Bill
Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) 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 would replace the existing levy funding AUSTRAC's regulatory work with a broader industry contribution covering both its regulatory and financial intelligence functions.
The industry contribution would be set by the Minister for Justice via a legislative instrument, with the total amount capped at twice AUSTRAC's annual appropriation.
Around 900 larger reporting entities would pay the contribution, while about 3,000 smaller entities would be exempt.
- Replaces the Supervisory Cost Recovery Levy with a new industry contribution that funds both AUSTRAC's regulatory and financial intelligence activities.
- Limits the total industry contribution to twice the amount appropriated for AUSTRAC in a financial year.
- Exempts approximately 3,000 reporting entities from paying the contribution, leaving about 900 larger entities to pay.
Reporting entities regulated by AUSTRAC, particularly larger ones that would pay the new industry contribution.
Sources
em
billhome
frl act