Imposition of levy

In force

(1)

Levy is imposed on an ADI for a quarter starting on or after 1 July 2017 if the total liabilities amount for the quarter in relation to the ADI exceeds the levy threshold for the quarter.

(2)

The total liabilities amount for a quarter in relation to an ADI is the amount equal to the total liabilities of the ADI for the quarter, as reported under an applicable reporting standard.

(3)

The levy threshold for the quarter starting on 1 July 2017 is $100 billion. The amount is indexed quarterly.

Note:

Subdivision 960‑M of the Income Tax Assessment Act 1997 shows how to index amounts.

This Act’s bill:Explanatory memorandum Second reading speech

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4 Imposition of levy