About the AUSTRAC supervisory levy
The AUSTRAC supervisory levy is an annual charge on reporting entities to pay for the costs of AUSTRAC's regulation. AUSTRAC's supervisory levy model and charging structure is outlined in a Cost Recovery Impact Statement (CRIS) published each financial year.
The amount of the supervisory levy is determined annually by the Minister for Home Affairs and Justice. The total amount to be collected in a financial year cannot be greater than the costs of AUSTRAC's regulatory activity and will be determined in accordance with the government's usual budgetary practices and subject to savings measures such as the application of the efficiency dividend.
A reporting entity's liability to pay the levy is determined on the census day.
The Ministerial Determination and CRIS for the 2012-13 financial year and previous financial years are available to view on the supervisory levy legislation page.
AUSTRAC supervisory levy for 2012-13
All reporting entities that were entered on the Reporting Entities Roll on the census day 1 July 2012 are required to pay the supervisory levy other than:
- affiliates of remitter networks , on the basis that AUSTRAC's primary regulatory relationship will be with the remittance network provider. Affiliates are businesses that provide remittance services to customers as part of a remittance network facilitated by a remittance network provider; and
- reporting entities which have been exempted from Part 7 of the AML/CTF Act (relating to AML/CTF programs), for example small gaming venues with a gaming machine entitlement of 15 gaming machines or less.
Entities who employ less than 5 people, and who do not have to pay the large entity component of the levy also do not have to pay the base component of the levy.
Reporting entities that believe they should have received an invoice from AUSTRAC and do not receive one should contact AUSTRAC on 1300 021 037 to request an invoice copy.
Please refer to the pay your supervisory levy page for more information including the terms of conditions of the available payment options.
AUSTRAC's cost recovery arrangements
AUSTRAC's cost recovery arrangements commenced in the course of the 2011-12 financial year. AUSTRAC is now in its second year of cost recovery. A Cost Recovery Impact Statement (CRIS) has been prepared to outline the arrangements for the 2012-13 financial year. Consistent with the process adopted in 2011-12, AUSTRAC released the draft CRIS for public consultation. The consultation period ended on 23 May 2012. A number of submissions were received. These can be viewed on the submissions page of the AUSTRAC website.
After consideration of each submission AUSTRAC concluded that amendments to the cost recovery model and CRIS were not required.
The final CRIS was certified by the AUSTRAC CEO on 12 June 2012. It can be viewed on the supervisory levy legislation page of the AUSTRAC website.
1 July 2012 is the census day - the day on which AUSTRAC uses the details of each reporting entity, as recorded on the AUSTRAC Reporting Entities Roll (RER), to determine whether the entity is liable to pay the levy. From late October, AUSTRAC will send invoices to those entities required to the pay the levy for 2012-13.
As the cost recovery approach moves from its transition period it is anticipated that in future years (2013-14 financial year onwards), entities will be invoiced in July or early August shortly after the census day.
Entities are reminded that is a legal obligation to keep their details up to date in AUSTRAC Online to ensure their information is accurate for the cost recovery levy invoicing period.
More information about the supervisory levy can be accessed on the AUSTRAC supervisory levy FAQs page of the AUSTRAC website.