Contents

Part 1--Preliminary                                                                                                                1

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Act binds the Crown .......................................................................... 1

4............ External Territories ............................................................................. 1

5............ Application of Act to Lloyd's ........................................................... 1

6............ Definitions .......................................................................................... 1

Part 2--Supervisory levies                                                                                                 2

7............ Definitions .......................................................................................... 2

8............ Liability to levy .................................................................................. 4

9............ When levy due for payment ............................................................... 5

10.......... Late payment penalty ........................................................................ 6

11.......... Payment of levy and late payment penalty ....................................... 6

12.......... Waiver of levy and late payment penalty .......................................... 7

13.......... Recovery of levy and late payment penalty ...................................... 7

14.......... Exempting laws ineffective ................................................................. 7

15.......... Regulations may modify this Part if levy Act commences during a financial year   8

Part 3--Superannuation (financial assistance funding) levy                           9

16.......... Definitions .......................................................................................... 9

17.......... Fund's accounts to be prima facie evidence of value of its assets ...... 9

18.......... Liability to levy ................................................................................ 10

19.......... When levy due for payment ............................................................. 10

20.......... Late payment penalty ...................................................................... 10

21.......... Payment of levy and late payment penalty ..................................... 10

22.......... Waiver of late payment penalty ....................................................... 10

23.......... Recovery of levy and late payment penalty .................................... 10

24.......... Application of levy, late payment penalty and repayments of financial assistance                11

25.......... Exempting laws ineffective ............................................................... 11

26.......... Delegation ......................................................................................... 11

Part 3A--Financial claims scheme levies                                                                 12

26A....... Definitions ........................................................................................ 12

26B....... Liability to levy ................................................................................ 12

26C....... When levy due for payment ............................................................. 12

26D....... Late payment penalty ...................................................................... 13

26E........ Payment of levy and late payment penalty ..................................... 13

26F........ Waiver of levy and late payment penalty ........................................ 13

26G....... Recovery of levy and late payment penalty .................................... 13

26H....... Exempting laws ineffective ............................................................... 14

Part 4--Miscellaneous                                                                                                        15

27.......... Review of certain decisions .............................................................. 15

28.......... Statements to accompany notification of decisions ......................... 16

29.......... Regulations ....................................................................................... 17

Notes                                                                                                                                             19

  

Notes to the Financial Institutions Supervisory Levies Collection Act 1998

Note 1

The Financial Institutions Supervisory Levies Collection Act 1998 as shown in this compilation comprises Act No. 53, 1998 amended as indicated in the Tables below.

For all information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Financial Institutions Supervisory Levies Collection Act 1998	53, 1998	29 June 1998	1 July 1998 (see Gazette 1998, No. S316)
Superannuation Legislation Amendment Act (No. 3) 1999	121, 1999	8 Oct 1999	Schedule 2 (items 3, 4, 42(2)): Royal Assent (a)	Sch. 2 (item 42(2))
Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000	24, 2000	3 Apr 2000	Schedule 9 (item 1) and Schedule 12 (item 10): Royal Assent (b) Schedule 12 (items 1-3): 3 Apr 2000 (b)	Sch. 12 (items 1-3, 10)
Financial Sector (Collection of Data--Consequential and Transitional Provisions) Act 2001	121, 2001	24 Sept 2001	Ss. 1-3: Royal Assent Remainder: 1 July 2002 (see s. 2(2) and Gazette 2002, No.  GN24)	--
as amended by
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007	154, 2007	24 Sept 2007	Schedule 3 (item 2): Royal Assent	--
Financial Sector Legislation Amendment Act (No. 1) 2002	37, 2002	26 June 2002	Schedule 2: 27 June 2002 (c)	Sch. 2 (item 4)
Financial Framework Legislation Amendment Act 2005	8, 2005	22 Feb 2005	Schedule 1 (items 137, 138): Royal Assent	--
Financial Institutions Supervisory Levies Collection Amendment Act 2005	14, 2005	22 Feb 2005	22 Feb 2005	Sch. 1 (item 2)
Governance Review Implementation (Treasury Portfolio Agencies) Act 2007	74, 2007	5 June 2007	Schedules 1 and 2: 1 July 2007 Remainder: Royal Assent	--
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007	154, 2007	24 Sept 2007	Schedule 2 (items 1, 2, 21) and Schedule 3 (item 1): Royal Assent	Sch. 2 (item 21)
First Home Saver Accounts (Further Provisions) Amendment Act 2008	92, 2008	30 Sept 2008	Schedule 3 (items 2-5): 1 July 2009	--
Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008	105, 2008	17 Oct 2008	Schedule 1 (items 55-57): (d)	--
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Schedule 1 (items 200, 201): [see Note 2]	--

(a)     The Financial Institutions Supervisory Levies Collection Act 1998 was amended by Schedule 2 (items 3 and 4) only of the Superannuation Legislation Amendment Act (No. 3) 1999, subsection 2(1) of which provides as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(b)    The Financial Institutions Supervisory Levies Collection Act 1998 was amended by Schedule 9 (item 1) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000, subsections 2(1), (12) and (13) of which provide as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.

               (12)   Part 1 of Schedule 12 commences:

                              (a)   after all of the Acts listed in subsection (13) have received the Royal Assent; and

                              (b)   on the day that is the last day on which any of those Acts received the Royal Assent.

               (13)   These are the relevant Acts for the purposes of paragraph (12)(a):

                              (a)   this Act;

                              (b)   each of the Acts referred to in the definition of Validation Act in item 1 of Schedule 12 to this Act.

(c)     The Financial Institutions Supervisory Levies Collection Act 1998 was amended by Schedule 2 only of the Financial Sector Legislation Amendment Act (No. 1) 2002, subsection 2(1) (item 2) of which provides as follows:

                 (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

 

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
2.  Schedules 1 to 3	The day after the day on which this Act receives the Royal Assent	27 June 2002

(d)     Subsection 2(1) (items 2 and 3) of the Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 provides as follows:

                 (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Provision(s)	Commencement	Date/Details
2.  Schedule 1	Immediately after the provision(s) covered by table item 3.	18 October 2008
3.  Schedules  2 to 5	The day after this Act receives the Royal Assent.	18 October 2008

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Part 2
Heading to Part 2.................	rs. No. 105, 2008
S. 7......................................	am. No. 121, 1999; No. 14, 2005; No. 92, 2008
S. 8......................................	am. No. 92, 2008
S. 9......................................	am. No. 37, 2002; No. 154, 2007
S. 10....................................	rs. No. 37, 2002
S. 11....................................	am. No. 8, 2005; No. 74, 2007
Note to s. 11........................	ad. No. 121, 1999
S. 13....................................	am. No. 37, 2002; No. 74, 2007
Part 3
Heading to Part 3.................	rs. No. 105, 2008
S. 16....................................	am. No. 24, 2000; No. 154, 2007
S. 24....................................	rs. No. 8, 2005; No. 154, 2007
Part 3A
Part 3A................................	ad. No. 105, 2008
Ss. 26A-26H.......................	ad. No. 105, 2008

Note 2

Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009 (No. 75, 2009)

The following amendments commence on 27 February 2010 unless proclaimed earlier:

Schedule 1

200  Section 7 (definition of authorised NOHC)

Repeal the definition, substitute:

authorised NOHC means:

                     (a)  an authorised NOHC within the meaning of either:

                              (i)  the Banking Act 1959; or

                             (ii)  the Insurance Act 1973; or

                     (b)  a registered NOHC within the meaning of the Life Insurance Act 1995.

Note:          NOHC is short for non‑operating holding company.

201  Section 7 (definition of life insurance company)

After "under", insert "section 21 of".

As at 4 September 2009 the amendments are not incorporated in this compilation.

Table A

Application, saving or transitional provision

Superannuation Legislation Amendment Act (No. 3) 1999 (No. 121, 1999)

Schedule 2

42  Application provisions

(2)        The amendments of the Financial Institutions Supervisory Levies Collection Act 1998 made by this Schedule apply to an entity in respect of the financial year beginning on 1 July 2000 and subsequent financial years.

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 (No. 24, 2000)

Schedule 12

1  Definitions

In this Part:

Collection Act means the Financial Institutions Supervisory Levies Collection Act 1998.

deferred payment day means the day that is 6 weeks after the day on which this Part commences.

Imposition Act means any of the following Acts:

                     (a)  the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998;

                     (b)  the General Insurance Supervisory Levy Imposition Act 1998;

                     (c)  the Life Insurance Supervisory Levy Imposition Act 1998;

                     (d)  the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998;

                     (e)  the Superannuation Supervisory Levy Imposition Act 1998.

levy paying entity has the same meaning as in the Collection Act.

Validation Act means any of the following Acts:

                     (a)  the Authorised Non‑operating Holding Companies Supervisory Levy Determination Validation Act 2000;

                     (b)  the General Insurance Supervisory Levy Determination Validation Act 2000;

                     (c)  the Life Insurance Supervisory Levy Determination Validation Act 2000;

                     (d)  the Retirement Savings Account Providers Supervisory Levy Determination Validation Act 2000;

                     (e)  the Superannuation Supervisory Levy Determination Validation Act 2000.

2  Deferral of date for paying levy

(1)        This item applies to a levy paying entity if, because of section 4 of a Validation Act:

                     (a)  the entity is liable to pay levy imposed by an Imposition Act; and

                     (b)  the levy payable by the entity would, apart from this item, have been due and payable under section 9 of the Collection Act before the deferred payment day.

(2)        The levy payable by the entity is taken to be due and payable on the deferred payment day, despite section 9 of the Collection Act.

Note:       This provision affects the calculation of late payment penalty (if any) under section 10 of the Collection Act.

3  No retrospective criminal liability

Nothing in this Part or the Validation Acts is taken to make a person criminally liable in respect of acts or omissions of the person before the day on which this Part commences, if the person would not have been so liable had this Part and the Validation Acts not been enacted.

 

10  Application of amendments of superannuation legislation relating to financial assistance to funds

The amendments made by Schedule 9 only apply in relation to losses incurred by a fund after the commencement of that Schedule.

Financial Sector Legislation Amendment Act (No. 1) 2002 (No. 37, 2002)

Schedule 2

4  Application

The amendment made by item 3 applies only to levy that becomes due and payable after the commencement of that item.

Financial Institutions Supervisory Levies Collection Amendment Act 2005
(No. 14, 2005)

Schedule 1

2  Application

The amendment made by this Schedule applies in relation to levy payable for:

                     (a)  the financial year commencing on 1 July 2005; and

                     (b)  each succeeding financial year.

Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (No. 154, 2007)

Schedule 2

21  Application of amendments made by this Schedule

(1)        The amendments made by this Schedule apply in relation to applications for financial assistance made on or after the commencement of this Schedule (whether or not the eligible loss to which the application relates is suffered before or after the commencement of this Schedule).

(2)        However, if an application for financial assistance in relation to an eligible loss was made before the commencement of this Schedule, the amendments made by this Schedule do not apply in relation to any further application in respect of that loss.