Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2018 (Cth)

Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2018

I, Scott Morrison, Treasurer, make the following determination under paragraph 50(1)(a) and subsection 50(1A) of the Australian Prudential Regulation Authority Act 1998.

Dated: 29 June 2018

Scott Morrison

Treasurer

Contents

1  Name of determination............................................................................................................. 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Repeal....................................................................................................................................... 1

5  Definitions................................................................................................................................ 1

6  Commonwealth costs............................................................................................................... 1

1  Name of determination

This determination is the Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2018.

2  Commencement

This determination commences on 1 July 2018.

3  Authority

This determination is made under paragraph 50(1)(a) and subsection 50(1A) of the Australian Prudential Regulation Authority Act 1998.

4  Repeal

The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2017 (Revised) is repealed.

5  Definitions

(1)  In this determination:

2018‑2019 financial year means the financial year commencing on 1 July 2018.

Act means the Australian Prudential Regulation Authority Act 1998.

(2) Other expressions used in this determination that are defined in section 50 of the Australian Prudential Regulation Authority Act 1998 have the same meaning as they have in that section.

6  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 2018–2019 financial year, to cover the costs to the Commonwealth of:

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

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

(c)    governing and maintaining the superannuation transactions network.

Item	Matter	Amount ($)
1	Amount of the levy money payable to the Commonwealth under the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998	$13 800 000
2	Amount of the levy money payable to the Commonwealth under the General Insurance Supervisory Levy Imposition Act 1998	$4 800 000
3	Amount of the levy money payable to the Commonwealth under the Life Insurance Supervisory Levy Imposition Act 1998	$3 600 000
4	Amount of the levy money payable to the Commonwealth under the Superannuation Supervisory Levy Imposition Act 1998	$49 600 000