Commonwealth Borrowing Levy Act 1987

No. 114, 1987

Compilation No. 15

Compilation date:    1 December 2014

Includes amendments up to: Act No. 160, 2006

Registered:    5 December 2014

 

About this compilation

This compilation

This is a compilation of the Commonwealth Borrowing Levy Act 1987 that shows the text of the law as amended and in force on 1 December 2014 (the compilation date).

This compilation was prepared on 5 December 2014.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on ComLaw (www.comlaw.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on ComLaw for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on ComLaw for the compiled law.

Selfrepealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 

 

 

Contents

1 Short title

2 Commencement

3 Interpretation

4 Application of Act

5 Imposition of levy

6 Rate of levy

7 By whom levy payable

8 Regulations

Schedule—Bodies liable to pay levy

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

An Act to impose a levy in respect of borrowings of money by certain bodies

1  Short title

  This Act may be cited as the Commonwealth Borrowing Levy Act 1987.

2  Commencement

  This Act shall come into operation on the day on which it receives the Royal Assent.

3  Interpretation

 (1) In this Act:

body means:

 (a) a body referred to in the Schedule; and

 (b) a body declared by another Act to be a prescribed body for the purposes of this Act; and

 (c) a body corporate (other than a body referred to in the Schedule) that is, under the Corporations Act 2001, a subsidiary of a body referred to in paragraph (a) or (b).

 (2) Expressions have the same meaning in this Act as in the Commonwealth Borrowing Levy Collection Act 1987.

4  Application of Act

  This Act applies to borrowings of money, otherwise than from the Commonwealth, undertaken on or after 1 July 1987 by a body, including, without limiting the generality of the foregoing, such a borrowing made wholly or partly in a currency other than Australian currency.

5  Imposition of levy

  A levy is imposed on all borrowings to which this Act applies, other than such of those borrowings, or such parts of those borrowings, as are exempted from the levy by the regulations.

6  Rate of levy

  The rate of the levy is such annual rate as is prescribed, being an annual rate not exceeding 0.5% of the amount in respect of which the levy is payable.

7  By whom levy payable

  The levy is payable by the body which undertakes the borrowing.

8  Regulations

  The GovernorGeneral may make regulations, not inconsistent with this Act, prescribing matters required or permitted by this Act to be prescribed.

ScheduleBodies liable to pay levy

Section 3

1. Airservices Australia

1A. ANL Limited.

2A. A body corporate that is a group company for the purposes of the Australian Airlines (Conversion to Public Company) Act 1988

7. Australian Nuclear Science and Technology Organisation

8. Australian Postal Corporation

13. Federal Airports Corporation

16. Housing Loans Insurance Corporation Limited.

18. Pipeline Authority

19. Qantas Airways Limited

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnotes about misdescribed amendments and other matters are included in a compilation only as necessary.

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the amendment is set out in the endnotes.

Endnote 2—Abbreviation key

 

A = Act

orig = original

ad = added or inserted

par = paragraph(s)/subparagraph(s)

am = amended

    /subsubparagraph(s)

amdt = amendment

pres = present

c = clause(s)

prev = previous

C[x] = Compilation No. x

(prev…) = previously

Ch = Chapter(s)

Pt = Part(s)

def = definition(s)

r = regulation(s)/rule(s)

Dict = Dictionary

Reg = Regulation/Regulations

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expires/expired or ceases/ceased to have

rep = repealed

    effect

rs = repealed and substituted

F = Federal Register of Legislative Instruments

s = section(s)/subsection(s)

gaz = gazette

Sch = Schedule(s)

LI = Legislative Instrument

Sdiv = Subdivision(s)

LIA = Legislative Instruments Act 2003

SLI = Select Legislative Instrument

(md) = misdescribed amendment

SR = Statutory Rules

mod = modified/modification

SubCh = SubChapter(s)

No. = Number(s)

SubPt = Subpart(s)

o = order(s)

underlining = whole or part not

Ord = Ordinance

    commenced or to be commenced

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

Commonwealth Borrowing Levy Act 1987

114, 1987

2 Dec 1987

2 Dec 1987

 

Commonwealth Borrowing Levy Amendment Act 1988

22, 1988

11 May 1988

30 Apr 1988 (see s. 2 and Gazette 1988, No. S117 )

Telecommunications Amendment Act 1988

121, 1988

14 Dec 1988

ss. 5, 6, 10, 12, 13, 23(2) and 26(1): 1 Jan 1989 (see Gazette 1988, No. S402)
ss. 14, 23(3) and 26(2): 30 June 1989 (see Gazette 1989, No. S216)
Remainder: Royal Assent

 Postal Services Amendment Act 1988

126, 1988

14 Dec 1988

ss. 4, 5, 9–11, 21(2) and 22(1): 1 Jan 1989 (see Gazette 1988, No. S402)
ss. 12, 21(3) and 22(2): 30 June 1989 (see Gazette 1989, No. S216)
Remainder: Royal Assent

ANL (Conversion into Public Company) Act 1988

127, 1988

14 Dec 1988

s. 11: 1 July 1989 (see Gazette 1989, No. S210) (a)

OTC (Conversion into Public Company) Act 1988

129, 1988

14 Dec 1988

ss. 7(2), 8(2), 9, 11–22 and 25: 1 Apr 1989 (see Gazette 1989, No. S92)
s. 8(1): 16 Mar 1989 (see Gazette 1989, No. S92)
s. 8(3): (b)
Remainder: Royal Assent

Snowy Mountains Engineering Corporation (Conversion into Public Company) Act 1989

66, 1989

19 June 1989

ss. 4, 6(1), 7(1), 8–10, 12, 14(2), 15 and 16: 1 July 1989 (see Gazette 1989, No. S223)
s. 7(2): (c)
s. 14(1): 30 June 1989 (see Gazette 1989, No. S223)
Remainder: Royal Assent

Commonwealth Borrowing Levy Amendment Act 1989

128, 1989

7 Nov 1989

s. 4(a) and (d): 1 July 1989
s. 4(c): 11 May 1989
Remainder: Royal Assent

Commonwealth Serum Laboratories (Conversion into Public Company) Act 1990

77, 1990

22 Oct 1990

s. 17: 1 Apr 1991 (see Gazette 1991, No. S75) (d)

 AUSSAT Repeal Act 1991

145, 1991

21 Oct 1991

Part 3 (ss. 8–12): 1 Feb 1992 (see Gazette 1992, No. S46)
Remainder: Royal Assent

Snowy Mountains Engineering Corporation Limited Sale Act 1993

54, 1993

27 Oct 1993

s. 44: (e)

s. 42

CSL Sale Act 1993

88, 1993

30 Nov 1993

Part 1 (ss. 1–4), ss. 7 and 47: Royal Assent
ss. 5 and 6: 22 Feb 1991
Remainder: (f)

s. 52

Transport and Communications Legislation Amendment Act 1994

64, 1994

30 May 1994

s. 3(3): Royal Assent (g)

AeroSpace Technologies of Australia Limited Sale Act 1994

144, 1994

8 Dec 1994

Part 1 (ss. 1–6), ss. 7–11, Divs. 2 and 3 of Part 2 (ss. 14, 15) and Part 3 (s. 16): 12 Oct 1994
Remainder: (h)

s. 20

Civil Aviation Legislation Amendment Act 1995

82, 1995

30 June 1995

s. 5: 6 July 1995 (see Gazette 1995, No. S270) (i)

ANL Sale Act 1995

136, 1995

5 Dec 1995

(j)

Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996

14, 1996

24 June 1996

s. 36: Royal Assent (k)

Australian National Railways Commission Sale Act 1997

96, 1997

30 June 1997

Schedule 4 (item 2): Royal Assent (l)

Health Insurance Commission (Reform and Separation of Functions) Act 1997

159, 1997

11 Nov 1997

Schedule 1 (item 38): 1 Mar 1998 (see Gazette 1998, No. GN9) (m)

Snowy Hydro Corporatisation (Consequential Amendments) Act 1997

177, 1997

21 Nov 1997

28 June 2002 (see s. 2 and Gazette 2002, No. 216)

Telstra (Further Dilution of Public Ownership) Act 1999

53, 1999

5 July 1999

5 July 1999

Sch. 1 (item 2)

Corporations (Repeals, Consequentials and Transitionals) Act 2001

55, 2001

28 June 2001

ss. 4–14 and Schedule 3 (item 124): 15 July 2001 (see Gazette 2001, No. S285) (n)

ss. 4–14

Australian Trade Commission Legislation Amendment Act 2006

56, 2006

21 June 2006

Schedule 3 (item 1): 1 July 2006

Medibank Private Sale Act 2006

160, 2006

11 Dec 2006

Sch 3 (items 1, 2): 1 Dec 2014 (s 2(1) item 3 and F2014L01631)

Sch 3 (item 2)

 

(a) The Commonwealth Borrowing Levy Act 1987 was amended by section 11 only of the ANL (Conversion into Public Company) Act 1988, subsection 2(3) of which provides as follows:

 (3) Section 6, subsection 7(2) and sections 9 and 11 commence on a day to be fixed by Proclamation.

(b) Subsection 2(4) of the OTC (Conversion into Public Company) Act 1988 provides as follows:

 (4) Subsection 8(3) commences immediately after the commencement of section 11.

 Section 11 commenced on 1 April 1989 (see Gazette 1989, No. S92).

(c) Subsection 2(6) of the Snowy Mountains Engineering Corporation (Conversion into Public Company) Act 1989 provides as follows:

 (6) Subsection 7(2) commences immediately after section 12.

 Section 12 commenced on 1 July 1989 (see Gazette 1989, No. S223).

(d) The Commonwealth Borrowing Levy Act 1987 was amended by section 17 only of the Commonwealth Serum Laboratories (Conversion into Public Company) Act 1990, subsection 2(5) of which provides as follows:

 (5) Subject to subsection (6), sections 6, 10, 13 and 17 commence on a day to be fixed by Proclamation for the purposes of this subsection.

(e) The Commonwealth Borrowing Levy Act 1987 was amended by section 44 only of the Snowy Mountains Engineering Corporation Limited Sale Act 1993, subsection 2(2) of which provides as follows:

 (2) Sections 5 to 36 (inclusive) and 39 to 44 (inclusive) commence on the sale day.

 The sale day was 9 November 1993 (see Gazette 1994, No. S334).

(f) Subsection 2(2) of the CSL Sale Act 1993 provides as follows:

 (2) Sections 8 to 46 (inclusive) and sections 48 to 53 (inclusive) commence on the sale day.

 The sale day was 3 June 1994 (see Gazette 1994, No. S209).

(g) The Commonwealth Borrowing Levy Act 1987 was amended by subsection 3(3) only of the Transport and Communications Legislation Amendment Act 1994, subsection 2(1) of which provides as follows:

 (1) Subject to subsections (2) and (3), this Act commences on the day on which it receives the Royal Assent.

(h) Subsection 2(2) of the AeroSpace Technologies of Australia Limited Sale Act 1994 provides as follows:

 (2) The remaining provisions of this Act commence on the ASTA sale day.

 The ASTA sale day was 27 June 1995 (see Gazette 1995, No. S271).

(i) The Commonwealth Borrowing Levy Act 1987 was amended by section 5 only of the Civil Aviation Legislation Amendment Act 1995, subsection 2(1) of which provides as follows:

 (1) Subject to this section, this Act commences on:

 (a) a day to be fixed by Proclamation; or

 (b) the first day after the end of the period of 6 months beginning on the day on which this Act receives the Royal Assent;

  whichever is earlier.

(j) The ANL Sale Act 1995 was repealed by section 79 of that Act before coming into operation.

(k) The Commonwealth Borrowing Levy Act 1987 was amended by section 36 of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996, subsection 2(1) of which provides as follows:

 (1) Parts 1 to 5 commence on the day on which this Act receives the Royal Assent.

 Section 36 provides that on the transfer day the schedule to the Commonwealth Borrowing Levy Act is amended.

 The Transfer Day was 12 December 1997 (see Gazette 1997, No. S512).

(l) The Commonwealth Borrowing Levy Act 1987 was amended by Schedule 4 (item 2) only of the Australian National Railways Commission Sale Act 1997, subsection 2(4) of which provides as follows:

 (4) Item 2 of Schedule 4 commences on the day on which it receives the Royal Assent.

(m) The Commonwealth Borrowing Levy Act 1987 was amended by Schedule 1 (item 38) only of the Health Insurance Commission (Reform and Separation of Functions) Act 1997, subsection 2(2) of which provides as follows:

 (2) Subject to subsection (3), Part 2 of Schedule 1 to this Act commences on the fundtransfer day.

(n) The Commonwealth Borrowing Levy Act 1987 was amended by Schedule 3 (item 124) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

 (3) Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

Endnote 4—Amendment history

 

Provision affected

How affected

s. 3.....................

am. No. 128, 1989; No. 55, 2001

Schedule.................

am. Nos. 22, 121, 126, 127 and 129, 1988; Nos. 66 and 128, 1989; No. 77, 1990; No. 145, 1991; Nos. 54 and 88, 1993; Nos. 64 and 144, 1994; No. 82, 1995; No. 14, 1996; Nos. 96, 159 and 177, 1997; No. 53, 1999; No. 56 and 160, 2006