Australian Prudential Regulation Authority Act 1998

PART 5 - FINANCIAL AND TAXATION MATTERS  

Division 1 - APRA ' s finances and the APRA Special Account  

SECTION 53   CREDITS TO THE APRA SPECIAL ACCOUNT  

53(1)    
There must be credited to the APRA Special Account amounts equal to the following:

(a) all money appropriated by the Parliament for the purposes of the APRA Special Account;

(b) amounts received under an agreement or contract entered into under section 9A or 11;

(c) amounts required to be credited to the APRA Special Account in accordance with section 50;

(d) amounts of any fees, charges or penalties paid to APRA, on behalf of the Commonwealth, under section 51 or any other law of the Commonwealth except Part 3A of the Financial Institutions Supervisory Levies Collection Act 1998 ;

(e) an amount specified in a declaration under section 16AD of the Banking Act 1959 or section 62ZZC of the Insurance Act 1973 as an amount to be credited to the APRA Special Account.

Note:

An Appropriation Act may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in the Appropriation Act (whether or not the item expressly refers to the Special Account), then amounts may be debited against the appropriation for that item and credited to that special account.

53(2)    

To avoid doubt, if:

(a) the amount specified in a declaration described in paragraph (1)(e) is credited to the APRA Special Account; and

(b) the declaration is later amended so as to increase the amount;

only the increase, and not the whole of the increased amount, is to be credited to the APRA Special Account as a result of the amendment.

Note:

Crediting the whole of the increased amount to the Account would lead to double-counting of the amount specified in the declaration before the amendment.