Corporations (National Guarantee Fund Levies) Act 2001

No. 54, 2001

Compilation No. 3

Compilation date: 20 October 2023

Includes amendments up to: Act No. 76, 2023

Registered: 15 November 2023

About this compilation

This compilation

This is a compilation of the Corporations (National Guarantee Fund Levies) Act 2001 that shows the text of the law as amended and in force on 20 October 2023 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self - repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

1 Short title 1

2 Commencement 1

3 Definitions 1

4 Imposition of levies in respect of National Guarantee Fund 1

5 Amount of levy 2

6 Transitional matters—implementation of the Corporations Act 2001 2

7 Transitional matters—implementation of the Financial Services Reform Act 2001 3

Endnotes 4

Endnote 1—About the endnotes 4

Endnote 2—Abbreviation key 6

Endnote 3—Legislation history 7

Endnote 4—Amendment history 8

An Act to impose levies in respect of the National Guarantee Fund, and for related matters
1 Short title

This Act may be cited as the Corporations (National Guarantee Fund Levies) Act 2001.
2 Commencement

This Act commences at the same time as the Corporations Act 2001.
3 Definitions

Subject to this Act, Corporations Act 2001 applies for the purposes of this Act as if the provisions of this Act were provisions of Division 4 of Part 7.5 of that Act.Part 1.2 (Interpretation) of the

Note: Corporations Act 2001 includes the Dictionary in section 9 of that Act, so the definitions in that section that apply to Division 4 of Part 7.5 of that Act apply for the purposes of this Act unless this Act otherwise provides.Part 1.2 of the

4 Imposition of levies in respect of National Guarantee Fund

The following levies are imposed by this Act:

 a

(a) any levy that is payable under Corporations Act 2001;section 889J of the

b

(b) any levy that is payable under Corporations Act 2001.section 889K of the

These levies relate to the situation in which the amount in the National Guarantee Fund is less than the minimum amount referred to in Corporations Act 2001.section 889I of the

5 Amount of levy 1

(1) A determination referred to in subsection 889J(1) of the Corporations Act 2001 must specify, or specify a method for determining, the amount of levy that is to be payable. The amount of levy imposed by paragraph 4(a) of this Act in relation to the determination is the amount specified in, or worked out in accordance with the method specified in, the determination.

 2

(2) A determination referred to in subsection 889K(1) of the Corporations Act 2001 must specify, or specify a method for determining, the amount of levy that is to be payable. The amount of levy imposed by paragraph 4(b) of this Act in relation to the determination is the amount specified in, or worked out in accordance with the method specified in, the determination.

 3

Different amounts or methods may be specified in the same determination (whether it is a determination referred to in subsection 889J(1) or a determination referred to in subsection 889K(1)) in relation to different classes of matters of things.

 4

(4) A determination referred to in subsection 889J(1) of the Corporations Act 2001 must not specify an amount of levy, or a method for determining the amount of levy, that results in the total amount in levies that becomes payable to the SEGC in a financial year exceeding 150% of the minimum amount in relation to the NGF on 1 July in the financial year.
6 Transitional matters—implementation of the Corporations Act 2001 1

If, immediately before the commencement of this Act, an amount was payable by a person to a securities exchange under section 938 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the operator of the financial market that was that securities exchange as agent for the Commonwealth.

 2

If, immediately before the commencement of this Act, an amount was payable by a person to SEGC under section 940 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to SEGC as agent for the Commonwealth.

 3

If, immediately before the commencement of this Act, an amount was payable by a person to a securities exchange under section 941 of the old Corporations Law of a State or Territory in this jurisdiction, a liability to pay a levy of the same amount, in respect of the same matter, to the Commonwealth is imposed on the person by this subsection on the commencement of this Act. The levy is payable to the operator of the financial market that was that securities exchange as agent for the Commonwealth.
7 Transitional matters—implementation of the Financial Services Reform Act 2001

A determination that, immediately before the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001, had effect (including because of subsection 6(4) of this Act as then in force) for the purposes of subsection 5(1), (2) or (3) of this Act as then in force continues to have effect (and may be dealt with) after that commencement as if it were:

 a

if the determination had effect for the purposes of subsection 5(1) or (2) of this Act as then in force—a determination for the purposes of subsection 5(1) of this Act as in force after that commencement; or

 b

if the determination had effect for the purposes of subsection 5(3) of this Act as then in force—a determination for the purposes of subsection 5(2) of this Act as in force after the commencement.

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under Legislation Act 2003.section 15V of the

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2—Abbreviation key
ad = added or inserted o = order(s)
am = amended Ord = Ordinance
amdt = amendment orig = original
c = clause(s) par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x /sub-subparagraph(s)
Ch = Chapter(s) pres = present
def = definition(s) prev = previous
Dict = Dictionary (prev…) = previously
disallowed = disallowed by Parliament Pt = Part(s)
Div = Division(s) r = regulation(s)/rule(s)
ed = editorial change reloc = relocated
exp = expires/expired or ceases/ceased to have renum = renumbered
effect rep = repealed
F = Federal Register of Legislation rs = repealed and substituted
gaz = gazette s = section(s)/subsection(s)
LA = Legislation Act 2003 Sch = Schedule(s)
LIA = Legislative Instruments Act 2003 Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given SLI = Select Legislative Instrument
effect SR = Statutory Rules
(md not incorp) = misdescribed amendment Sub-Ch = Sub-Chapter(s)
cannot be given effect SubPt = Subpart(s)
mod = modified/modification underlining = whole or part not
No. = Number(s) commenced or to be commenced

Endnote 3—Legislation history
Act Number and year Assent Commencement Application, saving and transitional provisions
Corporations (National Guarantee Fund Levies) Act 2001 54, 2001 28 June 2001 15 July 2001 (s 2)
Corporations (National Guarantee Fund Levies) Amendment Act 2001 108, 2001 17 Sept 2001 11 March 2002 (s 2) —
Corporations (National Guarantee Fund Levies) Amendment Act 2007 148, 2007 24 Sept 2007 Sch 1: 22 Oct 2007 (s 2(1) item 2) —
Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 76, 2023 20 Sept 2023 Sch 2 (item 638): 20 Oct 2023 (s 2(1) item 2) —

Endnote 4—Amendment history
Provision affected How affected
s 3 am No 108, 2001
rs No 76, 2023
s 4 am No 108, 2001
s 5 rs No 108, 2001
am No 148, 2007
s 6 am No 108, 2001
s 7 ad No 108, 2001