Acts of Parliament assented to - Act No. 60 to 68 of 2017

Overview

The Appropriation Act (No. 1) 2017-2018, the Appropriation Act (No. 2) 2017-2018, and the Appropriation (Parliamentary Departments) Act (No. 1) 2017-2018 were assented to on 23 June 2017 by the Governor-General in the name of Her Majesty. These acts were passed by the Senate and the House of Representatives in the Parliament assembled and serve to appropriate money out of the Consolidated Revenue Fund for the ordinary annual services of the Government, certain expenditure, and expenditure in relation to the Parliamentary Departments, respectively. The purpose of these appropriation acts is to provide the necessary funding for government operations and services for the fiscal year 2017-2018, ensuring that the government can meet its financial commitments and obligations. The Major Bank Levy Act 2017 and the Treasury Laws Amendment (Major Bank Levy) Act 2017 were also assented to on the same date and aim to impose a levy on certain authorised deposit-taking institutions, providing a new source of revenue to support government services and programs.

Scope and Application

The Major Bank Levy Act 2017 applies to certain authorised deposit-taking institutions in Australia, focusing on major banks as defined within the Act. These institutions are required to contribute to the Consolidated Revenue Fund by way of a levy, with the aim of funding specific government services and expenditures. The Act has a national reach within Australia, binding all major banks operating within its jurisdiction. There are no stated exclusions or exemptions to the application of this levy, meaning that all qualifying banks must comply with the requirements set forth by the Act. The scope of the Act is further extended through subordinate instruments, which may provide additional details on the calculation, payment, and reporting mechanisms for the levy. The Treasury Laws Amendment (Major Bank Levy) Act 2017 complements this by amending existing tax laws to ensure consistency and effectiveness of the levy.

Key Provisions

The Appropriation Acts (No. 60, 61, and 62 of 2017) lay out the financial framework for government services, specific expenditures, and parliamentary departments for the 2017-2018 fiscal year. These Acts (s. 3) authorise the appropriation of funds from the Consolidated Revenue Fund for designated purposes. The Major Bank Levy Act 2017 (No. 63 of 2017) introduces a levy on certain authorised deposit-taking institutions (s. 10), which aims to raise funds for specific purposes outlined in the Act. Similarly, the Treasury Laws Amendment (Major Bank Levy) Act 2017 (No. 64 of 2017) modifies existing taxation laws to support the implementation of the Major Bank Levy Act 2017. The National Vocational Education and Training Regulator Amendment (Annual Registration Charge) Act 2017 (No. 65 of 2017) and the National Vocational Education and Training Regulator (Charges) Amendment (Annual Registration Charge) Act 2017 (No. 66 of 2017) introduce annual registration charges for entities regulated by the National Vocational Education and Training Regulator Act 2011. The Ozone Protection and Synthetic Greenhouse Gas Management Legislation Amendment Act 2017 (No. 67 of 2017) modifies existing laws concerning ozone protection and synthetic greenhouse gas management to enhance regulatory oversight and compliance (s. 3). Finally, the Superannuation Amendment (PSSAP Membership) Act 2017 (No. 68 of 2017) amends the Superannuation Act 2005 to modify membership requirements for the Public Sector Superannuation Scheme (s. 3). These Acts impose several obligations on the relevant parties. The Major Bank Levy Act 2017 requires authorised deposit-taking institutions to remit the levy as specified (s. 10). The National Vocational Education and Training Regulator Amendment (Annual Registration Charge) Act 2017 mandates that entities regulated by the National Vocational Education and Training Regulator Act 2011 pay the annual registration charges as stipulated (s. 4). The Ozone Protection and Synthetic Greenhouse Gas Management Legislation Amendment Act 2017 requires entities involved in the management and regulation of ozone-depleting substances and synthetic greenhouse gases to comply with the enhanced regulatory requirements (s. 3). The Superannuation Amendment (PSSAP Membership) Act 2017 modifies the membership criteria for the Public Sector Superannuation Scheme, affecting eligible public sector employees (s. 3). Failure to comply with the provisions of these Acts can result in various consequences. For the Major Bank Levy Act 2017, non-compliance with the levy requirements may incur penalties as specified in the Act (s. 10). The National Vocational Education and Training Regulator Amendment (Annual Registration Charge) Act 2017 and the National Vocational Education and Training Regulator (Charges) Amendment (Annual Registration Charge) Act 2017 may impose penalties for non-payment of the annual registration charges (s. 4). The Ozone Protection and Synthetic Greenhouse Gas Management Legislation Amendment Act 2017 includes provisions for penalties against entities that fail to comply with the new regulatory requirements (s. 3). The Superannuation Amendment (PSSAP Membership) Act 2017 does not explicitly state penalties for non-compliance but affects the eligibility of public sector employees for membership in the Public Sector Superannuation Scheme (s. 3).