Commonwealth Borrowing Levy Act 1987

REPRINT No. 3

Consolidated to 12 August 1997

Contents

1............... Short title [see Note 1]..........................................................................

2............... Commencement [see Note 1]................................................................

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 [see Note 2]                     

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

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1  Short title [see Note 1]

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

2  Commencement [see Note 1]

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 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.

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 Governor-General may make regulations, not inconsistent with this Act, prescribing matters required or permitted by this Act to be prescribed.

SCHEDULE—BODIES LIABLE TO PAY LEVY [see Note 2]

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

11.               Australian Trade Commission

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

NOTES

1.   The Commonwealth Borrowing Levy Act 1987 as shown in this reprint comprises Act No. 114, 1987 amended as indicated in the Tables below.

      The Commonwealth Borrowing Levy Act 1987 was affected by section 52 of the CSL Sale Act 1993.

Table of Acts

(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.” [see Note 2]

(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.”

Table of Amendments

2.   The Commonwealth Borrowing Levy Act 1987 was amended by section 36 of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996. The applicable provision provides as follows:

36  Amendment of the Commonwealth Borrowing Levy Act 1987

      On the transfer day, the Schedule to the Commonwealth Borrowing Levy Act 1987 is amended by omitting item 16 and substituting the following item:

                  16.   Housing Loans Insurance Corporation Limited.

      Subsection 2(1) of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996 provides as follows:

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

      As at 12 August 1997 no date had been fixed for the transfer day and the amendment is not incorporated in this reprint.