Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2019 (Cth)

Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2019

I, Simon Birmingham, Acting Treasurer, make the following determination under paragraph 50(1)(b) and subsection 50(1A) of the Australian Prudential Regulation Authority Act 1998.

Dated:  26 June 2019

Simon Birmingham

Acting Treasurer

Contents

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

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

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

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

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

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

7  Proportion of levy money paid to APRA................................................................................. 2

1  Name of determination

This determination is the Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2019.

2  Commencement

This determination commences on 1 July 2019.

3  Authority

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

4  Repeal

The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2018 is repealed.

5  Definitions

(1)  In this determination:

2019-2020 financial year means the financial year commencing on 1 July 2019.

Act means the Australian Prudential Regulation Authority Act 1998.

(2)  Expressions that are:

(a) defined in subsection 50(6) of the Act; and

(b)  used in this determination;

have the same meaning as they have in subsection 50(6) of the Act.

6  Commonwealth costs

For paragraph 50(1)(b) of the Act, the table below sets out the amount of levy money payable to the Commonwealth in respect of the relevant class of levy for the 2019–2020 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; and

(c)  governing and maintaining the superannuation transactions network.

Item	Class of levy payable	Amount of levy payable
1	Amount of the levy money payable to the Commonwealth under the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998	$4 100 000
2	Amount of the levy money payable to the Commonwealth under the General Insurance Supervisory Levy Imposition Act 1998	$100 000
3	Amount of the levy money payable to the Commonwealth under the Life Insurance Supervisory Levy Imposition Act 1998	$100 000
4	Amount of the levy money payable to the Commonwealth under the Superannuation Supervisory Levy Imposition Act 1998	$45 600 000

7  Proportion of levy money paid to APRA

For subsection 50(1A) of the Act, the proportion of amounts of levy money paid to APRA for the 2019-2020 financial year, on behalf of the Commonwealth, that is to be credited to the APRA Special Account on an ongoing basis is 78.9%.