Overview

The Authorised Non-Operating Holding Companies Supervisory Levy Imposition Determination 2009, enacted in 2009, addresses the need for a supervisory levy on authorised non-operating holding companies within the general insurance and authorised deposit-taking institution sectors, as stipulated by the Authorised Non-Operating Holding Companies Supervisory Levy Imposition Act 1998. This determination was made by the Minister for Finance under authority vested in them by the relevant Act. The primary objective of this determination is to establish the amount of levy that these companies must pay for the 2009-10 financial year, which is set at $10,000. This levy aims to ensure adequate regulatory oversight and supervision of these entities, thereby maintaining financial stability and safeguarding public interest within the finance sector. The determination supersedes the previous 2008 levy and ensures any existing obligations from prior financial years remain enforceable.

Scope and Application

The Authorised Non-Operating Holding Companies Supervisory Levy Imposition Determination 2009 applies to authorised non-operating holding companies within the general insurance and authorised deposit-taking institution sectors, imposing a levy for the 2009-10 financial year. This determination operates under the Authorised Non-Operating Holding Companies Supervisory Levy Imposition Act 1998 and is effective from 1 July 2009, revoking the previous year's determination. The levy amount is set at $10,000 per company for the specified financial year. Any obligations or liabilities accrued in prior years remain enforceable, as per section 50 of the Acts Interpretation Act 1901. The levy is a Commonwealth measure, and its scope is confined to authorised non-operating holding companies in the designated sectors, with no stated exclusions or exemptions in the determination itself. The determination serves as a legislative instrument under the Legislative Instruments Act 2003, indicating its binding legal effect within the jurisdictional reach of the Commonwealth of Australia.

Key Provisions

The key operative sections of the Authorised Non-Operating Holding Companies Supervisory Levy Imposition Determination 2009 (the Determination) are primarily outlined in subsection 7(1) of the Authorised Non-Operating Holding Companies Supervisory Levy Imposition Act 1998. This subsection allows the Minister to set the amount of levy payable by an authorised non-operating holding company for a financial year. Specifically, the Determination sets the amount of the levy at $10,000 for the 2009-10 financial year. This levy is imposed on companies within the general insurance and authorised deposit-taking institution sectors. The Determination imposes obligations on authorised non-operating holding companies to comply with the specified levy requirements. These companies must ensure that they pay the set amount of $10,000 for the 2009-10 financial year as specified in the Determination. It is important to note that any obligation or liability incurred in previous financial years remains valid, as stipulated by section 50 of the Acts Interpretation Act 1901. Companies must therefore adhere to the levy requirements as outlined in the Determination for the relevant financial year and maintain compliance with any prior obligations. In the event of non-compliance with the levy requirements set out in the Determination, there may be civil or criminal consequences. However, the Determination does not explicitly outline the specific offences, penalties, or consequences for breach. The penalties for non-compliance would typically depend on the provisions of the primary Act, the Authorised Non-Operating Holding Companies Supervisory Levy Imposition Act 1998, and any other relevant legislation. Given the nature of the levy and the importance of compliance in the financial sector, breaches could potentially lead to significant legal and financial repercussions for the non-compliant entities.