Commonwealth legislation

Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2012

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

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This determination sets the annual supervisory levy that Authorised Non‑operating Holding Companies (NOHCs) must pay to the government.

What is an Authorised NOHC? These are holding companies—companies that own subsidiaries but don't run day‑to‑day operations themselves—that are authorised under the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998 (usually by the banking or insurance regulator).

What does this do? For the 2012–2013 financial year, every Authorised NOHC must pay a flat fee of $10,000. This money helps cover the cost of government supervision and regulation of these financial entities.

Key points:

Who pays: Authorised Non‑operating Holding Companies
How much: $10,000 per company (flat rate)
When: Applies to the 2012–2013 financial year (starting 1 July 2012)
Replacement: This revokes the previous year's determination (2011) and sets the new rate

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Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2012

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Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 20121

Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998

I, William Richard Shorten, Minister for Financial Services and Superannuation, make this determination under subsection 7 (1) of the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.

Dated 28 June 2012

William Richard Shorten

Minister for Financial Services and Superannuation

1 Name of determination

This determination is the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 2012.

2 Commencement

This determination commences on 1 July 2012.

3 Revocation

The Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 2011 (Federal Register of Legislative Instruments No. F2011L01332) is revoked.

4 Definitions

In this determination:

2012–2013 financial year means the financial year commencing on 1 July 2012.

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 paragraphs 7 (1) (a), (b) and (c) of the Act, the amount of levy payable by an authorised NOHC described in those paragraphs is $10 000 for the 2012–2013 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 www.comlaw.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 2012