Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2011 (Cth)

Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2011

as amended

made under paragraph 50 (1) (b) of the

Australian Prudential Regulation Authority Act 1998

This compilation was prepared on 9 January 2012
taking into account amendments up to Australian Prudential Regulation Authority (Commonwealth Costs) Amendment Determination 2011 (No. 1)

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra

Contents

1Name of Determination [see Note 1]   3

2Commencement [see Note 1]   3

3Revocation   3

4Definitions   3

5Commonwealth costs   3

Notes 5

1. Name of Determination [see Note 1]

This Determination is the Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2011.

1. Commencement [see Note 1]

This Determination commences on the day after it is registered.

1. Revocation

The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2010 is revoked on 1 July 2011.

1. Definitions

In this Determination:

2011–2012 financial year means the financial year commencing on 1 July 2011.

Act means the Australian Prudential Regulation Authority Act 1998.

levy money has the meaning given by subsection 50 (6) of the Act.

1. Commonwealth costs

For paragraph 50 (1) (b) of the Act, the table sets out the amount of levy money payable to the Commonwealth in respect of the relevant class of levy for the 2011–2012 financial year, to cover the costs to the Commonwealth of:

(a)    providing market integrity and consumer protection functions for prudentially regulated institutions; and

(b)    administering the function of making determinations about the release, on compassionate grounds, of benefits that are in a superannuation entity.

Item	Matter	Amount ($)	Purpose of amount
1	Amount of the levy money payable to the Commonwealth under the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998	4 100 000	For the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions
2	Amount of the levy money payable to the Commonwealth under the General Insurance Supervisory Levy Imposition Act 1998	3 700 000	For the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions
3	Amount of the levy money payable to the Commonwealth under the Life Insurance Supervisory Levy Imposition Act 1998	2 100 000	For the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions
4	Amount of the levy money payable to the Commonwealth under the Superannuation Supervisory Levy Imposition Act 1998	20 710 000	$10 800 000 of the amount is for the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions $7 200 000 of the amount is for the Australian Taxation Office, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions
$2 710 000 of the amount is for the Department of Human Services, in so far as the Chief Executive Medicare administers, on behalf of the Commonwealth, the function of making determinations about the release, on compassionate grounds, of benefits that are in a superannuation entity

Notes to the Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2011

Note 1

The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2011 (in force under paragraph 50 (1) (b) of the Australian Prudential Regulation Authority Act 1998) as shown in this compilation is amended as indicated in the Tables below.

Table of Instruments

Title	Date of FRLI registration	Date of commencement	Application, saving or transitional provisions
Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2011	29 June 2011 (see F2011L01329)	30 June 2011
Australian Prudential Regulation Authority (Commonwealth Costs) Amendment Determination 2011 (No. 1)	21 Dec 2011 (see F2011L02777)	22 Dec 2011	—

Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted
Provision affected	How affected
S. 5..........................................	am. 2011 No. 1