1Short title
This Act may be cited as the Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) Act 2011.
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Bill homepage (APH)This Act may be cited as the Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) 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.
Commencement information | ||
|---|---|---|
Column 1 | Column 2 | Column 3 |
Provision(s) | Commencement | Date/Details |
1. Sections 1 and 2 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 28 June 2011 |
2. Sections 3 to 8 | At the same time as section 3 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 commences. | 1 July 2011 |
3. Section 9 | At the end of 6 months after section 3 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 commences. | 1 January 2012 |
4. Sections 10 to 16 | At the same time as section 3 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 commences. | 1 July 2011 |
This table relates only to the provisions of this Act as originally enacted.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.
In this Act:
AUSTRAC has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.
AUSTRAC CEO has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.
business day means a day that is not a Saturday, a Sunday, a public holiday or a bank holiday in the place concerned.
late payment penalty means penalty payable under section 9.
leviable entity, in relation to a financial year, has the same meaning as in the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011.
levy means levy imposed by the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011.
levy month means one of the 12 months of the calendar year.
person has the same meaning as in the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006.
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.
A person who is a leviable entity for a financial year is liable to pay levy, in one or more instalments, for that financial year.
An instalment of levy payable by a person for a financial year is due and payable on a business day that is:
specified in a notice that the AUSTRAC CEO gives to the person in relation to the instalment; and
not earlier than 30 days after the beginning of the financial year; and
not earlier than 30 days after the day on which the notice is given.
If the person nominates another person by written notice given to the AUSTRAC CEO:
the notice under paragraph (1)(a) of this section may be given to the nominated person; and
the obligation imposed on the person by subsection (1) of this section may be discharged by the nominated person.
To avoid doubt, subsection (2) does not otherwise affect the person’s liability under section 7.
If any instalment of levy payable by a person remains unpaid at the start of the levy month after the instalment became due for payment, the person is liable to pay the Commonwealth, for that levy month, a penalty worked out using the following formula:
Late payment penalty for a levy month is due and payable at the end of the levy month.
However, the AUSTRAC CEO may, by written notice given to the person before, on or after the day on which late payment penalty would be due and payable apart from this subsection, specify a later day as the day on which the late payment penalty is due and payable. The notice has effect, and is taken always to have had effect, according to its terms.
An instalment of levy and late payment penalty are payable to the AUSTRAC CEO on behalf of the Commonwealth.
The AUSTRAC CEO may, on behalf of the Commonwealth, if the AUSTRAC CEO considers it is appropriate to do so, waive the payment of the whole or a part of an amount of levy or late payment penalty (or both) that is payable by a person.
The AUSTRAC CEO may do so on his or her own initiative or on written application by a person.
The following amounts may be recovered by the Commonwealth from a person as debts due to the Commonwealth:
an instalment of levy that is due and payable by the person;
late payment penalty that is due and payable by the person.
The AUSTRAC CEO is authorised, as agent of the Commonwealth, to bring proceedings in the name of the Commonwealth for the recovery of a debt due to the Commonwealth of a kind mentioned in subsection (1).
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