EXPLANATORY STATEMENT
Australian Prudential Regulation Authority (Commonwealth Costs) Amendment Determination 2005 (No. 1)
Subsection 50(1) of the Australian Prudential Regulation Authority Act 1998 enables the Treasurer to make a determination on the amount of levy revenue that is to be available to cover the costs to the Commonwealth of providing market integrity and consumer protection functions for prudentially regulated institutions.
The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2005, which was made on 23 June 2005, contained incorrect numbers for the amounts of levy revenue to be allocated to the Australian Securities and Investments Commission (ASIC) in 2005‑06. This amendment determination corrects these numbers by amending the Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2005.
This amendment determination is taken to have commenced on 1 July 2005 and relates to the 2005‑06 financial year.
This amendment determination states the amount of levy revenue which is allocated under each of the various levy imposition Acts to ASIC and to the Australian Taxation Office (ATO) in 2005‑06. The ATO amount was correct in the original determination and is unchanged.
The following table details the amended amounts allocated to activities undertaken by ASIC and the ATO under each of the financial sector levy imposition Acts.
Legislation | Allocated to ASIC ($) | Allocated to ATO ($) |
Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998 | 2,210,000 | 0 |
Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998 | 0 | 0 |
General Insurance Supervisory Levy Imposition Act 1998 | 1,480,000 | 0 |
Life Insurance Supervisory Levy Imposition Act 1998 | 1,760,000 | 0 |
Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 | 0 | 0 |
Superannuation Supervisory Levy Imposition Act 1998 | 9,144,000 | 2 945 000 |
Total | 14,594,000 | 2 945 000 |
This determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.