Document ID: chunk:federal_register_of_legislation:C2004A00972:clause:1_50:p1
Version: federal_register_of_legislation:C2004A00972
Segment Type: clause
Provision Reference: sch 1 cl 50 (pt 1/2)
Character Range: 3617–6350

50  APRA's share of levy money

 (1) The Treasurer is to make, for each financial year, either of the following determinations:
 (a) a determination specifying the amount (the retainable amount), of the levy money payable to the Commonwealth in respect of levy for that financial year, that is to be available to cover the costs to the Commonwealth of providing market integrity and consumer protection functions for prudentially regulated institutions;
 (b) a determination, in respect of each class of levy that is payable to the Commonwealth for that financial year, specifying the amount (the retainable amount), of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, that is to be available to cover the costs to the Commonwealth of providing market integrity and consumer protection functions for prudentially regulated institutions.

 (2) Subject to subsection (6), if the Treasurer makes a determination in respect of a financial year of a kind mentioned in paragraph (1)(a), an amount equal to so much of the levy money payable to the Commonwealth for that financial year as exceeds the retainable amount referred to in that paragraph for the levy for that financial year is payable by the Commonwealth to APRA.

 (3) Subject to subsection (6), if the Treasurer makes a determination in respect of a financial year of a kind mentioned in paragraph (1)(b), an amount equal to so much of the levy money payable to the Commonwealth for that financial year in respect of a class of levy as exceeds the retainable amount referred to in that paragraph for that class of levy for that financial year is payable by the Commonwealth to APRA.

 (4) A determination under subsection (1) is to be in writing and is to be a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

 (5) The Consolidated Revenue Fund is appropriated for the purpose of payments under subsection (2) or (3).

 (6) If:
 (a) the Commonwealth waives, writes off or refunds any levy money; and
 (b) apart from this subsection an amount equal to that levy money would be payable by the Commonwealth to APRA;
that amount is not payable by the Commonwealth to APRA.

 (7) In this section:

levy means either of the following classes of levy:
 (a) levy payable under the Financial Institutions Supervisory Levies Collection Act 1998, other than levy imposed by the Superannuation (Financial Assistance Funding) Levy Act 1993;
 (b) levy payable under the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987.

levy money:
 (a) in relation to levy, means any amount payable to the Commonwealth in respect of levy; or
 (b) in relation to a particular class of levy,