{"id":"C2004A03523","name":"Commonwealth Borrowing Levy Act 1987","slug":"commonwealth-borrowing-levy-act-1987","collection":"act","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":"114 of 1987","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":7336,"registerId":"commonwealth-C2004A03523-current","compilationNumber":null,"startDate":"2026-03-30","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n  This Act may be cited as the Commonwealth Borrowing Levy Act 1987.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n  This Act shall come into operation on the day on which it receives the Royal Assent.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Interpretation","content":"#### 3 Interpretation\n\n  (1) In this Act:\n\n> body means:\n\n    (a) a body referred to in the Schedule; and\n    (b) a body declared by another Act to be a prescribed body for the purposes of this Act; and\n    (c) a body corporate (other than a body referred to in the Schedule) that is, under the Corporations Act 2001, a subsidiary of a body referred to in paragraph (a) or (b).\n  (2) Expressions have the same meaning in this Act as in the Commonwealth Borrowing Levy Collection Act 1987.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Application of Act","content":"#### 4 Application of Act\n\n  This Act applies to borrowings of money, otherwise than from the Commonwealth, undertaken on or after 1 July 1987 by a body, including, without limiting the generality of the foregoing, such a borrowing made wholly or partly in a currency other than Australian currency.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Imposition of levy","content":"#### 5 Imposition of levy\n\n  A levy is imposed on all borrowings to which this Act applies, other than such of those borrowings, or such parts of those borrowings, as are exempted from the levy by the regulations.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Rate of levy","content":"#### 6 Rate of levy\n\n  The rate of the levy is such annual rate as is prescribed, being an annual rate not exceeding 0.5% of the amount in respect of which the levy is payable.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"By whom levy payable","content":"#### 7 By whom levy payable\n\n  The levy is payable by the body which undertakes the borrowing.","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Regulations","content":"#### 8 Regulations\n\n  The Governor‑General may make regulations, not inconsistent with this Act, prescribing matters required or permitted by this Act to be prescribed.","sortOrder":7}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1634},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose of imposing a levy on borrowings by Commonwealth bodies. It has not expanded beyond this specific fiscal mechanism."},"complexity_factors":["Only 8 short sections with minimal conditional logic","Single substantive cross-reference to the Corporations Act 2001 for subsidiary definitions","Straightforward rate calculation capped at a fixed percentage (0.5%)","Simple exemption mechanism delegated entirely to regulations","Companion legislation (Commonwealth Borrowing Levy Collection Act 1987) handles administrative details, keeping this Act focused solely on imposition"],"plain_english_summary":"This Act imposes a **levy (tax) on money borrowed by certain Commonwealth government bodies** from sources other than the Commonwealth itself.\n\n**Who it affects:**\n- Government \"bodies\" listed in the Act's Schedule\n- Any body declared by another Act to be covered\n- Subsidiary companies of the above bodies (as defined under the *Corporations Act 2001*)\n\n**What it covers:**\n- Borrowings made on or after 1 July 1987\n- Loans from anyone except the Commonwealth government\n- Borrowings in Australian dollars or foreign currency\n\n**Key details:**\n- The body that borrows the money pays the levy\n- The rate is set by regulations (rules made by the Governor-General), but cannot exceed **0.5% per year** of the borrowed amount\n- The regulations can also exempt certain borrowings from the levy\n\nThis is essentially a mechanism to raise revenue from, or impose a cost on, external debt raised by public sector entities."}},"importantCases":[],"_links":{"self":"/api/acts/commonwealth-borrowing-levy-act-1987","history":"/api/acts/commonwealth-borrowing-levy-act-1987/history","analysis":"/api/acts/commonwealth-borrowing-levy-act-1987/analysis","conflicts":"/api/acts/commonwealth-borrowing-levy-act-1987/conflicts","importantCases":"/api/acts/commonwealth-borrowing-levy-act-1987/important-cases","documents":"/api/acts/commonwealth-borrowing-levy-act-1987/documents"}}