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Act No. 55 of 2011 as amended, taking into account amendments up to Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Amendment Act 2014
An Act to provide for the collection of levies imposed on persons regulated by the Australian Transaction Reports and Analysis Centre, and for related purposes
Administered by: Attorney-General's
Registered 07 Nov 2014
Start Date 22 Oct 2014
Table of contents.

Description: Commonwealth Coat of Arms

Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) Act 2011

No. 55, 2011 as amended

Compilation start date:                     22 October 2014

Includes amendments up to:            Act No. 112, 2014

 

About this compilation

This compilation

This is a compilation of the Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) Act 2011 as in force on 22 October 2014. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 7 November 2014.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

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

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.

  

  

  


 

Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Act binds the Crown........................................................................... 2

4............ External Territories.............................................................................. 2

5............ Extraterritorial application................................................................... 2

6............ Definitions.......................................................................................... 2

7............ Liability to pay levy............................................................................. 3

8............ When instalment of levy due for payment........................................... 3

9............ Late payment penalty........................................................................... 4

10.......... Payment of levy and late payment penalty........................................... 4

11.......... Waiver of levy and late payment penalty............................................. 5

12.......... Recovery of levy and late payment penalty......................................... 5

13.......... Exempting laws ineffective................................................................. 5

14.......... Internal review of certain decisions..................................................... 6

15.......... Administrative Appeals Tribunal review of certain decisions............. 7

16.......... Regulations......................................................................................... 7

17.......... Review of operation of levy................................................................ 7

Endnotes                                                                                                                                      9

Endnote 1—About the endnotes                                                                              9

Endnote 2—Abbreviation key                                                                                11

Endnote 3—Legislation history                                                                             12

Endnote 4—Amendment history                                                                           13

Endnote 5—Uncommenced amendments [none]                                          14

Endnote 6—Modifications [none]                                                                         14

Endnote 7—Misdescribed amendments [none]                                             14

Endnote 8—Miscellaneous [none]                                                                        14

 


 

An Act to provide for the collection of levies imposed on persons regulated by the Australian Transaction Reports and Analysis Centre, and for related purposes

1  Short title

                   This Act may be cited as the Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) Act 2011.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

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.

28 June 2011

2.  Sections 3 to 8

At the same time as section 3 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 commences.

1 July 2011

3.  Section 9

At the end of 6 months after section 3 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 commences.

1 January 2012

4.  Sections 10 to 16

At the same time as section 3 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 commences.

1 July 2011

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Act binds the Crown

                   This Act binds the Crown in each of its capacities.

4  External Territories

                   This Act extends to every external Territory.

5  Extraterritorial application

                   This Act extends to acts, omissions, matters and things outside Australia.

6  Definitions

             (1)  In this Act:

AUSTRAC has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.

AUSTRAC CEO has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.

business day means a day that is not a Saturday, a Sunday, a public holiday or a bank holiday in the place concerned.

late payment penalty means penalty payable under section 9.

leviable entity, in relation to a financial year, has the same meaning as in the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011.

levy means levy imposed by the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011.

levy month means one of the 12 months of the calendar year.

person has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.

             (2)  This Act applies to a partnership, unincorporated association or trust as if the partnership, unincorporated association or trust were a person, but with the following changes:

                     (a)  an obligation that would otherwise be imposed on the partnership by this Act is imposed on each partner instead, but may be discharged by any of the partners;

                     (b)  an obligation that would otherwise be imposed on the association by this Act is imposed on each member of the association’s committee of management instead, but may be discharged by any of the members;

                     (c)  an obligation that would otherwise be imposed on the trust by this Act is imposed on each trustee instead, but may be discharged by any of the trustees.

7  Liability to pay levy

                   A person who is a leviable entity for a financial year is liable to pay levy, in one or more instalments, for that financial year.

8  When instalment of levy due for payment

             (1)  An instalment of levy payable by a person for a financial year is due and payable on a business day that is:

                     (a)  specified in a notice that the AUSTRAC CEO gives to the person in relation to the instalment; and

                     (b)  not earlier than 30 days after the beginning of the financial year; and

                     (c)  not earlier than 30 days after the day on which the notice is given.

             (2)  If the person nominates another person by written notice given to the AUSTRAC CEO:

                     (a)  the notice under paragraph (1)(a) of this section may be given to the nominated person; and

                     (b)  the obligation imposed on the person by subsection (1) of this section may be discharged by the nominated person.

             (3)  To avoid doubt, subsection (2) does not otherwise affect the person’s liability under section 7.

9  Late payment penalty

             (1)  If any instalment of levy payable by a person remains unpaid at the start of the levy month after the instalment became due for payment, the person is liable to pay the Commonwealth, for that levy month, a penalty worked out using the following formula:

             (2)  Late payment penalty for a levy month is due and payable at the end of the levy month.

             (3)  However, the AUSTRAC CEO may, by written notice given to the person before, on or after the day on which late payment penalty would be due and payable apart from this subsection, specify a later day as the day on which the late payment penalty is due and payable. The notice has effect, and is taken always to have had effect, according to its terms.

10  Payment of levy and late payment penalty

                   An instalment of levy and late payment penalty are payable to the AUSTRAC CEO on behalf of the Commonwealth.

11  Waiver of levy and late payment penalty

             (1)  The AUSTRAC CEO may, on behalf of the Commonwealth, if the AUSTRAC CEO considers it is appropriate to do so, waive the payment of the whole or a part of an amount of levy or late payment penalty (or both) that is payable by a person.

             (2)  The AUSTRAC CEO may do so on his or her own initiative or on written application by a person.

12  Recovery of levy and late payment penalty

             (1)  The following amounts may be recovered by the Commonwealth from a person as debts due to the Commonwealth:

                     (a)  an instalment of levy that is due and payable by the person;

                     (b)  late payment penalty that is due and payable by the person.

             (2)  The AUSTRAC CEO is authorised, as agent of the Commonwealth, to bring proceedings in the name of the Commonwealth for the recovery of a debt due to the Commonwealth of a kind mentioned in subsection (1).

13  Exempting laws ineffective

             (1)  Nothing in a law passed before the commencement of this section exempts a person from liability to pay levy.

             (2)  If a law (including a provision of a law) passed after the commencement of this section purports to exempt a person from:

                     (a)  liability to pay taxes under laws of the Commonwealth; or

                     (b)  liability to pay certain taxes under laws of the Commonwealth that would otherwise include levy;

the law does not operate to exempt the person from liability to pay levy unless the exemption expressly refers to levy under this Act.

             (3)  To avoid doubt, this section does not apply in relation to an exemption under this Act or the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011.

14  Internal review of certain decisions

             (1)  A person who is affected by a decision of the AUSTRAC CEO under section 11 may, if dissatisfied with the decision, request the AUSTRAC CEO to reconsider the decision.

             (2)  The request must:

                     (a)  be made by notice given to the AUSTRAC CEO within:

                              (i)  the period of 21 days after the day on which the person first receives notice of the decision; or

                             (ii)  any further period that the AUSTRAC CEO allows; and

                     (b)  set out the reasons for making the request.

             (3)  After receiving the request, the AUSTRAC CEO must review the decision or cause the decision to be reviewed by a person:

                     (a)  to whom the AUSTRAC CEO’s power under this section is delegated; and

                     (b)  who was not involved in the making of the decision; and

                     (c)  who occupies a position in AUSTRAC that is senior to that occupied by a person involved in the making of the decision.

             (4)  Within 42 days after receiving the request, the person reviewing the decision must:

                     (a)  reconsider the decision; and

                     (b)  confirm, revoke or vary the decision, as the person thinks fit.

             (5)  If the person reviewing the decision does not confirm, revoke or vary the decision within the period of 42 days after receiving the request, he or she is taken to have confirmed the decision under subsection (4) immediately after the end of that period.

             (6)  The person reviewing the decision must give a notice in writing to the person that made the request that sets out the result of the reconsideration of the decision and gives the reasons for his or her decision.

15  Administrative Appeals Tribunal review of certain decisions

                   Applications may be made to the Administrative Appeals Tribunal for review of:

                     (a)  a decision of the AUSTRAC CEO that has been confirmed or varied under subsection 14(4) or a decision that has been taken to have been confirmed under subsection 14(5); or

                     (b)  a decision of the AUSTRAC CEO under subsection 14(4) to revoke a decision.

16  Regulations

                   The Governor‑General may make regulations prescribing matters:

                     (a)  required or permitted by this Act to be prescribed; or

                     (b)  necessary or convenient to be prescribed for carrying out or giving effect to this Act.

17  Review of operation of levy

             (1)  The Minister must cause an independent review of the operation of the levy to be undertaken as soon as possible after the fourth anniversary of the commencement of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Amendment Act 2014.

             (2)  The person who undertakes the review must:

                     (a)  consult with industry participants about the impact of the levy and the costs of complying with the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011; and

                     (b)  give the Minister a written report of the review within 6 months after the fourth anniversary of the commencement of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Amendment Act 2014.

             (3)  The Minister must cause a copy of the report of the review to be tabled in each House of Parliament within 15 sitting days of receiving it.

             (4)  A report prepared under subsection (2) must include (but is not limited to):

                     (a)  a review of the methodology used to calculate instalments of levy; and

                     (b)  a summary of the consultations undertaken under paragraph (2)(a).

 


Endnotes

Endnote 1—About the endnotes

The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:

 

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments

Endnote 6—Modifications

Endnote 7—Misdescribed amendments

Endnote 8—Miscellaneous

 

If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.

 

Abbreviation key—Endnote 2

The abbreviation key in this endnote 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 the compiled law. The information includes commencement information for amending laws and details of 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 level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.

 

Uncommenced amendments—Endnote 5

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.

Modifications—Endnote 6

If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.

 

Misdescribed amendments—Endnote 7

An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.

 

Miscellaneous—Endnote 8

Endnote 8 includes any additional information that may be helpful for a reader of the compilation.

 

Endnote 2—Abbreviation key

 

ad = added or inserted

pres = present

am = amended

prev = previous

c = clause(s)

(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 = expired or ceased to have effect

rep = repealed

hdg = heading(s)

rs = repealed and substituted

LI = Legislative Instrument

s = section(s)

LIA = Legislative Instruments Act 2003

Sch = Schedule(s)

mod = modified/modification

Sdiv = Subdivision(s)

No = Number(s)

SLI = Select Legislative Instrument

o = order(s)

SR = Statutory Rules

Ord = Ordinance

Sub‑Ch = Sub‑Chapter(s)

orig = original

SubPt = Subpart(s)

par = paragraph(s)/subparagraph(s)
/sub‑subparagraph(s)

 

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Act 2011

55, 2011

28 June 2011

s 3–8 and 10–6: 1 July 2011 (s 2(1) items 2, 4)
s 9: 1 Jan 2012 (s 2(1) item 3)
Remainder: 28 June 2011 (s 2(1) item 1)

 

Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Amendment Act 2014

112, 2014

21 Oct 2014

22 Oct 2014 (s 2)

Sch 1 (item 12)

 

Endnote 4—Amendment history

 

Provision affected

How affected

s 1........................................

am No 112, 2014

s 6........................................

am No 112, 2014

s 7........................................

rs No 112, 2014

hdg to s 8.............................

rs No 112, 2014

s 8........................................

am No 112, 2014

s 9........................................

am No 112, 2014

s 10......................................

am No 112, 2014

s 12......................................

am No 112, 2014

s 13......................................

am No 112, 2014

s 17......................................

ad No 112, 2014

 

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]