ASIC Supervisory Cost Recovery Levy Act 2017

This Act applies to a partnership as if the partnership were a person. However, obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners.

This Act applies to an unincorporated association as if the unincorporated association were a person. However, an obligation that would otherwise be imposed on the association is imposed on each member of the association’s committee of management instead, but may be discharged by any of the members.

This Act applies to an RSE licensee that is a group of individual trustees as if the group were a person. However, an obligation that would otherwise be imposed on the group is imposed on each individual, but may be discharged by any of the individuals.

Subsections (5), (6) and (7) apply if a trustee or trustees of a trust are treated during a period as constituting:

a single legal entity (the notional entity) under section 761FA of the Corporations Act 2001; or

a single person (also the notional entity) under section 15 of the National Consumer Credit Protection Act 2009.

This Act applies to the notional entity during the period as if the notional entity were a person, but with the changes set out in subsections (6) and (7).

During the period, or any part of the period, that the trust has 2 or more trustees, an obligation that would otherwise be imposed on the notional entity by this Act is imposed instead on each trustee, but may be discharged by any of the trustees.

During the period, or any part of the period, that the trust has only one trustee, an obligation that would otherwise be imposed on the notional entity by this Act is imposed instead on that single trustee.