Document ID: chunk:federal_register_of_legislation:F2019L00250:reg:5
Version: federal_register_of_legislation:F2019L00250
Segment Type: reg
Provision Reference: reg 5
Character Range: 3753–5976

5     Application for authorisation as an ADI under Section 9 of the Banking Act 1959 – where the applicant applies to progress from a restricted ADI to an ADI.        $30,000             Applicant                          On lodgement of the application

In relation to the Schedule of charges above:

    (a)               Each of the charges is  GST exempt (see Note 1 below);

    (b)               Subject to paragraph (c) below, APRA may waive or refund, in whole or in part, any application charge set out in the Schedule of charges if APRA is satisfied that special circumstances apply which would make it unjust or oppressive to impose a part of the charge, or the full amount of the charge.  An example of a case where a waiver or refund may be justified is where an applicant applies for the wrong kind of authorisation by mistake, and withdraws the application before APRA has done any substantial amount of work considering the application;

    (c)               No refund or waiver will be made if the application is unsuccessful or if APRA, in the course of processing the application, informs the applicant that the application will be unsuccessful (see Note 2 below) or if the application is withdrawn or not proceeded with by the applicant; and

    (d)               An applicant seeking a refund or waiver of an application fee must apply in writing to APRA setting out details of the special circumstances that apply.

     Note 1:     Division 81 of A New Tax System (Goods and Services Tax) Act 1999.

     Note 2:   For the avoidance of doubt, it should be noted that the charge is payable in respect of every new application, even one that is made after the refusal or withdrawal of an earlier application for which the applicant also paid a fee.
[1] Section 10 of the Financial Sector (Transfer and Restructure) Act 1999 provides 2 regulated bodies of the same kind may apply in writing to APRA for approval of a transfer of business from one of the bodies to the other body. Section 33 of the Private Health Insurance (Prudential Supervision) Act 2015 provides both the transferee insurer and the transferor insurer apply jointly to APRA, in the approved form, for approval of the arrangement.