Federal Register of Legislation - Australian Government

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Act No. 52 of 1998 as amended, taking into account amendments up to Act No. 75 of 2009
An Act to impose a levy on authorised non-operating holding companies
Administered by: Treasury
Registered 01 Mar 2010
Start Date 27 Feb 2010
End Date 09 Dec 2015
Table of contents.

Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998

Act No. 52 of 1998 as amended

This compilation was prepared on 27 February 2010
taking into account amendments up to Act No. 75 of 2009

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra

  

  

  


Contents

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

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

3............ Act binds the Crown........................................................................... 1

4............ External Territories.............................................................................. 1

5............ Definitions.......................................................................................... 1

6............ Imposition of authorised non‑operating holding companies supervisory levy          2

7............ Amount of levy................................................................................... 2

8............ Calculation of indexation factor........................................................... 3

9............ Regulations......................................................................................... 3

Notes                                                                                                                                               5


An Act to impose a levy on authorised non‑operating holding companies

 

 

1  Short title [see Note 1]

                   This Act may be cited as the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.

2  Commencement [see Note 1]

             (1)  This Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998.

             (2)  If this Act commences during a financial year (but not on 1 July of that financial year), this Act has effect in relation to that financial year subject to the modifications specified in the regulations.

3  Act binds the Crown

                   This Act binds the Crown in each of its capacities.

4  External Territories

                   This Act extends to each external Territory.

5  Definitions

                   In this Act, unless the contrary intention appears:

authorised NOHC means:

                     (a)  an authorised NOHC within the meaning of the Banking Act 1959 or the Insurance Act 1973; or

                     (b)  a registered NOHC within the meaning of the Life Insurance Act 1995.

Note:          NOHC is short for non‑operating holding company.

indexation factor means the indexation factor calculated under section 8.

index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.

levy imposition day, in relation to an authorised NOHC for a financial year, means:

                     (a)  if the authorised NOHC is an authorised NOHC on 1 July of the financial year—that day; or

                     (b)  in any other case—the day, during the financial year, on which the authorised NOHC becomes an authorised NOHC.

statutory upper limit means:

                     (a)  in relation to the financial year commencing on 1 July 2005—$1,500,000; or

                     (b)  in relation to a later financial year—the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.

6  Imposition of authorised non‑operating holding companies supervisory levy

                   Levy payable in accordance with subsection 8(2) of the Financial Institutions Supervisory Levies Collection Act 1998 is imposed.

7  Amount of levy

             (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, by legislative instrument, 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, by legislative instrument, by the Treasurer for the purpose of this paragraph in relation to the financial year; or

                     (c)  if the authorised NOHC is a registered NOHC within the meaning of the Life Insurance Act 1995—the amount determined, by legislative instrument, by the Treasurer for the purpose of this paragraph in relation to the financial year.

The amount determined under paragraph (a), (b) or (c) must not exceed the statutory upper limit as at the time when the determination is made.

             (2)  If the levy imposition day for the authorised NOHC for the financial year is later than 1 July in the financial year, the amount of levy payable by the authorised NOHC for the financial year is the amount worked out using the following formula:

8  Calculation of indexation factor

             (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).

             (2)  The indexation factor is to be calculated to 3 decimal places, but increased by .001 if the 4th decimal place is more than 4.

             (3)  Calculations under paragraph (1)(a):

                     (a)  are to be made using only the index numbers published in terms of the most recently published reference base for the Consumer Price Index; and

                     (b)  are to be made disregarding index numbers that are published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the reference base).

9  Regulations

                   The Governor‑General may make regulations for the purposes of subsection 2(2).


Notes to the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998

Note 1

The Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998 as shown in this compilation comprises Act No. 52, 1998 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act

Number
and year

Date
of Assent

Date of commencement

Application, saving or transitional provisions

Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998

52, 1998

29 June 1998

1 July 1998 (see s. 2)

 

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

44, 1999

17 June 1999

Schedule 6 (item 5): Royal Assent

Authorised Non‑operating Holding Companies Supervisory Levy Imposition Amendment Act 2005

13, 2005

22 Feb 2005

22 Feb 2005

Sch. 1 (item 6)

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007

154, 2007

24 Sept 2007

Schedule 4 (items 4, 5): Royal Assent

Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009

75, 2009

27 Aug 2009

Schedule 1 (items 190–194): 27 Feb 2010

Sch. 1 (item 194)


Table of Amendments

ad. = added or inserted     am. = amended      rep. = repealed      rs. = repealed and substituted

Provision affected

How affected

S. 5......................................

am. No. 13, 2005; No. 75, 2009

S. 7......................................

am. No. 13, 2005; No. 154, 2007; No. 75, 2009

S. 8......................................

am. No. 44, 1999; No. 13, 2005


Table A

Application, saving or transitional provisions

Authorised Non‑operating Holding Companies Supervisory Levy Imposition Amendment Act 2005 (No. 13, 2005)

Schedule 1

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.

 

Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009 (No. 75, 2009)

Schedule 1

194  Application

(1)       This item applies if the amendments of the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998 made by this Schedule commence during a financial year (but not on 1 July of that financial year).

(2)       That Act, as amended by this Schedule, has effect, in relation to that financial year and authorised NOHCs that are registered NOHCs, with the modifications (if any) prescribed by the regulations.

Note:       Subitems (1) and (2) are equivalent to subsection 2(2) of the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.

(3)       The Governor‑General may make regulations for the purposes of subitem (2).

Note:       Subitem (3) is equivalent to section 9 of the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.

(4)       In this item:

authorised NOHC has the same meaning as in the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998 as amended by this Schedule.

modifications includes additions, omissions and substitutions.

registered NOHC has the same meaning as in the Life Insurance Act 1995.