Federal Register of Legislation - Australian Government

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No. 1 of 2010 Other/Charges, Fees & Factors as made
This instrument revokes the Instrument fixing charges to be paid to APRA (03/06/2003) and fixes charges for the application for authorisation as an ADI, General Insurer or Life Company.
Administered by: Treasury
Registered 21 Dec 2010
Tabling HistoryDate
Tabled HR08-Feb-2011
Tabled Senate08-Feb-2011
Date of repeal 02 Apr 2013
Repealed by Australian Prudential Regulation Authority instrument fixing charges No. 1 of 2013

Australian Prudential Regulation Authority instrument fixing charges No. 1 of 2010

For applications for authorisation as an ADI, General Insurer or Life Company

Australian Prudential Regulation Authority Act 1998

I, Stephen Matthews, a delegate of APRA

(i)                 under paragraph 51(1)(b) of the Australian Prudential Regulation Authority Act 1998 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901, REVOKE Instrument Fixing Charges to be paid to APRA dated 3 June 2003 as varied by Variation of Instrument fixing charges to be paid to APRA dated 14 July 2003; and

(ii)                under paragraph 51(1)(b) of the Act, FIX the charges specified in the attached Schedule.

 

This instrument commences on the date of registration on the Federal Register of Legislative Instruments under the Legislative Instruments Act 2003.

Dated: 17 December 2010                              

 

[Signed]

 

Stephen Matthews

Chief Financial Officer

Interpretation

In this Determination

ADI is short for authorised deposit-taking institution and has the meaning given in subsection 5(1) of the Banking Act 1959.  

APRA means the Australian Prudential Regulation Authority.

friendly society has the meaning given in section 16C of the Life Insurance Act 1995 (the Life Act).

general insurer has the meaning given in section 3 of the Insurance Act 1973.

life company has the meaning given in the Dictionary in the Schedule of the Life Act.


Schedule of charges

Item

Application for which the charge is imposed

Amount of the charge

1

Application for authorisation as an ADI under section 9 of the Banking Act 1959 – where the applicant applies to be authorised to carry on business as a bank or special service provider.

 $62,000

2

Application for authorisation as an ADI under section 9 of the Banking Act 1959 – where the applicant applies to be authorised to carry on business as a building society or credit union.

 $20,000

3

Application for authorisation as an ADI under section 9 of the Banking Act 1959 – where the applicant applies to be authorised to carry on business as a specialist credit card institution.

 $30,000

3A

Applications for authorisation as an ADI under section 9 of the Banking Act 1959 – in any case that is not covered by item 1, 2 or 3.

 $20,000

4

Application for authorisation as a general insurer under section 12 of the Insurance Act 1973.

 $62,000

5

Application for registration as a life company under section 21 of the Life Insurance Act 1995 – in every case other than a case covered by item 6.

 $50,000

6

Application for registration as a life company under section 21 of the Life Insurance Act 1995 – where the applicant applies to be registered as a life company subject to a determination under subsection 16C(2) of that Act that it is a friendly society.

 $20,000

 

Each of the charges specified above:

(a)   is GST exempt (see Note 1 below); and

(b)   is payable by the applicant for the authorisation or registration; and

(c)   is payable when the application is lodged with APRA; and

(d)   is not refundable if the authorisation or registration is refused by APRA or the application is withdrawn or not proceeded with by the applicant; and

(e)   may be waived or refunded by APRA in whole or in part if, and only if, APRA is satisfied that special circumstances apply which make it unjust or oppressive to impose the charge, or the full amount of the charge.

 

Note 1:   By virtue of items 15.56, 15.58 and 15.59 of Part 1 of Schedule 1 to the A New Tax System (Goods and Services) (Exempt Taxes, Fees and Charges) Determination 2010 (No.2), each of the charges above is specified for the purposes of subsection 81-5(2) of the A New Tax System (Goods and Services Tax) Act 1999.

 

Note 2    For the avoidance of doubt, it should be noted that the fee is payable in respect of every new application, even one that is made after the refusal or withdrawal of an earlier application for which the applicant also paid a fee.