COMMONWEALTH BORROWING LEVY ACT 1987
- Updated as at 10 June 1994 (HISTACT CHAP 1282 #DATE 10:06:1994)
*1* The Commonwealth Borrowing Levy Act 1987 as shown in this reprint
comprises Act No. 114, 1987 amended as indicated in the Tables below.
Table of Acts
Act Date Date of Application
Number and of assent commencement saving or
year 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: 9 Nov 1993
(see Gazette 1993, No. S334) (e)
S. 42
CSL Sale Act 1993
88, 1993 30 Nov 1993 S. 53: (see Note 2)
S. 52
Transport and Communications Legislation Amendment Act 1994
64, 1994 30 May 1994 S. 3 (3): Royal Assent (f)
-
(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 8 (3) commences immediately after the commencement of
section 11."
(c) "Subsection 7 (2) commences immediately after section 12."
(d) The Commonwealth Borrowing Levy Act 1987 was amended by section 17 only
of the Commonwealth Serum Laboratories (Conversion into Public Company) Act
1990, subsections 2 (5) and (6) of which provide 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.
"(6) If the provisions referred to in subsection (5) do not commence under
that subsection within the period of 6 months beginning on the day on which
this Act receives the Royal Assent, they commence on the first day after the
end of that period."
(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."
(f) 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."
Table of Amendments
ad=added or inserted am=amended rep=repealed rs=repealed and substituted
Provision affected How affected
S. 3 am. No. 128, 1989
Schedule am. Nos. 22, 121, 126, 127 and 129, 1988; Nos. 66
and 128, 1989; No. 77, 1990; No. 145, 1991;
No. 54, 1993; No. 64, 1994
COMMONWEALTH BORROWING LEVY ACT 1987 - TABLE OF PROVISIONS
TABLE
TABLE OF PROVISIONS
Section
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
COMMONWEALTH BORROWING LEVY ACT 1987 - LONG TITLE
SECT
An Act to impose a levy in respect of borrowings of money by
certain bodies
COMMONWEALTH BORROWING LEVY ACT 1987 - SECT 1
Short title
SECT
1. This Act may be cited as the Commonwealth Borrowing Levy Act 1987.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
COMMONWEALTH BORROWING LEVY ACT 1987 - SECT 2
Commencement
SECT
2. This Act shall come into operation on the day on which it receives the
Royal Assent.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
COMMONWEALTH BORROWING LEVY ACT 1987 - SECT 3
Interpretation
SECT
3. (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 Companies Act 1981, 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.
COMMONWEALTH BORROWING LEVY ACT 1987 - SECT 4
Application of Act
SECT
4. 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.
COMMONWEALTH BORROWING LEVY ACT 1987 - SECT 5
Imposition of levy
SECT
5. 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.
COMMONWEALTH BORROWING LEVY ACT 1987 - SECT 6
Rate of levy
SECT
6. 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.
COMMONWEALTH BORROWING LEVY ACT 1987 - SECT 7
By whom levy payable
SECT
7. The levy is payable by the body which undertakes the borrowing.
COMMONWEALTH BORROWING LEVY ACT 1987 - SECT 8
Regulations
SECT
8. The Governor-General may make regulations, not inconsistent with this
Act, prescribing matters required or permitted by this Act to be prescribed.
COMMONWEALTH BORROWING LEVY ACT 1987 - SCHEDULE
SCH
SCHEDULE *2* Section 3
BODIES LIABLE TO PAY LEVY
1A. ANL Limited.
1AA. Aerospace Technologies of Australia Pty. Limited, being a company
incorporated on 3 December 1986 under the law in force in the
Australian Capital Territory
2A. A body corporate that is a group company for the purposes of the
Australian Airlines (Conversion to Public Company) Act 1988
6. Australian National Railways Commission
7. Australian Nuclear Science and Technology Organisation
8.Australian Postal Corporation
11. Australian Trade Commission
11A.Civil Aviation Authority
12. Commonwealth Serum Laboratories Limited
13. Federal Airports Corporation
15. Health Insurance Commission
16.Housing Loans Insurance Corporation
18. Pipeline Authority
19. Qantas Airways Limited
21. Snowy Mountains Hydro-electric Authority
22. Telstra Corporation Limited
*2* The Schedule is amended by section 53 and the Schedule only of the CSL
Sale Act 1993. The applicable provision provides as follows:
Schedule (item 12):
Omit. Subsections 2 (2) and (4) of the CSL Sale Act 1993 provide as
follows:
"(2) Sections 8 to 46 (inclusive) and section 48 to 53 (inclusive) commence
on the sale day.
"(4) If a provision of this Act has not commenced before 31 December 1994,
the provision is taken to have been repealed on that day."
As at 10 June 1994 no date had been fixed and the amendment is not
incorporated in this reprint.