50APRA’s share of levy money

50 APRA’s share of levy money Determination of Commonwealth costs (1) The Minister is to make, by legislative instrument, for each financial year, either of the following determinations: (a) a determination specifying the amount of the levy money payable to the Commonwealth, in respect of levy for that financial year, to cover the following costs to the Commonwealth: (i) costs incurred in connection with supporting the integrity and efficiency of markets in which leviable bodies operate; (ii) costs incurred in connection with promoting the interests of consumers in markets in which leviable bodies operate; (iii) the cost of administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account; (iv) the cost of governing and maintaining the superannuation transactions network; (v) costs relating directly or indirectly to the regulation of leviable bodies; (b) a determination, in respect of each class of levy for that financial year, specifying the amount of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, to cover the following costs to the Commonwealth: (i) costs incurred in connection with supporting the integrity and efficiency of markets in which leviable bodies operate; (ii) costs incurred in connection with promoting the interests of consumers in markets in which leviable bodies operate; (iii) the cost of administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account; (iv) the cost of governing and maintaining the superannuation transactions network; (v) costs relating directly or indirectly to the regulation of leviable bodies. Note: Regulations made under the Superannuation Industry (Supervision) Act 1993 and the Retirement Savings Accounts Act 1997 provide for the making of determinations about the release of benefits on compassionate grounds. (1A) The Minister may make, by legislative instrument, for each financial year, a determination specifying the proportion of amounts of levy money paid to APRA, on behalf of the Commonwealth, for the year, that is to be credited to the APRA Special Account on an ongoing basis. Crediting to APRA Special Account (2) The proportion determined under subsection (1A) of any amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year, is to be credited to the APRA Special Account. (3) If the amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year, exceeds the sum of: (a) the amount determined under paragraph (1)(a), or the total of the amounts determined under paragraph (1)(b), for that financial year; and (b) the proportion determined under subsection (1A) of amounts of levy money, for that financial year; the excess is to be credited to the APRA Special Account. Note: The annual financial statements of APRA, in respect of the APRA Special Account, must be prepared in accordance with the accounting standards and with rules made for the purposes of section 42 of the Public Governance, Performance and Accountability Act 2013. (4) If: (a) the Commonwealth refunds any levy money that has been paid to APRA; and (b) apart from this subsection an amount equal to that levy money would otherwise be credited to the APRA Special Account; that amount is not to be credited to the APRA Special Account. (5) If: (a) the Commonwealth refunds any levy money that has been paid to APRA; and (b) that levy money has already been credited to the APRA Special Account; that amount is to be debited from the APRA Special Account. Definitions (6) In this section: leviable body has the same meaning as in the Financial Institutions Supervisory Levies Collection Act 1998. levy means levy paid or payable under the Financial Institutions Supervisory Levies Collection Act 1998, other than levy imposed by the following Acts: (a) the Financial Claims Scheme (ADIs) Levy Act 2008; (b) the Financial Claims Scheme (General Insurers) Levy Act 2008; (c) the Private Health Insurance (Collapsed Insurer Levy) Act 2003; (d) the Superannuation (Financial Assistance Funding) Levy Act 1993. levy money: (a) in relation to levy, means any amount paid or payable to the Commonwealth in respect of levy; or (b) in relation to a particular class of levy, means any amount paid or payable to the Commonwealth in respect of that class of levy. retirement savings account has the same meaning as in the Retirement Savings Accounts Act 1997. superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993. superannuation transactions network means the network used to send and receive: (a) payments and information of a kind referred to in subsection 34K(6) of the Superannuation Industry (Supervision) Act 1993 in compliance with the superannuation data and payment regulations and standards (within the meaning of that Act); and (b) payments and information of a kind referred to in subsection 45B(6) of the Retirement Savings Accounts Act 1997 in compliance with the data and payment regulations and standards relating to RSAs (within the meaning of that Act).