Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (154 of 2007)

Schedule 2   Financial assistance

Financial Institutions Supervisory Levies Collection Act 1998

2   Section 24

Repeal the section, substitute:

24 Application of levy, late payment penalty and repayments of financial assistance

If levy is imposed as a result of a determination by the Minister to make a grant of financial assistance, the following amounts must be paid to the Commonwealth:

(a) amounts of the levy, and late payment penalty in respect of the levy, received by the Minister;

(b) repayments of the financial assistance.