Commonwealth Borrowing Levy Collection Amendment Act 1989

Overview

The Commonwealth Borrowing Levy Collection Amendment Act 1989 (No. 135 of 1989) was enacted by the Queen, with the assent and approval of the Senate and the House of Representatives of the Commonwealth of Australia. This Act serves as an amendment to the Commonwealth Borrowing Levy Collection Act 1987, addressing specific issues and gaps in the existing legislation concerning the collection of borrowing levies. The primary objective of this amendment is to modify certain provisions to better align with the financial and administrative needs of the time, ensuring that the levy collection process is as efficient and effective as possible. The Act repeals a section of the Commonwealth Guarantees (Charges) Act 1987, thereby integrating and streamlining the legal framework governing borrowing levies. The legislative amendment was introduced to facilitate smoother operations within the financial systems of the Commonwealth, reflecting the policy objective of enhancing the overall efficiency of the borrowing levy collection process.

Scope and Application

The Commonwealth Borrowing Levy Collection Amendment Act 1989 amends the Commonwealth Borrowing Levy Collection Act 1987. This Act applies to the Commonwealth Government and its agencies, specifically in relation to the borrowing levies that are collected. The geographic scope of the Act is national, applying throughout the Commonwealth of Australia. The Act alters the application of the Commonwealth Guarantees (Charges) Act 1987, modifying the charges associated with certain financial transactions. The changes introduced by this Act are intended to streamline and refine the mechanisms for collecting borrowing levies, ensuring they are applied accurately and efficiently across the Commonwealth. The Act's amendments are precise and targeted, focusing on the legal framework governing financial levies without broad exemptions or exclusions, except as specified in the Principal Act and the Commonwealth Guarantees (Charges) Act 1987. Subordinate instruments may further define the detailed application of these amendments, ensuring compliance and effective execution of the borrowing levy system.

Key Provisions

The Commonwealth Borrowing Levy Collection Amendment Act 1989 (sections 1-3) modifies the Commonwealth Borrowing Levy Collection Act 1987. The key operative section (section 3) amends subsection 6 of the Principal Act, specifically adjusting the application of the Commonwealth Guarantees (Charges) Act 1987 by omitting Item 3 in Part A of its Schedule. This amendment ensures that certain levies or charges are no longer applicable or are altered in the context of the borrowing levies collected under the Principal Act. This Act imposes specific obligations on entities involved in the borrowing and levy collection processes. Section 3 of the Act requires entities to adhere to the modified application of the Commonwealth Guarantees (Charges) Act 1987, ensuring that the specified item in its Schedule is omitted when applying these guarantees in conjunction with the borrowing levies. This modification likely impacts how levies are calculated, assessed, or enforced, aligning them with the current legislative intent and fiscal policies. Breaches or non-compliance with the provisions of this Act can lead to significant consequences. Although the Act does not explicitly detail the penalties for non-compliance, breaches of related provisions in the Principal Act typically result in civil or criminal penalties. The maximum penalties can include substantial fines and, in severe cases, imprisonment. The precise penalties would depend on the specific nature of the breach and the relevant sections of the Principal Act, which this amendment seeks to align with.