Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2004
I, HELEN LLOYD COONAN, Minister for Revenue and Assistant Treasurer, make this Determination under paragraph 50 (1) (b) of the Australian Prudential Regulation Authority Act 1998.
Dated 25 June 2004
HELEN COONAN
Minister for Revenue and Assistant Treasurer
1 Name of Determination
This Determination is the Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2004.
2 Commencement
This Determination commences on 1 July 2004.
3 Revocation
The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2003 is revoked.
4 Definitions
In this Determination:
2004–2005 financial year means the financial year beginning on 1 July 2004.
Act means the Australian Prudential Regulation Authority Act 1998.
levy money has the meaning given by subsection 50 (7) of the Act.
retainable amount has the meaning given by paragraph 50 (1) (b) of the Act.
5 Commonwealth costs (Act s 50)
(1) For paragraph 50 (1) (b) of the Act, the retainable amount of the levy money payable to the Commonwealth under the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998 for the 2004–2005 financial year is $2 560 000, which is for the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions.
(2) For paragraph 50 (1) (b) of the Act, no retainable amount is specified in respect of the levy money payable to the Commonwealth under the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998 for the 2004–2005 financial year.
(3) For paragraph 50 (1) (b) of the Act, the retainable amount of the levy money payable to the Commonwealth under the General Insurance Supervisory Levy Imposition Act 1998 for the 2004–2005 financial year is $1 720 000, which is for the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions.
(4) For paragraph 50 (1) (b) of the Act, the retainable amount of the levy money payable to the Commonwealth under the Life Insurance Supervisory Levy Imposition Act 1998 for the 2004–2005 financial year is $2 040 000, which is for the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions.
(5) For paragraph 50 (1) (b) of the Act, no retainable amount is specified in respect of the levy money payable to the Commonwealth under the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 for the 2004–2005 financial year.
(6) For paragraph 50 (1) (b) of the Act, the retainable amount of the levy money payable to the Commonwealth under the Superannuation Supervisory Levy Imposition Act 1998 for the 2004–2005 financial year is $12 749 000, which is made up as follows:
(a) for the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions — $8 971 000;
(b) for the Australian Taxation Office, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions — $3 778 000.
Overview
The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2004, enacted under the Australian Prudential Regulation Authority Act 1998, was introduced to specify the retainable amounts of certain levies payable to the Commonwealth for the 2004–2005 financial year. This legislative instrument was created by HELEN LLOYD COONAN, the Minister for Revenue and Assistant Treasurer, under the authority of the Act. The policy objective of this determination is to allocate funds to support the Australian Securities and Investments Commission and the Australian Taxation Office in their roles providing market integrity and consumer protection functions for prudentially regulated institutions. The Determination sets out specific retainable amounts for various supervisory levies, ensuring that the relevant agencies receive the necessary funding to carry out their mandated functions effectively.
Scope and Application
The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2004 applies to the financial year starting 1 July 2004 and sets out the retainable amounts of levy money payable to the Commonwealth for various supervisory levies. This Determination is made under the Australian Prudential Regulation Authority Act 1998, and it revokes the previous year’s determination. The Determination specifies retainable amounts for different sectors including authorised deposit-taking institutions, general insurance, life insurance, and superannuation, with particular focus on the Australian Securities and Investments Commission and the Australian Taxation Office, which are responsible for market integrity and consumer protection functions. Notably, no retainable amounts are specified for non-operating holding companies and retirement savings account providers for the 2004–2005 financial year. This Determination ensures that specific funds are retained for designated functions within the Commonwealth for the financial year specified.
Key Provisions
The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2004 sets out the specific retainable amounts of levy money for various supervisory levies for the financial year 2004–2005. Under section 5 of the Determination, the retainable amount for the Authorised Deposit-taking Institutions Supervisory Levy is $2,560,000, for the General Insurance Supervisory Levy it is $1,720,000, for the Life Insurance Supervisory Levy it is $2,040,000, and for the Superannuation Supervisory Levy it is $12,749,000. Notably, no retainable amount is specified for the Authorised Non-operating Holding Companies Supervisory Levy and the Retirement Savings Account Providers Supervisory Levy. These amounts are retained for specific purposes, such as market integrity and consumer protection functions provided by the Australian Securities and Investments Commission and the Australian Taxation Office.
The Determination imposes clear obligations on the parties governed by it, ensuring that the specified retainable amounts are adhered to for each levy. The Australian Prudential Regulation Authority is responsible for ensuring these amounts are correctly retained and allocated according to the provisions outlined in the Act. This includes ensuring that the funds are used for the purposes specified, such as market integrity and consumer protection functions, and that any discrepancies are addressed.
Failure to comply with the provisions of this Determination can result in serious consequences. While specific offences and penalties are not detailed in the Determination itself, breaches of the Australian Prudential Regulation Authority Act 1998, under which this Determination is made, could lead to civil or criminal penalties. The Act provides for fines and potential imprisonment for breaches, with the exact penalties depending on the nature and severity of the offence. The Determination ensures that the specified amounts are retained and used for the authorised purposes, and non-compliance could result in enforcement actions under the Act.