Contents
- 1 Short title
- 2 Commencement
- 3 Act binds the Crown
- 4 External Territories
- 5 Extraterritorial application
- 6 Definitions
- 7 Liability to pay levy
- 8 When instalment of levy due for payment
- 9 Late payment penalty
- 10 Payment of levy and late payment penalty
- 11 Waiver of levy and late payment penalty
- 12 Recovery of levy and late payment penalty
- 13 Exempting laws ineffective
- 14 Internal review of certain decisions
- 15 Administrative Review Tribunal review of certain decisions
- 16 Regulations
- 17 Review of operation of levy
1Short title#
This Act may be cited as the Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) Act 2011.
2Commencement#
(1)Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| Commencement information | ||
|---|---|---|
| Column 1 | Column 2 | Column 3 |
| Provision(s) | Commencement | Date/Details |
| 1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 28 June 2011 |
| 2. Sections 3 to 8 | At the same time as section 3 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 commences. | 1 July 2011 |
| 3. Section 9 | At the end of 6 months after section 3 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 commences. | 1 January 2012 |
| 4. Sections 10 to 16 | At the same time as section 3 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 commences. | 1 July 2011 |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2)Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
5Extraterritorial application#
This Act extends to acts, omissions, matters and things outside Australia.
6Definitions#
(1)In this Act:
AUSTRAC has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
AUSTRAC CEO has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
business day means a day that is not a Saturday, a Sunday, a public holiday or a bank holiday in the place concerned.
late payment penalty means penalty payable under section 9.
leviable entity, in relation to a financial year, has the same meaning as in the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011.
levy month means one of the 12 months of the calendar year.
person has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
(2)This Act applies to a partnership, unincorporated association or trust as if the partnership, unincorporated association or trust were a person, but with the following changes:
(a)an obligation that would otherwise be imposed on the partnership by this Act is imposed on each partner instead, but may be discharged by any of the partners;
(b)an obligation that would otherwise be imposed on the association by this Act is imposed on each member of the association’s committee of management instead, but may be discharged by any of the members;
(c)an obligation that would otherwise be imposed on the trust by this Act is imposed on each trustee instead, but may be discharged by any of the trustees.
7Liability to pay levy#
A person who is a leviable entity for a financial year is liable to pay levy, in one or more instalments, for that financial year.
8When instalment of levy due for payment#
(1)An instalment of levy payable by a person for a financial year is due and payable on a business day that is:
(a)specified in a notice that the AUSTRAC CEO gives to the person in relation to the instalment; and
(b)not earlier than 30 days after the beginning of the financial year; and
(c)not earlier than 30 days after the day on which the notice is given.
(2)If the person nominates another person by written notice given to the AUSTRAC CEO:
(a)the notice under paragraph (1)(a) of this section may be given to the nominated person; and
(3)To avoid doubt, subsection (2) does not otherwise affect the person’s liability under section 7.
9Late payment penalty#
(1)If any instalment of levy payable by a person remains unpaid at the start of the levy month after the instalment became due for payment, the person is liable to pay the Commonwealth, for that levy month, a penalty worked out using the following formula:
(2)Late payment penalty for a levy month is due and payable at the end of the levy month.
(3)However, the AUSTRAC CEO may, by written notice given to the person before, on or after the day on which late payment penalty would be due and payable apart from this subsection, specify a later day as the day on which the late payment penalty is due and payable. The notice has effect, and is taken always to have had effect, according to its terms.
10Payment of levy and late payment penalty#
An instalment of levy and late payment penalty are payable to the AUSTRAC CEO on behalf of the Commonwealth.
11Waiver of levy and late payment penalty#
(1)The AUSTRAC CEO may, on behalf of the Commonwealth, if the AUSTRAC CEO considers it is appropriate to do so, waive the payment of the whole or a part of an amount of levy or late payment penalty (or both) that is payable by a person.
(2)The AUSTRAC CEO may do so on his or her own initiative or on written application by a person.
12Recovery of levy and late payment penalty#
(1)The following amounts may be recovered by the Commonwealth from a person as debts due to the Commonwealth:
(b)late payment penalty that is due and payable by the person.
(2)The AUSTRAC CEO is authorised, as agent of the Commonwealth, to bring proceedings in the name of the Commonwealth for the recovery of a debt due to the Commonwealth of a kind mentioned in subsection (1).
13Exempting laws ineffective#
(2)If a law (including a provision of a law) passed after the commencement of this section purports to exempt a person from:
(a)liability to pay taxes under laws of the Commonwealth; or
(3)To avoid doubt, this section does not apply in relation to an exemption under this Act or the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011.
14Internal review of certain decisions#
(1)A person who is affected by a decision of the AUSTRAC CEO under section 11 may, if dissatisfied with the decision, request the AUSTRAC CEO to reconsider the decision.
(2)The request must:
(a)be made by notice given to the AUSTRAC CEO within:
(i)the period of 21 days after the day on which the person first receives notice of the decision; or
(ii)any further period that the AUSTRAC CEO allows; and
(b)set out the reasons for making the request.
(3)After receiving the request, the AUSTRAC CEO must review the decision or cause the decision to be reviewed by a person:
(a)to whom the AUSTRAC CEO’s power under this section is delegated; and
(b)who was not involved in the making of the decision; and
(4)Within 42 days after receiving the request, the person reviewing the decision must:
(a)reconsider the decision; and
(b)confirm, revoke or vary the decision, as the person thinks fit.
(5)If the person reviewing the decision does not confirm, revoke or vary the decision within the period of 42 days after receiving the request, he or she is taken to have confirmed the decision under subsection (4) immediately after the end of that period.
15Administrative Review Tribunal review of certain decisions#
Applications may be made to the Administrative Review Tribunal for review of:
(a)a decision of the AUSTRAC CEO that has been confirmed or varied under subsection 14(4) or a decision that has been taken to have been confirmed under subsection 14(5); or
(b)a decision of the AUSTRAC CEO under subsection 14(4) to revoke a decision.
16Regulations#
The Governor-General may make regulations prescribing matters:
(a)required or permitted by this Act to be prescribed; or
(b)necessary or convenient to be prescribed for carrying out or giving effect to this Act.
17Review of operation of levy#
(2)The person who undertakes the review must:
(a)consult with industry participants about the impact of the levy and the costs of complying with the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011; and
(b)give the Minister a written report of the review within 6 months after the fourth anniversary of the commencement of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Amendment Act 2014.
(3)The Minister must cause a copy of the report of the review to be tabled in each House of Parliament within 15 sitting days of receiving it.
(4)A report prepared under subsection (2) must include (but is not limited to):
(a)a review of the methodology used to calculate instalments of levy; and
(b)a summary of the consultations undertaken under paragraph (2)(a).
Sourced from the Federal Register of Legislation at legislation.gov.au, © Commonwealth of Australia, licensed under CC BY 4.0. Compilations may have been reformatted.