Document ID: chunk:federal_register_of_legislation:F2024C01058:reg:28
Version: federal_register_of_legislation:F2024C01058
Segment Type: reg
Provision Reference: reg 28
Character Range: 36413–38320

28  Payment product providers
 (1) A leviable entity forms part of the payment product providers sub‑sector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to deal in a financial product through which, or through the acquisition of which, non‑cash payments can be made.
Note: For non‑cash payments, see section 763D of the Corporations Act 2001.

Levy component—financial year starting on 1 July 2017
 (2) The basic levy component applies in respect of the sub‑sector for the financial year starting on 1 July 2017.
Note: For the basic levy component, see section 9.

Entity metric—financial year starting on 1 July 2017
 (3) The leviable entity's entity metric for the sub‑sector for the financial year starting on 1 July 2017 is the number of days in the financial year on which the entity holds a licence of the kind mentioned in subsection (1).

Levy component—financial year starting on or after 1 July 2018
 (4) The amount of a leviable entity's levy component in respect of the sub‑sector for a financial year starting on or after 1 July 2018 is the sum of:
 (a) the minimum levy component for the sub‑sector; and
 (b) the graduated levy component for the entity for the sub‑sector.
Note: For the graduated levy component, see section 10.

Entity metric—financial year starting on or after 1 July 2018
 (5) The leviable entity's entity metric for the sub‑sector for a financial year starting on or after 1 July 2018 is the gross revenue received in the financial year by the entity in connection with non‑cash payment products issued by the entity less expenses incurred in the financial year from dealing in non‑cash payment facilities.
 (6) The minimum levy component for the sub‑sector is $2,000.

Division 3—Investment management, superannuation and related services sector

Subdivision 3.1—General