The AUSTRAC supervisory levy is to be replaced with a new industry contribution (the AUSTRAC industry contribution), as announced by the Government on 13 May 2014 as part of the Budget.
Second round consultation
AUSTRAC has released a second round consultation paper on the proposed model for the AUSTRAC industry contribution.
The consultation paper outlines the changes to the proposed model for the industry contribution since the release of an initial discussion paper in June this year.
The second round consultation paper includes a draft Ministerial Determination setting the calculation method for the 2014-15 invoicing period.
Please note that figures included in the draft Ministerial Determination are indicative only, and will be finalised according to updated earnings information provided by leviable entities following the 2014-15 census day. Further details about this process can be found in the consultation paper.
You are invited to make a submission in response to the second round consultation paper. Submissions close on 24 October 2014.
In order to implement the AUSTRAC industry contribution arrangements it is necessary to amend the legislation that governs the existing AUSTRAC supervisory levy.
Legislation to amend the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act 2011 and Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy (Collection) Act 2011 has been introduced in Parliament.
The amending bills and Explanatory Memorandum can be found on the Australian Parliament website: