Commonwealth Borrowing Levy Collection Act 1987 (Cth)

Commonwealth Borrowing Levy Collection Act 1987

Act No. 115 of 1987 as amended

This compilation was prepared on 27 September 2007

taking into account amendments up to Act No. 154 of 2007

The text of any of those amendments not in force

on that date is appended in the Notes section

The operation of amendments that have been incorporated may be

affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,

Attorney‑General’s Department, Canberra

      

Contents

An Act to provide for the collection of levy imposed by the Commonwealth Borrowing Levy Act 1987, and for related purposes

  1Short title [see Note 1]

This Act may be cited as the Commonwealth Borrowing Levy Collection Act 1987.

2Commencement [see Note 1]

1. (1)

   Section 6 shall be deemed to have come into operation on 1 July 1987.

2. (2)

   The remaining provisions of this Act shall come into operation on the day on which this Act receives the Royal Assent.

3Interpretation

1. (1)

   In this Act:

   body has the same meaning as in the Levy Act.

   borrowing includes the raising of money by dealing in securities.

   Levy Act means the Commonwealth Borrowing Levy Act 1987.

   securities includes stocks, debentures, debenture stocks, notes, bonds, promissory notes, bills of exchange and similar instruments or documents.

2. (2)

   A reference in this Act to dealing with securities includes a reference to:

   1. (a)

      creating, executing, entering into, drawing, making, accepting, endorsing, issuing, discounting, selling, purchasing or re‑selling securities;

   2. (b)

      creating, selling, purchasing or re‑selling rights or options in respect of securities; and

   3. (c)

      entering into agreements or other arrangements relating to securities.

3. (3)

   Subject to subsection (4):

   1. (a)

      the issue by a body of an instrument acknowledging a debt in consideration of the payment or deposit of money or of the provision of credit; or

   2. (b)

      the obtaining of credit by the body;

   shall, for the purposes of this Act, be deemed to be a borrowing by the body to the extent of the amount of that money or of that credit, as the case may be.

4. (4)

   The issue of an instrument of the kind referred to in paragraph (3)(a), or the obtaining of credit, by a body other than a body referred to in item 5 or 14 of the Schedule to the Levy Act in relation to a transaction that is in the ordinary course of the day‑to‑day operations of the body shall be deemed not to be a borrowing by the body.

4Collection of levy

The Treasurer may, by legislative instrument:

1. (a)

   specify the times when and the manner in which the levy is to be paid; and

2. (b)

   require a specified officer of a body to provide the Treasurer, at specified times, with a statement certifying:

   1. (i)

      the amount of the levy payable by the body at a specified time;

   2. (ii)

      the amount of borrowings on which the amount of the levy was calculated; and

   3. (iii)

      such other particulars of borrowings by the body relevant to the calculation of the levy as are specified in the determination.

5Regulations

The Governor‑General may make regulations, not inconsistent with this Act, prescribing all matters necessary or convenient to be prescribed for carrying out or giving effect to this Act.

6Repeal of Commonwealth Guarantees (Charges) Act

1. (1)

   The Commonwealth Guarantees (Charges) Act 1987 is repealed.

2. (2)

   In spite of the repeal of the Commonwealth Guarantees (Charges) Act 1987, that Act continues to apply to borrowings and raisings of money, within the meaning of that Act, undertaken before 1 July 1987 by a body referred to in the Schedule to that Act.

3. (3)

   In its application in accordance with subsection (2), the Commonwealth Guarantees (Charges) Act 1987 has effect as if Item 3 in Part A of the Schedule to that Act were omitted.

Notes to the Commonwealth Borrowing Levy Collection Act 1987

Note 1

The Commonwealth Borrowing Levy Collection Act 1987 as shown in this compilation comprises Act No. 115, 1987 amended as indicated in the Tables below.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Commonwealth Borrowing Levy Collection Act 1987	115, 1987	2 Dec 1987	S. 6: 1 July 1987 Remainder: Royal Assent
Statutory Instruments (Tabling and Disallowance) Legislation Amendment Act 1988	99, 1988	2 Dec 1988	2 Dec 1988	—
Commonwealth Borrowing Levy Collection Amendment Act 1989	135, 1989	7 Nov 1989	11 May 1989	—
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007	154, 2007	24 Sept 2007	Schedule 4 (items 13–15): Royal Assent	—

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
S. 4.........................................	am. No. 99, 1988; No. 154, 2007
S. 6.........................................	am. No. 135, 1989