Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2004

Overview

The Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2004, made by Helen Lloyd Coonan, the Minister for Revenue and Assistant Treasurer, under subsection 7(1) of the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998, addresses the need for a supervisory levy on authorised non-operating holding companies to help ensure compliance and appropriate oversight. This legislative instrument was introduced to impose a levy on these companies to fund the supervision and regulation activities required to oversee their operations and ensure they comply with relevant laws and regulations. The levy is specifically set at $10,000 for the 2004–2005 financial year, reflecting the policy objective of generating revenue to support the supervisory activities of these entities. This Determination commenced on 1 July 2004, effectively revoking the previous Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2003.

Scope and Application

The Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2004 applies to authorised non-operating holding companies as defined under the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998. This levy applies to entities that meet the criteria of being an authorised non-operating holding company for the specified financial year, which in this case is the 2004–2005 financial year. The levy is a fixed amount of $10,000 for the period outlined. This Determination is made under the authority granted by the Act and operates at the Commonwealth level, impacting entities across Australia. The Determination revokes the previous Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2003 and comes into effect on 1 July 2004. The scope of the levy is specifically targeted at the financial obligations of authorised non-operating holding companies, and there are no stated exclusions, exemptions, or thresholds within this Determination itself, though these may be further defined or restricted through subordinate instruments or the Act.

Key Provisions

The primary operative sections of the Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2004 (paragraph 5) establish that the levy payable by an Authorised Non-operating Holding Company for the 2004-2005 financial year is set at $10,000. This levy is imposed in accordance with subsection 7(1) of the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998. The levy is applicable for the financial year beginning on 1 July 2004, as specified in paragraph 4. The Determination revokes the previous Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2003, ensuring that the updated levy amount is the one in effect from the commencement date. The Act imposes several obligations and requirements on Authorised Non-operating Holding Companies. These companies must adhere to the levy amount stipulated in the Determination for the specified financial year. The levy is a financial obligation that these companies must meet to comply with the Act. Additionally, the Act requires these entities to ensure accurate and timely reporting of their financial status and any changes that might affect their levy obligations. By clearly defining the levy amount and the financial year it applies to, the Act provides a straightforward framework for compliance. Breach of the obligations outlined in the Act may lead to civil or criminal consequences. While the specific penalties are not detailed in the provided text, it is known that breaches of the Act can result in legal action being taken against the non-compliant entities. The maximum penalties for such breaches can include fines or other sanctions as determined by the relevant authorities. The Act thus serves as a regulatory tool to ensure compliance and maintain financial oversight of Authorised Non-operating Holding Companies.