7Definitions

7 Definitions

(1) In this Act:

accumulation recovery day has the same meaning as in the Corporations Act 2001.

AFCA (short for the Australian Financial Complaints Authority) has the same meaning as in the Corporations Act 2001.

AFCA’s accumulated unpaid fees has the same meaning as in the Corporations Act 2001.

AFCA scheme has the same meaning as in the Corporations Act 2001.

AFCA’s unpaid fees has the same meaning as in the Corporations Act 2001.

amount includes a nil amount.

ASIC means the Australian Securities and Investments Commission.

body regulated by APRA has the same meaning as in the Australian Prudential Regulation Authority Act 1998.

claims, fees and costs estimate means:

(a) an initial claims, fees and costs estimate; or
(b) a revised claims, fees and costs estimate.

Commissioner means the Commissioner of Taxation.

first levy period means the period that:

(a) starts on the day specified in a determination in force under subsection (2); and
(b) ends on 30 June 2024.

income year has the same meaning as in the Income Tax Assessment Act 1997.

initial claims, fees and costs estimate, for a levy period and a sub‑sector, means an estimate determined under subsection 9(1) of the Levy Collection Act for the levy period and the sub‑sector.

levy means levy imposed by this Act (see Division 1 of Part 2).

Levy Collection Act means the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023.

levy period means:

(a) the first levy period; or
(b) a financial year starting after the end of the first levy period.

person has a meaning affected by section 18.

qualifying period, for a levy period, means the 12‑month period starting 24 months before the start of the levy period.