Commonwealth legislation

Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2016

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This Act has been repealed and is no longer in force. It is retained for historical reference.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 financial holding companies must pay to fund government oversight.

Who it affects This applies to Authorised Non‑operating Holding Companies (NOHCs). These are companies that sit at the top of banking or insurance groups (owning subsidiaries that do the actual banking/insurance work) but don’t trade or carry on business themselves. They must be authorised by the Australian Prudential Regulation Authority (APRA).

What it does It fixes the levy at $10,000 for the 2016‑2017 financial year. This is a flat fee — every affected company pays the same amount, regardless of the size of their group.

Why it matters The levy helps fund APRA’s supervision of these holding companies to ensure the stability of Australia’s financial system. The amount is reviewed and updated annually via these determinations (this one replaces the previous year’s version).

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Direct links to the current provisions in Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2016.

Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2016

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Commonwealth Coat of Arms

Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 2016

I, Scott Morrison, Treasurer, make the following determination under subsection 7(1) of the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.

Dated: 28 June 2016

Scott Morrison

Treasurer

Contents

1 Name of determination

2 Commencement

3 Authority

4 Repeal

5 Definitions

6 Amount of levy

1 Name of determination

This determination is the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 2016.

2 Commencement

This determination commences on 1 July 2016.

3 Authority

This determination is made under subsection 7(1) of the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.

4 Repeal

The Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 2015 is repealed.

5 Definitions

In this determination:

2016‑2017 financial year means the financial year commencing on 1 July 2016.

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

6 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 2016‑2017 financial year.

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

Source text

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

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Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 2016

I, Scott Morrison, Treasurer, make the following determination under subsection 7(1) of the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.

Dated: 28 June 2016

Scott Morrison

Treasurer

Contents

1 Name of determination

2 Commencement

3 Authority

4 Repeal

5 Definitions

6 Amount of levy

1 Name of determination

This determination is the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 2016.

2 Commencement

This determination commences on 1 July 2016.

3 Authority

This determination is made under subsection 7(1) of the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998.

4 Repeal

The Authorised Non‑operating Holding Companies Supervisory Levy Imposition Determination 2015 is repealed.

5 Definitions

In this determination:

2016‑2017 financial year means the financial year commencing on 1 July 2016.

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

6 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 2016‑2017 financial year.

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

Read the source document