Australian Transaction Reports and Analysis Centre Industry Contribution Census Day Determination 2015 (No. 1)

Overview

The Australian Transaction Reports and Analysis Centre Industry Contribution Census Day Determination 2015 (No. 1) was enacted to provide clarity regarding the census day for determining the financial year liability for the AUSTRAC Supervisory Levy, which was replaced by an industry contribution to fund AUSTRAC's regulatory and intelligence functions under the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011. This legislation was enacted by the Australian Transaction Reports and Analysis Centre (AUSTRAC) Chief Executive Officer, pursuant to the authority granted under the Industry Contribution Act. The primary objective of this determination was to ensure certainty for entities liable to pay the levy by specifying that the census day for the financial year starting 1 July 2014 would be 16 March 2015. This legislative instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011, as confirmed by the AUSTRAC CEO.

Scope and Application

The Australian Transaction Reports and Analysis Centre Industry Contribution Census Day Determination 2015 (No. 1) applies to leviable entities under the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011. These are entities that provide designated services, are enrolled on the Reporting Entities Roll, and are not exempt from the levy under the Industry Contribution Act. The determination sets the census day for the financial year beginning 1 July 2014 as 16 March 2015, which is the date used by the AUSTRAC CEO to determine the levy liability of these entities. The instrument has a Commonwealth reach and aims to provide certainty to reporting entities by clearly specifying the census day. The Statement of Compatibility with the Human Rights (Parliamentary Scrutiny) Act 2011 confirms that the instrument is compatible with human rights as it does not engage any applicable rights or freedoms. The AUSTRAC CEO has declared that the determination does not raise any human rights issues.

Key Provisions

The Australian Transaction Reports and Analysis Centre Industry Contribution Census Day Determination 2015 (No. 1) primarily functions to establish the specific date, known as the 'census day', by which the Australian Transaction Reports and Analysis Centre (AUSTRAC) will determine the liability of leviable entities to pay a levy. As per Section 3 of the Determination, the AUSTRAC Chief Executive Officer has specified that the census day for the financial year starting on 1 July 2014 is 16 March 2015. This date is crucial because it marks the cutoff point for determining which reporting entities are required to pay the levy imposed by the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011. The Determination imposes specific obligations on entities that are considered leviable. These entities must be reporting entities that provided a designated service within the previous financial year, and they must be enrolled on the Reporting Entities Roll on the census day specified in the Determination. The obligation is to ensure that their status as a leviable entity is confirmed by being listed on this roll on the specified date. Furthermore, these entities are required to adhere to the regulations set out in the Industry Contribution Act and the Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) Act 2011, which collectively govern the imposition and collection of the levy. Failure to comply with the provisions of the Determination and the underlying Acts may result in civil or criminal consequences. While the specific penalties for non-compliance are not detailed in the Determination, they are generally outlined in the Industry Contribution Act and the Collection Act. These penalties could include fines, legal action, and other enforcement measures designed to ensure compliance with the regulatory framework. The exact nature and severity of these penalties would depend on the specific circumstances of the breach and the relevant provisions of the Acts. The Determination also asserts that it is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. This compatibility is affirmed in the Statement of Compatibility included in the Explanatory Statement. The Determination does not engage any of the applicable rights or freedoms and, as such, does not raise any human rights issues. This statement underscores the AUSTRAC CEO's commitment to ensuring that the Determination and the related legislative framework respect and uphold human rights standards.