Compilation #2 | Effective 2016-03-05
FRBR Work URI: /akn/au/act/2011/54
This Act may be cited as the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011.
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.
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
This Act binds the Crown in each of its capacities.
This Act extends to every external Territory.
This Act extends to acts, omissions, matters and things outside Australia.
This Act does not impose a tax on property of any kind belonging to a State.
(2) In this section, property of any kind belonging to a State has the same meaning as in section 114 of the Constitution.
In this Act:
census day means:
1 July in that financial year; or
if the AUSTRAC CEO determines, by legislative instrument, another day in that financial year—that day.
exempt entity, for a financial year, means a leviable entity who, by operation of the AML/CTF Rules made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, or by instrument made under section 248 of that Act, was, on the census day for that year, exempt from Part 7 of that Act.
leviable entity means a person who: (a) is a reporting entity (Anti-Money Laundering and Counter-Terrorism Financing Act 2006) at any time in the previous financial year; andwithin the meaning of section 5 of the on the census day for the current year: is entered on the Reporting Entities Roll under Part 3A of that Act; or is required, under section 51B of that Act, to apply to be entered on the Reporting Entities Roll; and is not an exempt entity for the current year.
(a) is a reporting entity (Anti-Money Laundering and Counter-Terrorism Financing Act 2006) at any time in the previous financial year; andwithin the meaning of section 5 of the
on the census day for the current year:
is entered on the Reporting Entities Roll under Part 3A of that Act; or
is required, under section 51B of that Act, to apply to be entered on the Reporting Entities Roll; and
is not an exempt entity for the current year.
person has the same meaning as in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
statutory limit means the amount that is 2 times the sum of all amounts appropriated by the Parliament for the purposes of AUSTRAC for the financial year.
This Act applies to a partnership, unincorporated association or trust as if the partnership, unincorporated association or trust were a person, but with the following changes:
an obligation that would otherwise be imposed on the partnership by this Act is imposed on each partner instead, but may be discharged by any of the partners;
an obligation that would otherwise be imposed on the association by this Act is imposed on each member of the association’s committee of management instead, but may be discharged by any of the members;
an obligation that would otherwise be imposed on the trust by this Act is imposed on each trustee instead, but may be discharged by any of the trustees.
Levy payable in accordance with Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) Act 2011 is imposed.section 7 of the
The amount of levy payable by a leviable entity for a financial year is the amount equal to the sum of instalments of levy payable by the leviable entity for the financial year.
The amount of an instalment of levy payable by a leviable entity for a financial year is the amount determined under subsection (1).
The Minister may, by legislative instrument, determine the amount of an instalment of levy payable by a leviable entity for a financial year.
However:
the Minister must make at least one determination under subsection (1) for a financial year; and
the sum of all amounts of all instalments of levy payable by all leviable entities for a financial year must not exceed the statutory limit for that year.
A determination made for the purposes of subsection (1) may do one or more of the following:
specify an amount or a method for determining an amount;
specify different amounts or methods for different classes of leviable entities;
specify a nil amount or a method resulting in a nil amount;
specify methods that refer to acts done or circumstances existing before either the commencement of the determination or the commencement of this Act, or both.
Retrospective application of determinations
(4) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to a determination made for the purposes of subsection (1).
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 the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history