EXPLANATORY STATEMENT
Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2005
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. This can be done either by specifying one retainable amount or by specifying a retainable amount for each class of levy.
This determination commences on 1 July 2005 and relates to the 2005‑06 financial year. The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2004 is revoked upon commencement of this determination.
This determination states the amount of levy revenue which is allocated under each of the various levy imposition Acts to the Australian Securities and Investments Commission (ASIC) and to the Australian Taxation Office (ATO) in 2005‑06. These funds are allocated to ASIC and ATO activities in so far as those agencies provide, on behalf of the Commonwealth, relevant market integrity and consumer protection functions for prudentially regulated institutions. They will contribute towards the costs of ASIC and the ATO undertaking those functions.
The following table details the 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.