MAJOR BANK LEVY ACT 2017 (NO. 63, 2017) - SECT 5 Amount of levy
MAJOR BANK LEVY ACT 2017 (NO. 63, 2017) - SECT 5
Amount of levy(1) The amount of the levy payable by the ADI for the quarter is 0.015% of the applicable liabilities amount for the quarter in relation to the ADI.
(2) The applicable liabilities amount for the quarter in relation to the ADI is the difference between:
(a) the total liabilities amount for the quarter in relation to the ADI; and
(b) the sum of the following amounts:
(i) the total Additional Tier 1 Capital for the quarter in relation to the ADI, as reported under an applicable reporting standard;
(ii) the total amount of deposits held, to the extent that they would be protected by the ADI financial claims scheme, for the quarter in relation to the ADI, as reported under an applicable reporting standard;
(iii) an amount equal to the lesser of the derivative assets for the quarter in relation to the ADI and the derivative liabilities for the quarter in relation to the ADI, both as reported under an applicable reporting standard;
(iv) the exchange settlement account balance, held with the Reserve Bank of Australia, for the quarter in relation to the ADI, as reported under an applicable reporting standard;
(v) any amounts of a kind determined under subsection (4).
(3) The methods for working out any of the amounts mentioned in paragraph (2)(b) may be set out in the same applicable reporting standard (including the standard mentioned in subsection 4(2)).
(4) The Minister may, by legislative instrument, determine a kind of amount for the purposes of subparagraph (2)(b)(v).
(5) An instrument made under subsection (4) may make provision in relation to a matter by applying, adopting or incorporating any matter contained in any other instrument or writing as in force or existing from time to time.
(6) Subsection (5) has effect despite anything in subsection 14(2) of the Legislation Act 2003 .