EXPLANATORY STATEMENT
Statutory Rules No. 245 /84
ISSUED BY THE AUTHORITY OF THE ATTORNEY-GENERAL COMPANIES (FEES) REGULATIONS (AMENDMENT)
Sub-section 4(1) of the Companies (Fees) Act 1981 (the Act) provides that there shall be paid to the Commonwealth for or in respect of -
(a) the lodgment of documents with the National Companies and Securities Commission (the NCSC) under the Companies Act 1981;
(b) the registration of documents under the Companies Act 1981 or the inspection or search of registers kept by, or documents in the custody of, the NCSC under that Act;
(c) the production by the NCSC, pursuant to a subpoena, of any register kept by, or documents in the custody of, the NCSC under the Companies Act 1981;
(d) the issuing of documents or copies of documents, the granting of licences, consents or approvals or the doing of other acts or things by the Ministerial Council for Companies and Securities, or the NCSC under the Companies Act 1981;
(e) the making of inquiries of, or applications to, the Ministerial Council or the NCSC in relation to matters arising under the Companies Act 1981; and
(f) the submission to the NCSC of documents for examination by the NCSC,
such fees (if any) as are prescribed.
Sub-section 5(1) of the Act provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing fees, not in any case exceeding $1,000, for the purposes of sub-section 4(1) of the Act. Sub-section 5(2) of the Act provides that the power of the Governor-General to make regulations under the Act shall be exercised only in accordance with advice that is consistent with resolutions of the Ministerial Council for Companies and Securities.
The fees payable for the purposes of sub-section 4(1) of the Companies (Fees) Act are prescribed in the Schedule to the Companies (Fees) Regulations (the Regulations).
The accompanying regulations increase the fees payable for the purposes of the Act so that they are generally in line with the increases in the Consumer Price Index (CPI) for the March 1984 quarter. The fees were last increased on 1 October 1983. The fees set out in the amending regulations have also been adjusted to take account of the discrepancy between the 1983 fees increase and the increase in the CPI for the March quarter of that year.
The Ministerial Council for Companies and Securities has resolved that regulations should be made under the Act in the form of the attached regulations.
The amendments, and their purposes, are:
Regulation 1 - Commencement
The accompanying regulations shall come into operation on 1 October 1984. This commencement date is consistent with the last annual fee increase on 1 October 1983.
Regulation 2 - Schedule
The schedule to the Regulations is amended as follows:
(a) the fee of $66 in item 1 is increased to $70;
(b) the fee of $33 in items 2, 7, 8 and 47 is increased to $35;
(c) the fee of $28 (wherever occurring) in items 3, 23 and 30 is increased to $30;
(d) the fee of $55 in items 3, 11, 14, 26, 29, 35, 44, 45, 46, 47, 56, and 57 is increased to $60;
(e) the fee of $17 in items 5, 15, 16, 17, 24, 27, 28, 37, 38, 43, 53 and 55 is increased to $18;
(f) the fee of $165 in items 6 and 9 is increased to $175;
(g) the fee of $83 in item 10 is increased to $90;
(h) the fee of $330 in items 12, 21 and 36 is increased to $350;
(i) the fee of $132 in items 13, 39 and 42 is increased to $140;
(j) the fee of $220 in items 16, 18 and 20 is increased to $240;
(k) the fee of $110 in items 19, 22, 36, 39 and 42 is increased to $120;
(l) the fee of $550 in items 22 and 25 is increased to $590;
(m) the fee of $39 item 31 is increased to $41;
(n) the fee of $22 in items 32, 33 and 41 is increased to $24;
(o) the fee of $44 in items 34 and 40 is increased to $48;
(p) the fee of $11 in items 37, 38, 47 and 54 is increased to $12;
(q) the fee of $88 in item 40 is increased to $95.
(r) the fee of $275 in item 58 is increased to $300.
Overview
The Companies (Fees) Regulations (Amendment) Statutory Rules No. 245/84, issued under the authority of the Attorney-General, amend the existing Companies (Fees) Regulations to align the fees payable under the Companies (Fees) Act 1981 with inflation, specifically the Consumer Price Index (CPI) for the March 1984 quarter. Enacted by the Commonwealth Parliament, these amendments address the need to adjust fees periodically to maintain their real value and ensure that they reflect current economic conditions. The policy objective of these amendments is to update the fees in accordance with the increases in the CPI, ensuring that the fees remain reflective of the economic environment at the time of the amendment. The Ministerial Council for Companies and Securities has advised that these adjustments are necessary to maintain the practical and financial viability of the regulatory framework governing company registration and related activities.
Scope and Application
The Companies (Fees) Regulations (Amendment) Statutory Rules No. 245/84 amends the Companies (Fees) Regulations to adjust the fees payable for various activities related to the administration of the Companies Act 1981. These amendments apply to entities and individuals required to lodge documents, register, inspect or search registers, and obtain documents, licenses, consents, or approvals from the National Companies and Securities Commission (NCSC), the Ministerial Council for Companies and Securities, or the NCSC. The fees are revised to align with the Consumer Price Index (CPI) increases from the March 1984 quarter, correcting a discrepancy from the previous year's adjustments. The amendments, which come into effect on 1 October 1984, affect a wide range of transactions and services provided by the NCSC and the Ministerial Council, thereby impacting numerous industries and entities that engage with these services. The Act applies across the Commonwealth, and the fees are prescribed in the Schedule to the Regulations, with the Governor-General authorised to make these regulations in accordance with advice consistent with Ministerial Council resolutions.
Key Provisions
The Companies (Fees) Regulations (Amendment) Statutory Rules No. 245/84, issued under the authority of the Attorney-General, amend the Companies (Fees) Regulations to adjust the fees payable for various services provided by the National Companies and Securities Commission (NCSC) under the Companies Act 1981. These fees are prescribed in the Schedule to the Regulations and are increased to align with the Consumer Price Index (CPI) for the March 1984 quarter (Regulation 2). The amendments reflect the increases in fees that were last updated on 1 October 1983 and correct discrepancies between the 1983 fee increase and the CPI for the March quarter of that year.
The Regulations impose specific obligations on parties and entities governed by the Companies (Fees) Act 1981. Primarily, these obligations involve the payment of fees for various services rendered by the NCSC, such as the lodgment of documents, registration of documents, inspection of registers, production of documents under subpoena, issuing of documents or copies, granting of licenses and approvals, inquiries, and applications (Section 4(1) of the Act). The fees prescribed in the Schedule to the Regulations must be paid to the Commonwealth for these services. The amendments also require that the fees be updated annually to reflect changes in the CPI, ensuring that the fees remain current and reflective of economic conditions.
Breach of the obligations to pay the prescribed fees as outlined in the Regulations can result in civil or criminal consequences. While the specific penalties are not detailed within the Explanatory Statement, it is generally understood that failure to pay the required fees can lead to legal action by the Commonwealth, including fines or other civil penalties. Additionally, if the non-payment of fees is deemed to be a deliberate act of evasion, it could potentially lead to criminal charges under relevant legislation. The maximum penalties for such offences would depend on the specific circumstances and the applicable laws at the time of the offence.