EXPLANATORY STATEMENT

Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2005

This determination relates to a levy imposed by the Authorised Non-Operating Holding Companies Supervisory Levy Imposition Act 1998 on authorised non‑operating holding companies.  Following recent amendments to that Act, the 2005‑06 levy is to be collected from authorised non‑operating holding companies in the general insurance sector as well as from those in the authorised deposit‑taking institutions sector.

This determination commences on 1 July 2005 and relates to the 2005‑06 financial year.  The Authorised Non-Operating Holding Companies Supervisory Levy Imposition Determination 2004 is revoked upon commencement of this determination.  Consistent with section 50 of the Acts Interpretation Act 1901, any obligation or liability incurred in previous financial years remains valid.

Subsection 7(1) of the Authorised Non-Operating Holding Companies Supervisory Levy Imposition Act 1998 allows the Treasurer to determine the amount of levy payable by an authorised non‑operating holding company for a financial year.

The determination provides that the amount of levy payable by an authorised non‑operating holding company in relation to the 2005‑06 financial year is $10,000.

This determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.