{"id":"F2024L00678","name":"Australian Transaction Reports and Analysis Centre Industry Contribution Determination 2024 (No. 1)","slug":"australian-transaction-reports-and-analysis-centre-industry-contribution-determination-2024-no-1","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":105253,"registerId":"commonwealth-F2024L00678-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Australian Transaction Reports and Analysis Centre Industry Contribution Determination 2024 (No. 1)","content":"![Commonwealth Coat of Arms](image.001.png)\n\nAustralian Transaction Reports and Analysis Centre Industry Contribution Determination 2024 (No. 1)\n\nAustralian Transaction Reports and Analysis Centre Industry Contribution Act 2011\n\nI, The Hon Mark Dreyfus KC MP, Attorney-General, make this Determination under subsection 9(1) of the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011.\n\n\\[Signed\\]\n\nAttorney-General\n\n12 June 2024\n\n  \n\n1 Name of Determination\n\nThis Determination is the Australian Transaction Reports and Analysis Centre Industry Contribution Determination 2024 (No. 1).\n\n2 Commencement\n\nThis Determination commences on the day after it is registered.\n\n3 Definitions\n\n(1) In this Determination:\n\nthe Act means the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011 (Cth).\n\nADI (short for authorised deposit-taking institution) has the same meaning as in the AML/CTF Act.\n\nAML/CTF Act means the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth).\n\nacquired refers to coming into possession or control of a business or entity.\n\nAUSTRAC has the same meaning as in the AML/CTF Act.\n\nAUSTRAC CEO has the same meaning as in the AML/CTF Act.\n\ncensus day, for the 2023-24 financial year is 1 July 2023.\n\nearnings, in relation to a leviable entity, means:\n\n(a) if the leviable entity is an ADI or a registered financial corporation – the total profit before tax, depreciation and amortisation (PBTDA), not adjusted for significant items; or\n\n(b) if the leviable entity is a member of a group of leviable entities and any member of that group is an ADI or a registered financial corporation – the total profit before tax, depreciation and amortisation (PBTDA) not adjusted for significant items; or\n\n(c) in any other case – the total earnings before tax, interest, depreciation and amortisation (EBITDA) not adjusted for significant items;\n\nof the leviable entity, for a 12-month accounting period ending between 1 June 2022 and 31 May 2023, the details of which have been recorded in accordance with the requirements for the roll maintained by the AUSTRAC CEO under section 51C of the AML/CTF Act.\n\nNote 1: The above definition recognises that leviable entities have differing annual accounting period end dates\n\nNote 2: The operation of the above definition in relation to leviable entities that are foreign companies or subsidiaries of foreign companies is affected by subitem (2) of this item 3.\n\nfinancial year means the financial year beginning on 1 July 2023.\n\nforeign company has the same meaning as in the Corporations Act 2001 (Cth).\n\ngroup of leviable entities means all leviable entities that are related bodies corporate.\n\nleviable entity, in relation to the financial year, has the same meaning as in the Act.\n\nleviable report, in relation to a leviable entity, means one of the following reports given to the AUSTRAC CEO during the calendar year beginning on 1 January 2022:\n\n(a) a report given by the leviable entity under subsections 43(2) or 45(2) of the AML/CTF Act (including a report given by the leviable entity in the form required for subsections 43(2) or 45(2), whether or not such a report was required to be given under either of those subsections); or\n\n(b) a report of the type referred to in paragraph (a) that was given by another leviable entity that, as at the time the report was given, was a remittance affiliate of the leviable entity; or\n\n(c) a report of the type referred to in paragraph (a) that was given by another leviable entity that, prior to the census day, was acquired by the leviable entity.\n\nNational Electricity Rules means the Rules made under the National Electricity Law set out in the schedule titled ‘Schedule – National Electricity Law’ to the National Electricity (South Australia) Act 1996 (SA).\n\nprevious financial year means the financial year beginning on 1 July 2022.\n\nregistered financial corporation has the same meaning as registered entity in the Financial Sector (Collection of Data) Act 2001 (Cth).\n\nrelated bodies corporate has the same meaning as in the Corporations Act 2001 (Cth).\n\nremittance affiliate means a leviable entity that:\n\n(a) provides a designated service covered by item 31 or 32 of table 1 in section 6 of the AML/CTF Act; and\n\n(b) provides that service as part of a network of persons of a kind referred to in item 32A of that table operated by another leviable entity.\n\nsubsidiary has the same meaning as in the Corporations Act 2001 (Cth).\n\n(2) A reference in this Determination to the total profit or total earnings of a leviable entity that is a foreign company or a subsidiary of a foreign company is a reference to the total profit or total earnings of the leviable entity which are derived from operations in Australia.\n\n4 Amount of instalment of levy\n\n(1) Subitem (2) has effect subject to subitems (3), (4), (5), (6) and (7).\n\n(2) For subsection 9(1) of the Act, the amount of the instalment of levy payable by a leviable entity for the financial year is to be calculated in accordance with the following formula:\n\n| earnings component | +   | transaction reporting component |\n| ------------------ | --- | ------------------------------- |\n\nMinimum Payment threshold\n\n(3) If the amount calculated in relation to a leviable entity under subitem (2) is less than $1,100, then, for subsection 9(1) of the Act, the amount of the instalment of levy payable by the leviable entity for the financial year is nil.\n\nMaximum payment amount\n\n(4) For subsection 9(1) of the Act, the amount of the instalment of levy payable by a leviable entity for the financial year is:\n\n(a) $12,548,415.20 for a leviable entity that is not a part of a group of leviable entities; or\n\n(b) $12,548,415.20 divided by the number of leviable entities in the group for a leviable entity that is part of a group of leviable entities.\n\nOther\n\n(5) For subsection 9(1) of the Act, the amount of the instalment of levy payable for the financial year by a leviable entity that, in the previous financial year:\n\n(a) provided a designated service or services only in the capacity of a remittance affiliate; and\n\n(b) did not provide a designated service in any other capacity;\n\nis nil.\n\n(6) For subsection 9(1) of the Act, the amount of the instalment of levy payable for the financial year by a leviable entity that, on the census day for the financial year, was a ‘Market Generator’ within the meaning of the National Electricity Rules, is nil.\n\n(6A) Where a leviable entity that, on the census day for the financial year, was a ‘Market Generator’ within the meaning of the National Electricity Rules, is part of a group of leviable entities:\n\n(a) the earnings of that entity shall not contribute to the total earnings of the group; and\n\n(b) the entity shall not be included in the number of leviable entities in the group;\n\nfor the purpose of calculating the amount of instalment of levy for any leviable entities in that group.\n\n(7) For subsection 9(1) of the Act, the amount of the instalment of levy payable for the financial year by a leviable entity that is a body corporate established for a public purpose by an Act passed by the Parliament of the Commonwealth is nil.\n\n5 Earnings component\n\n(1) Subitem (2) has effect subject to subitems (3) and (4).\n\n(2) The earnings component for a leviable entity is:\n\n(a) for a leviable entity that is not part of a group of leviable entities – 0.15 per cent of the earnings for the leviable entity; or\n\n(b) for a leviable entity that is part of a group of leviable entities – 0.15 per cent of the total earnings for the group of leviable entities, divided by the number of leviable entities in the group.\n\nEarnings component threshold\n\n(3) The earnings component for a leviable entity:\n\n(a) that is not part of a group of leviable entities and has earnings of less than $100,000,000; or\n\n(b) that is part of a group of leviable entities the total earnings for which are less than $100,000,000;\n\nis nil.\n\nEarnings component cap\n\n(4) If the earnings component calculated for a leviable entity under subitem (2) is greater than $5,000,000, then:\n\n(a) for a leviable entity that is not part of a group of leviable entities – the earnings component for the leviable entity is $5,000,000; or\n\n(b) for a leviable entity that is part of a group of leviable entities – the earnings component for the leviable entity is $5,000,000, divided by the number of leviable entities in the group.\n\n  \n\n6. Transaction reporting component\n\n(1) Subitem (2) has effect subject to subitems (3), (5) and (6).\n\n(2) The transaction reporting component for a leviable entity is to be calculated in accordance with the following formula:\n\n(a) if the total value of the leviable reports that the entity gave in the 2022 calendar year was less than $15 billion:\n\n| 1.4 cents for each leviable report | plus | 0.00035091 per cent of the value of the leviable report |\n| ---------------------------------- | ---- | ------------------------------------------------------- |\n\nor\n\n(b) if the total value of the leviable reports that the entity gave in the 2022 calendar year was $15 billion or more:\n\n| 1.4 cents for each leviable report | plus | 0.00065737 per cent of the value of the leviable report |\n| ---------------------------------- | ---- | ------------------------------------------------------- |\n\n(3) If a leviable report of the type referred to in paragraph (b) or (c) of the definition of leviable report is used in the calculation of a leviable entity’s transaction reporting component, the same report cannot be used in the calculation of any other leviable entity’s transaction reporting component.\n\n(4) In this item, a reference to the value of a leviable report is a reference to the value of the transaction to which the leviable report relates.\n\nTransaction reporting component caps\n\n(5) If the total of the transaction reporting component calculated for a leviable entity under subitem (2)(a) is greater than $7,548,415.20, then the total transaction reporting component for the entity is $7,548,415.20.\n\n(6) If the total of the transaction reporting component calculated for a leviable entity under subitem (2)(b) is greater than $7,548,415.20, then the total transaction reporting component for the entity is $7,548,415.20.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"This Determination does not alter which entities fall within AUSTRAC’s levy scope under the Act. Instead it specifies the mechanics for calculating levy instalments for 2023–24: formulas, rates, thresholds, caps, group allocation rules and targeted exemptions (see items 3–6). It therefore changes financial obligations (amounts and allocation) but does not expand or contract the statutory coverage of leviable entities."},"complexity_factors":["Multiple, specific definitions that change the base measurement depending on entity type (e.g. ‘earnings’ uses PBTDA for ADIs/registered financial corporations, EBITDA otherwise) (item 3, definitions of earnings).","Two-part levy formula combining an earnings component and a transaction-reporting component, each with separate thresholds, caps and percentage rates (item 4(2); item 5; item 6).","Group allocation rules that divide group-level earnings and caps across related leviable entities and exclude certain group members (items 5(2)(b), 5(4), 4(4)).","Different per-report and value-based rates depending on whether total reported transaction value is below or above $15 billion, affecting marginal calculation (item 6(2)(a)–(b)).","Multiple caps and minimums: nil payment below $1,100, per-component caps (earnings cap $5,000,000; transaction cap $7,548,415.20) and a hard maximum instalment per entity (item 4(3)–(4); items 5(4), 6(5)–(6)).","Exemptions and special treatments (nil for remittance-affiliate-only providers, Market Generators, and Commonwealth public-purpose bodies) and related group consequences (items 4(5)–(7), 4(6A)).","Operational reliance on historical reporting and accounting periods (uses leviable reports given in calendar 2022 and accounting periods ending between 1 June 2022 and 31 May 2023; census day 1 July 2023), creating timing and data-matching complexity (item 3 definitions; item 6(2)).","Anti-duplication rule preventing a single leviable report being counted for multiple entities when used under certain definitions, requiring careful allocation of reports between affiliates and acquirers (item 6(3); definition of leviable report in item 3)."],"plain_english_summary":"This Determination sets how AUSTRAC’s industry levy for the 2023–24 year is calculated. It prescribes a two-part formula (an earnings-based charge plus a transaction-reporting charge), with specific rates, thresholds, caps and exemptions, and rules for groups, foreign subsidiaries and certain electricity generators. It affects entities that must report under the AML/CTF Act by fixing who pays and the accounting and reporting inputs AUSTRAC will use to calculate each levy instalment."},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"This Determination operates within the established framework of the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011. It is an annual instrument that updates the levy calculation methodology for the 2023-24 financial year, consistent with the Act's intent to fund AUSTRAC through industry contributions. The scope remains limited to setting contribution amounts for leviable entities as defined in the parent Act."},"complexity_factors":["Multiple defined terms (17 defined terms in section 3) including cross-references to three other Acts (AML/CTF Act, Corporations Act 2001, Financial Sector (Collection of Data) Act 2001)","Nested conditional logic with multiple calculation pathways: earnings component has thresholds, caps, and group/single entity variants; transaction reporting component has two different formulas based on $15 billion threshold","Complex formula structure with two-component calculation (earnings + transaction reporting) subject to minimum threshold, maximum caps, and multiple exemptions","Group entity calculations requiring consolidation of earnings and division among related bodies corporate","Multiple exemption categories (remittance affiliates only, electricity market generators, Commonwealth statutory bodies) with special rules for how excluded entities affect group calculations","Temporal complexity: references to multiple time periods (2022 calendar year for reports, 12-month accounting periods ending between June 2022 and May 2023, census day of 1 July 2023)","Anti-duplication rule (subitem 6(3)) preventing double-counting of reports across related entities"],"plain_english_summary":"This Determination requires businesses that report to AUSTRAC under Australia's anti‑money‑laundering laws to pay an annual levy to fund AUSTRAC. It targets banks, remitters and other reporting entities and funds the agency from the regulated industry rather than general taxation.\n\nThe levy has two parts — an earnings component (a small percentage of profits with thresholds and a cap) and a reporting‑transaction component (based on number and value of reports), with low‑value exemptions, a minimum payment threshold and caps to protect small entities."}},"importantCases":[],"_links":{"self":"/api/acts/australian-transaction-reports-and-analysis-centre-industry-contribution-determination-2024-no-1","history":"/api/acts/australian-transaction-reports-and-analysis-centre-industry-contribution-determination-2024-no-1/history","analysis":"/api/acts/australian-transaction-reports-and-analysis-centre-industry-contribution-determination-2024-no-1/analysis","conflicts":"/api/acts/australian-transaction-reports-and-analysis-centre-industry-contribution-determination-2024-no-1/conflicts","importantCases":"/api/acts/australian-transaction-reports-and-analysis-centre-industry-contribution-determination-2024-no-1/important-cases","documents":"/api/acts/australian-transaction-reports-and-analysis-centre-industry-contribution-determination-2024-no-1/documents"}}