Commonwealth Consolidated Acts

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY ACT 1998 - SECT 50

Determination of Commonwealth costs

             (1)  The Minister is to make, by legislative instrument, for each financial year, either of the following determinations:

                     (a)  a determination specifying the amount of the levy money payable to the Commonwealth, in respect of levy for that financial year, 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 for that financial year, specifying the amount of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, to cover the costs to the Commonwealth of providing market integrity and consumer protection functions for prudentially regulated institutions.

Crediting to APRA Special Account

             (2)  An amount determined under paragraph (1)(a) or (b) is not to be credited to the APRA Special Account.

             (3)  The amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year that exceeds the amount determined under paragraph (1)(a), or the total of the amounts determined under paragraph (1)(b), for that financial year is to be credited to the APRA Special Account.

Note:          The annual financial statements of APRA, in respect of the APRA Special Account, must be prepared in accordance with the Finance Minister's Orders (see section 49 of the Financial Management and Accountability Act 1997 ).

             (4)  If:

                     (a)  the Commonwealth refunds any levy money that has been paid to APRA; and

                     (b)  apart from this subsection an amount equal to that levy money would otherwise be credited to the APRA Special Account;

that amount is not to be credited to the APRA Special Account.

             (5)  If:

                     (a)  the Commonwealth refunds any levy money that has been paid to APRA; and

                     (b)  that levy money has already been credited to the APRA Special Account;

that amount is to be debited from the APRA Special Account.

Definitions

             (6)  In this section:

"levy" means levy paid or payable under the Financial Institutions Supervisory Levies Collection Act 1998 , other than levy imposed by the Superannuation (Financial Assistance Funding) Levy Act 1993 , the Financial Claims Scheme (ADIs) Levy Act 2008 or the Financial Claims Scheme (General Insurers) Levy Act 2008 .

"levy money" :

                     (a)  in relation to levy, means any amount paid or payable to the Commonwealth in respect of levy; or

                     (b)  in relation to a particular class of levy, means any amount paid or payable to the Commonwealth in respect of that class of levy.