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Corporations (Fees) Act 2001

Authoritative Version
Act No. 52 of 2001 as amended, taking into account amendments up to ASIC Supervisory Cost Recovery Levy (Consequential Amendments) Act 2017
An Act to impose, as taxes, fees for things done under the Corporations Act 2001, and for related matters
Administered by: Treasury
Registered 03 Jul 2017
Start Date 01 Jul 2017
Table of contents.

Corporations (Fees) Act 2001

No. 52, 2001

Compilation No. 10

Compilation date:                              1 July 2017

Includes amendments up to:            Act No. 45, 2017

Registered:                                         3 July 2017

 

About this compilation

This compilation

This is a compilation of the Corporations (Fees) Act 2001 that shows the text of the law as amended and in force on 1 July 2017 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

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

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

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

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

3............ Application to the Crown.................................................................... 1

4............ Definitions.......................................................................................... 1

5............ Imposition of fees for chargeable matters............................................ 2

5A......... Differential fees for electronic compliance in relation to a chargeable matter            3

6............ Matters relating to amount of fees....................................................... 3

7............ Who is liable to pay the fee for a chargeable matter, and time liability is incurred    4

8............ Regulations......................................................................................... 6

9............ Transitional matters............................................................................. 6

Endnotes                                                                                                                                      8

Endnote 1—About the endnotes                                                                              8

Endnote 2—Abbreviation key                                                                                10

Endnote 3—Legislation history                                                                             11

Endnote 4—Amendment history                                                                           12


An Act to impose, as taxes, fees for things done under the Corporations Act 2001, and for related matters

1  Short title

                   This Act may be cited as the Corporations (Fees) Act 2001.

2  Commencement

                   This Act commences at the same time as the Corporations Act 2001.

3  Application to the Crown

                   If the Crown, in a capacity, is bound by the provision or provisions of the Corporations Act 2001 under which a chargeable matter arises or to which a chargeable matter relates, then the Crown, in that capacity, is bound by this Act in respect of that chargeable matter.

4  Definitions

             (1)  In this Act:

chargeable matter means any of the following:

                     (a)  the lodgment of a document under the Corporations Act 2001;

                     (b)  the registration of a document under that Act;

                     (c)  the inspection or search of a register kept by, or a document in the custody of, ASIC under that Act;

                     (d)  the making available by ASIC, under that Act, of information (whether in the form of a document or otherwise);

                     (e)  the production by ASIC, under a subpoena, of such a register or document;

                      (f)  the issuing of a document or of a copy of a document, the granting of a licence, consent or approval, or the doing of any other act, under that Act, by the Minister or ASIC;

                     (g)  the making of an inquiry of, or an application to, the Minister, or ASIC, in relation to a matter arising under that Act;

                     (h)  the submission to ASIC of a document for examination by ASIC;

                      (i)  the making of an application under that Act to the Panel;

                      (j)  the doing of any act by the Panel in dealing with an application under that Act to the Panel;

                     (k)  the performance by ASIC of:

                              (i)  functions conferred on ASIC by the listing rules of a market as required by subsection 798C(4); and

                             (ii)  any other functions conferred on ASIC by arrangements entered into under subsection 798C(2); and

                            (iii)  functions conferred on ASIC by the operating rules of a market as required by subsection 798DA(2) of the Corporations Act 2001;

                      (l)  the performance by ASIC of functions provided for in regulations as mentioned in paragraph 798E(2)(b) of the Corporations Act 2001.

old Corporations Law, in relation to a State or Territory, has the same meaning as it has in Part 10.1 of the Corporations Act 2001.

             (2)  Other expressions used in this Act that are defined in the Corporations Act 2001 have the same meanings as they have in that Act.

5  Imposition of fees for chargeable matters

             (1)  Subject to section 6, the regulations may prescribe fees for chargeable matters.

             (2)  The fees prescribed by the regulations for chargeable matters are imposed, and are so imposed as taxes.

             (3)  2 or more fees may be prescribed for the same chargeable matter.

5A  Differential fees for electronic compliance in relation to a chargeable matter

                   The regulations may prescribe, in relation to a chargeable matter, different fees having regard to whether the matter is complied with by electronic means.

6  Matters relating to amount of fees

             (1)  The regulations may prescribe a fee for a chargeable matter:

                     (a)  by specifying an amount (not exceeding $10,000) as the fee; or

                     (b)  by specifying a method for calculating the amount of the fee.

Note:          The limitation in paragraph (a) applies separately to each fee imposed if more than one fee is prescribed for the same chargeable matter (see subsection 5(3)).

             (2)  The fee for a chargeable matter need not bear any relationship to the cost of providing any service that forms part of, or is related to, that matter.

             (3)  The fee, or the sum of the fees, for a chargeable matter must not exceed $50,000, except for a chargeable matter referred to in paragraph (k) or (l) of the definition of chargeable matter in subsection 4(1).

             (4)  The fee, or the total of the fees, for chargeable matters referred to in paragraph (k) of the definition of that term in subsection 4(1) that relate to a particular market licensee must not exceed $100,000 in respect of each period of 12 months during which ASIC performs functions referred to in that paragraph in relation to that market licensee.

             (5)  The fee, or the total of the fees, for chargeable matters referred to in paragraph (l) of the definition of that term in subsection 4(1) that relate to a particular market licensee and a particular conflict, or potential conflict, of a kind referred to in subsection 798E(1) of the Corporations Act 2001, must not exceed $100,000 in respect of each period of 12 months during which ASIC performs functions referred to in that paragraph in relation to that market licensee and that conflict or potential conflict.

7  Who is liable to pay the fee for a chargeable matter, and time liability is incurred

             (1)  The person by whom a fee for a chargeable matter is payable, and the time at which they incur that liability, are as follows:

                     (a)  for a chargeable matter referred to in paragraph (a) of the definition of chargeable matter in subsection 4(1):

                              (i)  person liable—the person who lodges the document; and

                             (ii)  time liability incurred—when the document is lodged;

                     (b)  for a chargeable matter referred to in paragraph (b) of that definition:

                              (i)  person liable—the person who requests registration of the document, or if there is no request, the person who lodges the document that is registered; and

                             (ii)  time liability incurred—when the request for registration is made, or if there is no request, when the document is lodged;

                     (c)  for a chargeable matter referred to in paragraph (c) of that definition:

                              (i)  person liable—the person who requests the inspection or search; and

                             (ii)  time liability incurred—when the request is made;

                     (d)  for a chargeable matter referred to in paragraph (d) of that definition:

                              (i)  person liable—the person who requests the information; and

                             (ii)  time liability incurred—when the request is made;

                     (e)  for a chargeable matter referred to in paragraph (e) of that definition:

                              (i)  person liable—the person who filed the subpoena; and

                             (ii)  time liability incurred—when the subpoena is served on ASIC;

                      (f)  for a chargeable matter referred to in paragraph (f) of that definition:

                              (i)  person liable—the person who requests the issue of the document (or copy), the grant of the licence, consent or approval, or the doing of the other act, or, if there is no such request, the person for whose benefit the act is done; and

                             (ii)  time liability incurred—when the request is made, or if there is no request, when the act is done;

                     (g)  for a chargeable matter referred to in paragraph (g) of that definition:

                              (i)  person liable—the person who makes the inquiry or application; and

                             (ii)  time liability incurred—when the inquiry or application is made;

                     (h)  for a chargeable matter referred to in paragraph (h) of that definition:

                              (i)  person liable—the person who submits the document; and

                             (ii)  time liability incurred—when the document is submitted;

                      (i)  for a chargeable matter referred to in paragraph (i) of that definition:

                              (i)  person liable—the person who makes the application; and

                             (ii)  time liability incurred—when the application is made;

                      (j)  for a chargeable matter referred to in paragraph (j) of that definition:

                              (i)  person liable—such party or parties to the proceedings before the Panel as the Panel determines (in accordance with subsection (2)) is or are to pay the fee; and

                             (ii)  time liability incurred—when the Panel makes that determination;

                     (k)  for a chargeable matter referred to in paragraph (k) of that definition:

                              (i)  person liable—the market licensee affected; and

                             (ii)  time liability incurred—the time or times determined in accordance with the regulations;

                      (l)  for a chargeable matter referred to in paragraph (l) of that definition:

                              (i)  person liable—the market licensee affected; and

                             (ii)  time liability incurred—the time or times determined in accordance with the regulations.

             (2)  A determination by the Panel for the purposes of subparagraph (1)(j)(i) must be made in accordance with rules made by the Panel in writing for the purposes of that subparagraph.

8  Regulations

                   The Governor‑General may make regulations for the purposes of sections 5, 5A and 6.

9  Transitional matters

             (1)  Regulations referred to in paragraph 1351(a) of the old Corporations Law of a State or Territory in this jurisdiction that were in force immediately before the commencement of this Act continue to have effect, and may be amended or repealed, as if they were made under section 8 of this Act for the purposes of sections 5 and 6 of this Act.

             (2)  If, immediately before the commencement of this Act, a fee was payable by a person to the Commonwealth in respect of a matter under section 1351 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act, and is so imposed as a tax.

Note:          The definition of chargeable matter in section 9 of the old Corporations Law contains a list of matters that corresponds to the list in the definition of chargeable matter in subsection 4(1) of this Act.


Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key 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 (or will amend) the compiled law. The information includes commencement details for amending laws and details of any 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 (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

 

Endnote 2—Abbreviation key

 

ad = added or inserted

o = order(s)

am = amended

Ord = Ordinance

amdt = amendment

orig = original

c = clause(s)

par = paragraph(s)/subparagraph(s)

C[x] = Compilation No. x

    /sub‑subparagraph(s)

Ch = Chapter(s)

pres = present

def = definition(s)

prev = previous

Dict = Dictionary

(prev…) = previously

disallowed = disallowed by Parliament

Pt = Part(s)

Div = Division(s)

r = regulation(s)/rule(s)

ed = editorial change

reloc = relocated

exp = expires/expired or ceases/ceased to have

renum = renumbered

    effect

rep = repealed

F = Federal Register of Legislation

rs = repealed and substituted

gaz = gazette

s = section(s)/subsection(s)

LA = Legislation Act 2003

Sch = Schedule(s)

LIA = Legislative Instruments Act 2003

Sdiv = Subdivision(s)

(md) = misdescribed amendment can be given

SLI = Select Legislative Instrument

    effect

SR = Statutory Rules

(md not incorp) = misdescribed amendment

Sub‑Ch = Sub‑Chapter(s)

    cannot be given effect

SubPt = Subpart(s)

mod = modified/modification

underlining = whole or part not

No. = Number(s)

    commenced or to be commenced

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

Corporations (Fees) Act 2001

52, 2001

28 June 2001

15 July 2001 (s 2)

 

Corporations (Fees) Amendment Act 2001

107, 2001

17 Sept 2001

11 Mar 2002 (s 2)

Corporations (Fees) Amendment Act 2003

22, 2003

11 Apr 2003

1 July 2003 (s 2)

Corporations (Fees) Amendment Act (No. 1) 2004

98, 2004

29 June 2004

1 July 2004 (s 2)

Corporations (Fees) Amendment Act 2007

102, 2007

28 June 2007

Sch 1: 28 June 2007 (s 2(1) item 2)

Corporations (Fees) Amendment Act 2010

27, 2010

25 Mar 2010

Sch 1: 1 Aug 2010 (s 2(1) item 2)

Corporations (Fees) Amendment Act 2011

144, 2011

29 Nov 2011

Sch 1: 1 Jan 2012 (s 2(1) item 2)

Corporations Legislation Amendment (Financial Reporting Panel) Act 2012

118, 2012

12 Sept 2012

Sch 1 (item 7): 1 Oct 2012 (s 2(1) item 2)

ASIC Supervisory Cost Recovery Levy (Consequential Amendments) Act 2017

45, 2017

19 June 2017

Sch 1 (items 20–27, 29): 1 July 2017 (s 2(1) item 1)

Sch 1 (item 29)

 

Endnote 4—Amendment history

 

Provision affected

How affected

s 4........................................

am No 107, 2001; No 98, 2004; No 102, 2007; No 27, 2010; No 144, 2011; No 118, 2012; No 45, 2017

s 5........................................

am No 27, 2010; No 45, 2017

s 5A.....................................

ad No 22, 2003

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

am No 107, 2001; No 22, 2003; No 27, 2010; No 144, 2011; No 45, 2017

s 6A.....................................

ad No 27, 2010

 

am No 144, 2011

 

rep No 45, 2017

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

am No 107, 2001; No 27, 2010; No 144, 2011; No 45, 2017

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

am No 22, 2003; No 27, 2010; No 45, 2017