PART 5
-
FINANCIAL AND TAXATION MATTERS
Division 1
-
APRA
'
s finances and the APRA Special Account
History
Div 1 inserted by No 105 of 2008, s 3 and Sch 1 item 39, effective 18 October 2008.
SECTION 50
APRA
'
S SHARE OF LEVY MONEY
Determination of Commonwealth costs
50(1)
The Minister is to make, by legislative instrument, for each financial year, either of the following determinations:
(a)
a determination specifying the amount of the levy money payable to the Commonwealth, in respect of levy for that financial year, to cover the following costs to the Commonwealth:
(i)
costs incurred in connection with supporting the integrity and efficiency of markets in which leviable bodies operate;
(ii)
costs incurred in connection with promoting the interests of consumers in markets in which leviable bodies operate;
(iii)
the cost of administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account;
(iv)
the cost of governing and maintaining the superannuation transactions network;
(v)
costs relating directly or indirectly to the regulation of leviable bodies;
(b)
a determination, in respect of each class of levy for that financial year, specifying the amount of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, to cover the following costs to the Commonwealth:
(i)
costs incurred in connection with supporting the integrity and efficiency of markets in which leviable bodies operate;
(ii)
costs incurred in connection with promoting the interests of consumers in markets in which leviable bodies operate;
(iii)
the cost of administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account;
(iv)
the cost of governing and maintaining the superannuation transactions network;
(v)
costs relating directly or indirectly to the regulation of leviable bodies.
Note:
Regulations made under the
Superannuation Industry (Supervision) Act 1993
and the
Retirement Savings Accounts Act 1997
provide for the making of determinations about the release of benefits on compassionate grounds.
History
S 50(1) substituted by No 54 of 2020, s 3 and Sch 1 item 1, applicable in relation to a determination under subsection 50(1) of the
Australian Prudential Regulation Authority Act 1998
that is made on or after 20 June 2020. S 50(1) formerly read:
Determination of Commonwealth costs
50(1)
The Minister is to make, by legislative instrument, for each financial year, either of the following determinations:
(a)
a determination specifying the amount of the levy money payable to the Commonwealth, in respect of levy for that financial year, to cover the costs to the Commonwealth of:
(i)
providing market integrity and consumer protection functions for prudentially regulated institutions; and
(ii)
administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account; and
(iii)
governing and maintaining the superannuation transactions network;
(b)
a determination, in respect of each class of levy for that financial year, specifying the amount of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, to cover the costs to the Commonwealth of:
(i)
providing market integrity and consumer protection functions for prudentially regulated institutions; and
(ii)
administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account; and
(iii)
governing and maintaining the superannuation transactions network.
Note:
Regulations made under the
Superannuation Industry (Supervision) Act 1993
and the
Retirement Savings Accounts Act 1997
provide for the making of determinations about the release of benefits on compassionate grounds.
S 50(1) amended by No 23 of 2018, s 3 and Sch 3 items 1 and 2, by substituting para (a)(iii) and (b)(iii), applicable in relation to financial years starting on and after 1 July 2018. Para (a)(iii) and (b)(iii) formerly read:
(a)(iii)
implementing the SuperStream measures until 30 June 2018;
(b)(iii)
implementing the SuperStream measures until 30 June 2018.
S 50(1) amended by No 91 of 2012, s 3 and Sch 2 items 1 and 2, by inserting paras (a)(iii) and (b)(iii), applicable from 1 July 2012.
S 50(1) amended by No 108 of 2011, s 3 and Sch 1 item 17, by substituting para (a) and (b), applicable to: (a) the financial year that includes the day this Schedule commences
[
ie 1 November 2011]; and (b) any financial year that commences after this Schedule commences.
Para (a) and (b) formerly read:
(a)
a determination specifying the amount of the levy money payable to the Commonwealth, in respect of levy for that financial year, to cover the costs to the Commonwealth of providing market integrity and consumer protection functions for prudentially regulated institutions;
(b)
a determination, in respect of each class of levy for that financial year, specifying the amount of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, to cover the costs to the Commonwealth of providing market integrity and consumer protection functions for prudentially regulated institutions.
50(1A)
The Minister may make, by legislative instrument, for each financial year, a determination specifying the proportion of amounts of levy money paid to APRA, on behalf of the Commonwealth, for the year, that is to be credited to the APRA Special Account on an ongoing basis.
History
S 50(1A) inserted by No 91 of 2012, s 3 and Sch 2 item 3, applicable from 1 July 2012.
Crediting to APRA Special Account
50(2)
The proportion determined under subsection (1A) of any amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year, is to be credited to the APRA Special Account.
History
S 50(2) substituted by No 91 of 2012, s 3 and Sch 2 item 4, applicable from 1 July 2012. S 50(2) formerly read:
50(2)
An amount determined under paragraph (1)(a) or (b) is not to be credited to the APRA Special Account.
50(3)
If the amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year, exceeds the sum of:
(a)
the amount determined under paragraph (1)(a), or the total of the amounts determined under paragraph (1)(b), for that financial year; and
(b)
the proportion determined under subsection (1A) of amounts of levy money, for that financial year;
the excess is to be credited to the APRA Special Account.
Note:
The annual financial statements of APRA, in respect of the APRA Special Account, must be prepared in accordance with the accounting standards and with rules made for the purposes of section 42 of the
Public Governance, Performance and Accountability Act 2013
.
History
S 50(3) amended by No 62 of 2014, s 3 and Sch 7 item 398, by substituting
"
the accounting standards and with rules made for the purposes of section 42 of the
Public Governance, Performance and Accountability Act 2013
"
for
"
the Finance Minister
'
s Orders (see section 49 of the
Financial Management and Accountability Act 1997
)
"
in the note, effective 1 July 2014.
S 50(3) substituted by No 91 of 2012, s 3 and Sch 2 item 4, applicable from 1 July 2012. S 50(3) formerly read:
50(3)
The amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year that exceeds the amount determined under paragraph (1)(a), or the total of the amounts determined under paragraph (1)(b), for that financial year is to be credited to the APRA Special Account.
Note:
The annual financial statements of APRA, in respect of the APRA Special Account, must be prepared in accordance with the Finance Minister
'
s Orders (see section 49 of the
Financial Management and Accountability Act 1997
).
50(4)
If:
(a)
the Commonwealth refunds any levy money that has been paid to APRA; and
(b)
apart from this subsection an amount equal to that levy money would otherwise be credited to the APRA Special Account;
that amount is not to be credited to the APRA Special Account.
50(5)
If:
(a)
the Commonwealth refunds any levy money that has been paid to APRA; and
(b)
that levy money has already been credited to the APRA Special Account;
that amount is to be debited from the APRA Special Account.
Definitions
50(6)
In this section:
leviable body
has the same meaning as in the
Financial Institutions Supervisory Levies Collection Act 1998
.
History
Definition of
"
leviable body
"
inserted by No 54 of 2020, s 3 and Sch 1 item 2, applicable in relation to a determination under subsection 50(1) of the
Australian Prudential Regulation Authority Act 1998
that is made on or after 20 June 2020.
levy
means levy paid or payable under the
Financial Institutions Supervisory Levies Collection Act 1998
, other than levy imposed by the following Acts:
(a)
the
Financial Claims Scheme (ADIs) Levy Act 2008
;
(b)
the
Financial Claims Scheme (General Insurers) Levy Act 2008
;
(c)
the
Private Health Insurance (Collapsed Insurer Levy) Act 2003
;
(d)
the
Superannuation (Financial Assistance Funding) Levy Act 1993
.
History
Definition of
"
levy
"
substituted by No 87 of 2015, s 3 and Sch 1 item 6, effective 1 July 2015. The definition formerly read:
levy
means levy paid or payable under the
Financial Institutions Supervisory Levies Collection Act 1998
, other than levy imposed by the
Superannuation (Financial Assistance Funding) Levy Act 1993
, the
Financial Claims Scheme (ADIs) Levy Act 2008
or the
Financial Claims Scheme (General Insurers) Levy Act 2008
.
Definition of
"
levy
"
amended by No 105 of 2008, s 3 and Sch 1 item 41, effective 18 October 2008.
levy money
:
(a)
in relation to levy, means any amount paid or payable to the Commonwealth in respect of levy; or
(b)
in relation to a particular class of levy, means any amount paid or payable to the Commonwealth in respect of that class of levy.
retirement savings account
has the same meaning as in the
Retirement Savings Accounts Act 1997
.
History
Definition of
"
retirement savings account
"
inserted by No 108 of 2011, s 3 and Sch 1 item 18, applicable to: (a) the financial year that includes the day this Schedule commences
[
ie 1 November 2011]; and (b) any financial year that commences after this Schedule commences.
superannuation entity
has the same meaning as in the
Superannuation Industry (Supervision) Act 1993
.
History
Definition of
"
superannuation entity
"
inserted by No 108 of 2011, s 3 and Sch 1 item 19, applicable to: (a) the financial year that includes the day this Schedule commences
[
ie 1 November 2011]; and (b) any financial year that commences after this Schedule commences.
superannuation transactions network
means the network used to send and receive:
(a)
payments and information of a kind referred to in subsection
34K(6)
of the
Superannuation Industry (Supervision) Act 1993
in compliance with the superannuation data and payment regulations and standards (within the meaning of that Act); and
(b)
payments and information of a kind referred to in subsection
45B(6)
of the
Retirement Savings Accounts Act 1997
in compliance with the data and payment regulations and standards relating to RSAs (within the meaning of that Act).
History
Definition of
"
superannuation transactions network
"
inserted by No 23 of 2018, s 3 and Sch 3 item 3, applicable in relation to financial years starting on and after 1 July 2018.
SuperStream measures
(Repealed by No 23 of 2018)
History
Definition of
"
SuperStream measures
"
repealed by No 23 of 2018, s 3 and Sch 3 item 4, applicable in relation to financial years starting on and after 1 July 2018. The definition formerly read:
SuperStream measures
means:
(a)
the superannuation data and payment regulations and standards made under the
Superannuation Industry (Supervision) Act 1993
; and
(b)
the data and payment regulations and standards for retirement savings accounts made under the
Retirement Savings Accounts Act 1997
; and
(c)
the consolidation of active and inactive superannuation interests; and
(d)
the requirement that tax file numbers be the primary means for identifying member accounts; and
(e)
any other matter prescribed by the regulations made for the purposes of this subsection.
Definition of
"
SuperStream measures
"
inserted by No 91 of 2012, s 3 and Sch 2 item 5, applicable from 1 July 2012.
History
S 50 substituted by No 74 of 2007, Sch 1 item 62, effective 1 July 2007; amended by No 105 of 2008, s and Sch 1 item 40, effective 18 October 2008.
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