Federal Register of Legislation - Australian Government

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Act No. 54 of 2011 as amended, taking into account amendments up to Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Amendment Act 2014
An Act to impose a levy 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
End Date 04 Mar 2016
Table of contents.

Description: Commonwealth Coat of Arms

Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011

No. 54, 2011 as amended

Compilation start date:                     22 October 2014

Includes amendments up to:            Act No. 111, 2014

 

About this compilation

This compilation

This is a compilation of the Australian Transaction Reports and Analysis Centre Industry Contribution 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............................ Act does not impose levy on property of a State................. 2

7............................ Definitions.......................................................................... 2

8............................ Imposition of levy............................................................... 4

8A......................... Amount of levy................................................................... 4

9............................ Amount of instalment of levy............................................. 4

Endnotes                                                                                                                                      6

Endnote 1—About the endnotes                                                                              6

Endnote 2—Abbreviation key                                                                                  8

Endnote 3—Legislation history                                                                               9

Endnote 4—Amendment history                                                                           10

Endnote 5—Uncommenced amendments [none]                                          11

Endnote 6—Modifications [none]                                                                         11

Endnote 7—Misdescribed amendments [none]                                             11

Endnote 8—Miscellaneous [none]                                                                        11

 


An Act to impose a levy 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 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 10

The later of:

(a) 1 July 2011; and

(b) the day this Act receives the Royal Assent.

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  Act does not impose levy on property of a State

             (1)  This Act does not impose a tax on property of any kind belonging to a State.

             (2)  In this section, property of any kind belonging to a State has the same meaning as in section 114 of the Constitution.

7  Definitions

             (1)  In this Act:

census day, for a financial year, means:

                     (a)  for the financial year beginning on 1 July 2014—the day the AUSTRAC CEO determines, by legislative instrument, to be the census day; or

                     (b)  for a later financial year:

                              (i)  1 July in that financial year; or

                             (ii)  if the AUSTRAC CEO determines, by legislative instrument, another day in that financial year—that day.

A legislative instrument under paragraph (a) may, despite subsection 12(2) of the Legislative Instruments Act 2003, be made after the beginning of that financial year.

exempt entity, for a financial year, means a leviable entity who, by operation of the AML/CTF Rules made under section 229 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006, or by instrument made under section 248 of that Act, was, on the census day for that year, exempt from Part 7 of that Act.

 leviable entity, in relation to a financial year (the current year), means a person who:

                     (a)  is a reporting entity (within the meaning of section 5 of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006) at any time in the previous financial year; and

                     (b)  on the census day for the current year:

                              (i)  is entered on the Reporting Entities Roll under Part 3A of that Act; or

                             (ii)  is required, under section 51B of that Act, to apply to be entered on the Reporting Entities Roll; and

                     (c)  is not an exempt entity for the current year.

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

statutory limit, in relation to a financial year, means the amount that is 2 times the sum of all amounts appropriated by the Parliament for the purposes of AUSTRAC for the financial year.

             (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.

8  Imposition of levy

                   Levy payable in accordance with section 7 of the Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) Act 2011 is imposed.

8A  Amount of levy

                   The amount of levy payable by a leviable entity for a financial year is the amount equal to the sum of instalments of levy payable by the leviable entity for the financial year.

9  Amount of instalment of levy

          (1A)  The amount of an instalment of levy payable by a leviable entity for a financial year is the amount determined under subsection (1).

             (1)  The Minister may, by legislative instrument, determine the amount of an instalment of levy payable by a leviable entity for a financial year.

             (2)  However:

                     (a)  the Minister must make at least one determination under subsection (1) for a financial year; and

                     (b)  the sum of all amounts of all instalments of levy payable by all leviable entities for a financial year must not exceed the statutory limit for that year.

             (3)  A determination made for the purposes of subsection (1) may do one or more of the following:

                     (a)  specify an amount or a method for determining an amount;

                     (b)  specify different amounts or methods for different classes of leviable entities;

                     (c)  specify a nil amount or a method resulting in a nil amount;

                     (d)  despite subsection 12(2) of the Legislative Instruments Act 2003, specify methods that refer to acts done or circumstances existing before either the commencement of the determination or the commencement of this Act, or both.

             (4)  A determination made for the purposes of subsection (1) for a financial year may, despite subsection 12(2) of the Legislative Instruments Act 2003, be made after the beginning of that financial year.

 


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 Act 2011

54, 2011

28 June 2011

s 3–10: 1 July 2011
(s 2(1) item 2)
Remainder: 28 June 2011 (s 2(1) item 1)

 

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

111, 2014

21 Oct 2014

22 Oct 2014 (s 2)

Sch 1 (item 14)

 

Endnote 4—Amendment history

 

Provision affected

How affected

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

am No 111, 2014

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

am No 111, 2014

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

rs No 111, 2014

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

am No 111, 2014

s 8A.....................................

ad No 111, 2014

hdg to s 9.............................

rs No 111, 2014

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

am No 111, 2014

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

rep No 111, 2014

 

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]