Commonwealth legislation

Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2010

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This Determination sets the annual supervisory levy that certain holding companies must pay to the Government for the 2010–2011 financial year.

Who it affects

Authorised Non-Operating Holding Companies (NOHCs) — these are companies that don't run any business operations themselves but own (hold) authorised financial institutions like banks. They are regulated by the Australian Prudential Regulation Authority (APRA).

What it does

Sets a flat fee of $10,000 that each authorised NOHC must pay for the 2010–2011 financial year.
This levy helps cover the cost of APRA's supervision and regulation of these entities.
Replaces the previous year's levy amount (set in the 2009 Determination).

Why it matters The levy ensures that the financial companies being supervised contribute to the cost of their own regulation, rather than taxpayers bearing the full cost.

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Current sections

Direct links to the current provisions in Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2010.

Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2010

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Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 20101

Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998

I, CHRIS BOWEN, Minister for Financial Services, Superannuation and Corporate Law, make this Determination under subsection 7 (1) of the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.

Dated 30 June 2010

CHRIS BOWEN

Minister for Financial Services, Superannuation and Corporate Law

1 Name of Determination

This Determination is the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 2010.

2 Commencement

This Determination commences on 1 July 2010.

3 Revocation

The Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 2009 is revoked.

4 Definitions

In this Determination:

2010–2011 financial year means the financial year beginning on 1 July 2010.

Act means the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.

Note Authorised NOHC is defined in section 5 of the Act.

5 Amount of levy

For subsection 7 (1) of the Act, the amount of levy payable by an authorised NOHC described in that subsection is $10 000 for the 2010–2011 financial year.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2010