Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2013

Link to law: https://www.comlaw.gov.au/Details/F2013L01309

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Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2013
I, William Richard Shorten, Minister for Financial Services and Superannuation, make the following determination under paragraph 50(1)(b) and subsection 50(1A) of the Australian Prudential Regulation Authority Act 1998.
Dated:  24 June 2013
William Richard Shorten
Minister for Financial Services and Superannuation
 
  
  
  
Contents
1............ Name of determination.................................................................................................. 1
2............ Commencement............................................................................................................. 1
3............ Authority....................................................................................................................... 1
4............ Repeal............................................................................................................................ 1
5............ Definitions..................................................................................................................... 1
6............ Commonwealth costs.................................................................................................... 1
7............ Proportion of levy money paid to APRA...................................................................... 2
 
1  Name of determination
                   This determination is the Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2013.
2  Commencement
                   This determination commences on 1 July 2013.
3  Authority
                   This determination is made under paragraph 50(1)(b) and subsection 50(1A) of the Australian Prudential Regulation Authority Act 1998.
4  Repeal
                   The Australian Prudential Regulation Authority (Commonwealth Costs) Determination 2012 is repealed.
5  Definitions
                   In this determination:
2013‑2014 financial year means the financial year commencing on 1 July 2013.
Act means the Australian Prudential Regulation Authority Act 1998.
6  Commonwealth costs
                   For paragraph 50(1)(b) of the Act, the following table sets out the amount of levy money payable to the Commonwealth in respect of a class of levy for the 2013‑2014 financial year.
 
Commonwealth costs

Item
Class of levy
Amount ($)
Purpose of amount

1
Levy payable to the Commonwealth under the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998
12 200 000
For the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions

2
Levy payable to the Commonwealth under the General Insurance Supervisory Levy Imposition Act 1998
4 200 000
For the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions

3
Levy payable to the Commonwealth under the Life Insurance Supervisory Levy Imposition Act 1998
2 900 000
For the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions

4
Levy payable to the Commonwealth under the Superannuation Supervisory Levy Imposition Act 1998
124 100 000
$12 900 000 of the amount is for the Australian Securities and Investments Commission, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions
$7 300 000 of the amount is for the Australian Taxation Office, in so far as it provides, on behalf of the Commonwealth, market integrity and consumer protection functions for prudentially regulated institutions
$4 400 000 of the amount is for the Department of Human Services that administers the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account
$99 500 000 of the amount is for implementing SuperStream measures

7  Proportion of levy money paid to APRA
                   For subsection 50(1A) of the Act, the proportion of amounts of levy money paid to APRA for the 2013‑2014 financial year, on behalf of the Commonwealth, that is to be credited to the APRA Special Account on an ongoing basis is 45%.