Australian Prudential Regulation Authority Act 1998
View history note
Hide history noteDetermination 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.
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.
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.
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 .
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
.
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 .
(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
.
superannuation entity
has the same meaning as in the
Superannuation Industry (Supervision) Act 1993
.
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).
SuperStream measures
(Repealed by No 23 of 2018)
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
