1
Short title
1 Short title
This Act may be cited as the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.
//
© 2026 Zoe. All rights reserved.
Zoe is a legal information platform. Always consult the Federal Register of Legislation for authoritative text.
Commonwealth act
This Act requires authorised non‑operating holding companies (NOHCs) regulated under the Banking, Insurance and Life Insurance Acts to pay an annual supervisory levy. The Treasurer sets levy amounts by legislative instrument (subject to an indexed statutory upper limit), indexation adjusts the cap for inflation, and a pro‑rata formula applies if a company becomes authorised mid‑year.
Want the full deep dive?
Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.
Direct links to the current provisions in Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998.
This Act may be cited as the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.
(1) This Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998. (2) If this Act commences during a financial year (but not on 1 July of that financial year), this Act has effect in relation to that financial year subject to the modifications specified in the regulations.
This Act binds the Crown in each of its capacities.
This Act extends to each external Territory.
In this Act, unless the contrary intention appears:
authorised NOHC means:
(a) an authorised NOHC within the meaning of the Banking Act 1959 or the Insurance Act 1973; or
(b) a registered NOHC within the meaning of the Life Insurance Act 1995.
Note: NOHC is short for non‑operating holding company.
indexation factor means the indexation factor calculated under section 8.
index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.
levy imposition day, in relation to an authorised NOHC for a financial year, means:
(a) if the authorised NOHC is an authorised NOHC on 1 July of the financial year—that day; or
(b) in any other case—the day, during the financial year, on which the authorised NOHC becomes an authorised NOHC.
statutory upper limit means:
(a) for the financial year commencing on 1 July 2020—$10,000,000; or
(b) for a later financial year—the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.
Levy payable in accordance with subsection 8(2) of the Financial Institutions Supervisory Levies Collection Act 1998 is imposed.
(1) Subject to subsection (2), the amount of levy payable by an authorised NOHC for a financial year is: (a) if the authorised NOHC is an authorised NOHC within the meaning of the Banking Act 1959—the amount determined, by legislative instrument, by the Treasurer for the purpose of this paragraph in relation to the financial year; or (b) if the authorised NOHC is an authorised NOHC within the meaning of the Insurance Act 1973—the amount determined, by legislative instrument, by the Treasurer for the purpose of this paragraph in relation to the financial year; or (c) if the authorised NOHC is a registered NOHC within the meaning of the Life Insurance Act 1995—the amount determined, by legislative instrument, by the Treasurer for the purpose of this paragraph in relation to the financial year. The amount determined under paragraph (a), (b) or (c) in relation to a financial year must not exceed the statutory upper limit for the financial year. (2) If the levy imposition day for the authorised NOHC for the financial year is later than 1 July in the financial year, the amount of levy payable by the authorised NOHC for the financial year is the amount worked out using the following formula: View image in the official source
(1) The indexation factor for a financial year is the number worked out by: (a) ascertaining the index number for the most recent quarter for which the Australian Statistician has published an index number, as at the start of the day on which the Treasurer makes the first determination under subsection 7(1) of an amount in relation to the financial year; and (b) dividing that index number by the index number for the quarter 12 months before the quarter mentioned in paragraph (a); and (c) adding 0.030 to the number worked out under paragraph (b). (2) The indexation factor is to be calculated to 3 decimal places, but increased by .001 if the 4th decimal place is more than 4. (3) Calculations under subsection (1): (a) are to be made using only the index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and (b) are to be made disregarding index numbers that are published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).
The Governor‑General may make regulations for the purposes of subsection 2(2).
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.
(1) This Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998. (2) If this Act commences during a financial year (but not on 1 July of that financial year), this Act has effect in relation to that financial year subject to the modifications specified in the regulations.
This Act binds the Crown in each of its capacities.
This Act extends to each external Territory.
In this Act, unless the contrary intention appears:
authorised NOHC means:
(a) an authorised NOHC within the meaning of the Banking Act 1959 or the Insurance Act 1973; or
(b) a registered NOHC within the meaning of the Life Insurance Act 1995.
Note: NOHC is short for non‑operating holding company.
indexation factor means the indexation factor calculated under section 8.
index number, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.
levy imposition day, in relation to an authorised NOHC for a financial year, means:
(a) if the authorised NOHC is an authorised NOHC on 1 July of the financial year—that day; or
(b) in any other case—the day, during the financial year, on which the authorised NOHC becomes an authorised NOHC.
statutory upper limit means:
(a) for the financial year commencing on 1 July 2020—$10,000,000; or
(b) for a later financial year—the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.
Levy payable in accordance with subsection 8(2) of the Financial Institutions Supervisory Levies Collection Act 1998 is imposed.
(1) Subject to subsection (2), the amount of levy payable by an authorised NOHC for a financial year is: (a) if the authorised NOHC is an authorised NOHC within the meaning of the Banking Act 1959—the amount determined, by legislative instrument, by the Treasurer for the purpose of this paragraph in relation to the financial year; or (b) if the authorised NOHC is an authorised NOHC within the meaning of the Insurance Act 1973—the amount determined, by legislative instrument, by the Treasurer for the purpose of this paragraph in relation to the financial year; or (c) if the authorised NOHC is a registered NOHC within the meaning of the Life Insurance Act 1995—the amount determined, by legislative instrument, by the Treasurer for the purpose of this paragraph in relation to the financial year. The amount determined under paragraph (a), (b) or (c) in relation to a financial year must not exceed the statutory upper limit for the financial year. (2) If the levy imposition day for the authorised NOHC for the financial year is later than 1 July in the financial year, the amount of levy payable by the authorised NOHC for the financial year is the amount worked out using the following formula:
(1) The indexation factor for a financial year is the number worked out by: (a) ascertaining the index number for the most recent quarter for which the Australian Statistician has published an index number, as at the start of the day on which the Treasurer makes the first determination under subsection 7(1) of an amount in relation to the financial year; and (b) dividing that index number by the index number for the quarter 12 months before the quarter mentioned in paragraph (a); and (c) adding 0.030 to the number worked out under paragraph (b). (2) The indexation factor is to be calculated to 3 decimal places, but increased by .001 if the 4th decimal place is more than 4. (3) Calculations under subsection (1): (a) are to be made using only the index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and (b) are to be made disregarding index numbers that are published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).
The Governor‑General may make regulations for the purposes of subsection 2(2).