
census day, for a financial year, means:
8
(a) for the 2011-12 financial year--the day the AUSTRAC CEO
9
determines, by legislative instrument, to be the census day; or
10
(b) for a later financial year:
11
(i) 1 July in that financial year; or
12
(ii) if the AUSTRAC CEO determines, by legislative
13
instrument, another day in that financial year--that day.
14
A legislative instrument under paragraph (a) may, despite
15
subsection 12(2) of the Legislative Instruments Act 2003, be made
16
after the beginning of that financial year.
17
exempt entity, for a financial year, means a leviable entity who, by
18
operation of the AML/CTF Rules made under section 229 of the
19
Anti-Money Laundering and Counter-Terrorism Financing Act
20
2006, or by instrument made under section 248 of that Act, was, on
21
the census day for that year, exempt from Part 7 of that Act.
22
indexation factor means the indexation factor calculated under
23
section 10.
24
index number, in relation to a quarter, means the All Groups
25
Consumer Price Index number, being the weighted average of the 8
26
capital cities, published by the Australian Statistician in respect of
27
that quarter.
28
leviable entity, in relation to a financial year (the current year),
29
means a person who:
30
Section 7
4 Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy
Bill 2011 No. , 2011
(a) is a reporting entity (within the meaning of section 5 of the
1
Anti-Money Laundering and Counter-Terrorism Financing
2
Act 2006) at any time in the previous financial year; and
3
(b) on the census day for the current year:
4
(i) is entered on the Reporting Entities Roll under Part 3A
5
of that Act; or
6
(ii) is required, under section 51B of that Act, to apply to be
7
entered on the Reporting Entities Roll; and
8
(c) is not an exempt entity for the current year.
9
person has the same meaning as in the Anti-Money Laundering and
10
Counter-Terrorism Financing Act 2006.
11
statutory limit means:
12
(a) in relation to the financial year commencing on 1 July
13
2011--$33 million; or
14
(b) in relation to a later financial year--the amount calculated by
15
multiplying the statutory limit for the previous financial year
16
by the indexation factor for the later financial year.
17
statutory minimum means:
18
(a) in relation to the financial year commencing on 1 July
19
2011--$100; or
20
(b) in relation to a later financial year--the amount calculated by
21
multiplying the statutory minimum for the previous financial
22
year by the indexation factor for the later financial year.
23
(2) This Act applies to a partnership, unincorporated association or
24
trust as if the partnership, unincorporated association or trust were
25
a person, but with the following changes:
26
(a) an obligation that would otherwise be imposed on the
27
partnership by this Act is imposed on each partner instead,
28
but may be discharged by any of the partners;
29
(b) an obligation that would otherwise be imposed on the
30
association by this Act is imposed on each member of the
31
association's committee of management instead, but may be
32
discharged by any of the members;
33
Section 8
Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Bill 2011
No. , 2011 5
(c) an obligation that would otherwise be imposed on the trust by
1
this Act is imposed on each trustee instead, but may be
2
discharged by any of the trustees.
3
8 Imposition of AUSTRAC cost recovery levy
4
Levy payable in accordance with section 7 of the Australian
5
Transaction Reports and Analysis Centre Supervisory Cost
6
Recovery Levy (Collection) Act 2011 is imposed.
7
9 Amount of levy
8
(1) The Minister must, by legislative instrument, determine the amount
9
of levy payable by a leviable entity for a financial year.
10
(2) The sum of all amounts payable by all leviable entities under
11
subsection (1) in relation to a financial year must not exceed the
12
statutory limit for that year.
13
(3) A determination made for the purposes of subsection (1) may do
14
one or more of the following:
15
(a) specify an amount or a method for determining an amount;
16
(b) specify different amounts or methods for different classes of
17
leviable entities;
18
(c) specify a nil amount or a method resulting in a nil amount;
19
(d) despite subsection 12(2) of the Legislative Instruments Act
20
2003, specify methods that refer to acts done or
21
circumstances existing before either the commencement of
22
the determination or the commencement of this Act, or both.
23
(4) A determination made for the purposes of subsection (1) for the
24
2011-12 financial year may, despite subsection 12(2) of the
25
Legislative Instruments Act 2003, be made after the beginning of
26
that financial year.
27
(5) If (apart from this subsection) the amount of levy payable by a
28
leviable entity for a financial year would be less than the statutory
29
minimum for that financial year, the amount of levy payable by the
30
entity in relation to that financial year is nil.
31
Section 10
6 Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy
Bill 2011 No. , 2011
10 Calculation of indexation factor
1
(1)
The
indexation factor for a financial year is the number worked
2
out by dividing the index number for the March quarter
3
immediately preceding that financial year by the index number for
4
the March quarter immediately preceding that first-mentioned
5
March quarter.
6
(2) The indexation factor is to be calculated to 3 decimal places,
7
(rounding up if the fourth decimal place is 5 or more).
8
(3) Calculations under subsection (1) are to be made:
9
(a) using only the index numbers published in terms of the most
10
recently published reference base for the Consumer Price
11
Index; and
12
(b) disregarding index numbers published in substitution for
13
previously published index numbers (except where the
14
substituted numbers are published to take account of changes
15
in the reference base).
16