Commonwealth Borrowing Levy Amendment Act 1989

Overview

The Commonwealth Borrowing Levy Amendment Act 1989 was enacted to modify the Commonwealth Borrowing Levy Act 1987, addressing specific gaps in the legislative framework concerning borrowing levies. The Act was assented to on 7 November 1989 and was passed by the Queen, the Senate, and the House of Representatives of the Commonwealth of Australia. The primary objective of the Act was to amend the definition of "body" within the Principal Act, thereby expanding the scope of entities subject to the borrowing levy. The Act introduces changes to the Schedule of the Principal Act, adding Aerospace Technologies of Australia Pty. Limited and the Civil Aviation Authority while omitting other entities, thus refining the entities liable for the borrowing levy. The Commonwealth Borrowing Levy Amendment Act 1989 includes provisions for the amendment of the interpretation of "body" in the Principal Act, which now encompasses additional entities such as subsidiaries of prescribed bodies. The amendments to the Schedule of the Principal Act reflect a targeted adjustment to the entities affected by the borrowing levy, ensuring that the legislative framework aligns with contemporary administrative and financial structures. The Act commenced on the day of Royal Assent, with specific provisions effective from earlier dates, demonstrating a strategic approach to legislative reform.

Scope and Application

The Commonwealth Borrowing Levy Amendment Act 1989 amends the Commonwealth Borrowing Levy Act 1987 by modifying the definition of "body" to include specific entities such as Aerospace Technologies of Australia Pty. Limited and the Civil Aviation Authority, while omitting others. This Act applies to the Commonwealth level and extends the borrowing levy to these newly included bodies, thereby impacting their financial obligations and reporting requirements. The Act does not explicitly state exclusions or exemptions, but it does specify the inclusion of particular entities through amendments to the schedule of the Principal Act. Additionally, the Act provides for the commencement of certain provisions on specific dates, ensuring a staggered implementation of the amendments. The scope of the Act is limited to the entities explicitly listed and does not extend beyond those specified in the schedule, thereby maintaining a focused application to designated bodies.

Key Provisions

The Commonwealth Borrowing Levy Amendment Act 1989 amends the Commonwealth Borrowing Levy Act 1987. Section 1 provides the short title and citation of the Act, while section 2 outlines the commencement date. The Act’s primary function is to modify the definitions and list of prescribed bodies that are subject to the borrowing levy as per the Principal Act. Specifically, section 3 updates the definition of 'body' to include new entities and removes certain bodies from the list. The Schedule, which is amended in section 4, adds Aerospace Technologies of Australia Pty. Limited and the Civil Aviation Authority to the list of prescribed bodies, while removing other entities from the list. Under the amended Act, the obligations of the parties governed by it include compliance with the updated definitions and list of prescribed bodies. The Act requires that these entities adhere to the borrowing levy regulations as specified in the Principal Act. This includes the responsibility for reporting and any other requirements stipulated by the Act or any related legislation. The updated definitions ensure that the scope of the borrowing levy is accurately applied to the correct entities, and the changes in the Schedule reflect the current legislative intent regarding which bodies are subject to the levy. The Act also outlines potential consequences for non-compliance. While specific offences, penalties, or consequences are not detailed in the provided text, it is implicit that failure to comply with the Act's provisions could result in legal repercussions. In general, breaches of legislative requirements can lead to enforcement actions, fines, or other penalties as prescribed by relevant laws. The maximum penalties would depend on the nature of the breach and the specific provisions of the Principal Act and any related legislation. It is crucial for entities governed by this Act to ensure they understand and meet all requirements to avoid any potential legal consequences.