Bill
Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Amendment Bill 2014
passed, as at 2014-10-21. Justice portfolio.
- Sponsor
- Not recorded
- Portfolio
- Justice
Recorded stages
- introduced — 2014-09-24
- second reading — 2014-09-24
- second reading — 2014-09-30
- second reading — 2014-09-30
- third reading — 2014-09-30
- introduced — 2014-10-01
- second reading — 2014-10-01
- second reading — 2014-10-02
- second reading — 2014-10-02
- third reading — 2014-10-02
- passed — 2014-10-02
- royal assent — 2014-10-21
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2014-09-24.
This bill is part of a package that replaces the current Supervisory Cost Recovery Levy with a new industry contribution to fund both the regulatory and financial intelligence functions of AUSTRAC.
The Minister for Justice would set the amount payable by each reporting entity through a legislative instrument, with the total contribution capped at twice the total annual appropriation for AUSTRAC.
Approximately 900 larger reporting entities would pay the new contribution, while about 3,000 smaller ones would no longer be required to pay the levy.
- Replace the existing Supervisory Cost Recovery Levy with a new industry contribution.
- Fund both AUSTRAC's regulatory and financial intelligence unit functions through the new contribution.
- Cap the total industry contribution at twice the annual appropriation for AUSTRAC.
- Exempt smaller reporting entities from paying the contribution.
Reporting entities regulated by AUSTRAC, particularly larger ones, and AUSTRAC itself.
Sources
em
billhome
frl act