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CORPORATIONS (REVIEW FEES) BILL 2002

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Corporations (Review Fees) Bill 2002
First Reading

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2002 

The Parliament of the

Commonwealth of Australia 

HOUSE OF REPRESENTATIVES 
 
 
 

Presented and read a first time 
 
 
 
 
 
 
 
 

Corporations (Review Fees) Bill 2002 

No. , 2002 

(Treasury) 
 
 

A Bill for an Act to impose, as taxes, review fees in relation to the Corporations Act 2001, and for related purposes

 
Contents 

 
A Bill for an Act to impose, as taxes, review fees in relation to the Corporations Act 2001, and for related purposes

The Parliament of Australia enacts:

1 Short title

              This Act may be cited as the Corporations (Review Fees) Act 2002.

2 Commencement

              This Act commences on 1 July 2003.

3 Application to the Crown

              If the Crown, in a capacity, is bound by the provision or provisions of the Corporations Act 2001 to which a review fee relates, then the Crown, in that capacity, is bound by this Act in respect of that review fee.

4 Definitions

      (1) In this Act:

review date:

      (a) for a company or a registered schemehas the meaning given by section 345A of the Corporations Act 2001; and

      (b) for a person mentioned in subsection 5(1) other than a company or a registered schemehas the meaning prescribed by the regulations in relation to that person.

review fee means a fee imposed by section 5.

      (2) Other expressions used in this Act that are defined in the Corporations Act 2001 have the same meanings as they have in that Act.

5 Imposition of review fees

      (1) Subject to section 6, the regulations may prescribe fees in relation to the review dates of the following:

      (a) companies;

      (b) registered schemes;

      (c) registered Australian bodies;

      (d) natural persons registered as auditors under Part 9.2 of the Corporations Act 2001;

      (e) natural persons registered as liquidators under Part 9.2 of the Corporations Act 2001;

      (f) persons holding an Australian financial services licence under Part 7.6 of the Corporations Act 2001.

      (2) The fees prescribed by the regulations are imposed, and are so imposed as taxes.

6 Matters relating to amount of fees

      (1) The regulations may prescribe a review fee by specifying an amount (not exceeding $10,000) as the fee.

      (2) A review fee need not bear any relationship to the cost of providing any service.

7 Who is liable to pay a review fee, and time that liability is incurred

      (1) The person who is liable to pay a review fee is worked out under this table.