Authorised Deposit-taking Institutions Supervisory Levy Imposition Amendment Act 2005 (Cth)

Authorised Deposit‑taking Institutions Supervisory Levy Imposition Amendment Act 2005

No. 12, 2005

An Act to amend the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Amendment of the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998

Authorised Deposit-taking Institutions Supervisory Levy Imposition Amendment Act 2005

No. 12, 2005

An Act to amend the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998, and for related purposes

[Assented to 22 February 2005]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Amendment Act 2005.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998

1 Section 5 (paragraph (a) of the definition of statutory upper limit) Repeal the paragraph, substitute: (a) in relation to the financial year commencing on 1 July 2005—$1,500,000; or

2 Subsection 7(1) Repeal the subsection, substitute:

(1) Subject to subsection (2), the amount of levy payable by an ADI for a financial year is the sum of the restricted levy component and the unrestricted levy component for the financial year.

Note: For restricted levy component, see subsection (1A). For unrestricted levy component, see subsection (1B).

(1A) The restricted levy component for the financial year is: (a) unless paragraph (b) or (c) applies—the amount that, for the financial year, is the restricted levy percentage of the ADI's asset value; or (b) if the amount worked out under paragraph (a) exceeds the maximum restricted levy amount for the financial year—the maximum restricted levy amount; or (c) if the amount worked out under paragraph (a) is less than the minimum restricted levy amount for the financial year—the minimum restricted levy amount.