AUSTRAC supervisory levy information
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 an annual Cost Recovery Impact Statement (CRIS).
The amount of the supervisory levy is determined annually by a Ministerial Determination. 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.
The Ministerial Determination and CRIS for the 2013-14 financial year are available to view on the supervisory levy legislation page.
A reporting entity's liability to pay the levy is determined on census day. For the 2013-14 financial year, the AUSTRAC CEO has determined the census day is 1 July 2013.
Review of the AUSTRAC supervisory levy
An independent review of the AUSTRAC supervisory levy was conducted from July to December 2013.The review fulfils the requirements of section 4 of the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Act (Consequential Amendments) 2011, which stipulates that an independent review must be undertaken and the areas to be covered by the review.
Mr Jim Flaye, former Chief Financial Officer of the Australian Prudential Regulation Authority (APRA), conducted the review and completed the AUSTRAC supervisory levy review report in December 2013.
AUSTRAC supervisory levy for 2013-14
AUSTRAC's cost recovery arrangements commenced in the 2011-12 financial year. AUSTRAC is now in its third year of cost recovery and is required to prepare a Cost Recovery Impact Statement (CRIS) to outline the arrangements for the 2013-14 financial year. Consistent with the process adopted in 2012-13, AUSTRAC released a draft CRIS for public consultation. The consultation period ended on 21 May 2013. 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 11 June 2013. The AUSTRAC supervisory levy amounts for the 2013-14 financial year have been set by the Minister for Home Affairs and Justice. The final CRIS and a copy of the Determination can be viewed on the supervisory levy legislation page of the AUSTRAC website.
It is expected that for the 2013-14 levy, entities will be invoiced from late July 2013.
More information about the supervisory levy can be accessed on the following pages: