The Minister for Home Affairs has published the Australian Transaction Reports and Analysis Centre Industry Contribution Determination 2022 (No. 1) which determines the amount of the Austrac industry contribution levy payable by each leviable entity for the financial year 2021-22. This levy covers AUSTRAC’s operating costs.
Whether a reporting entity has to pay the levy depends on their earnings and the number and value of transactions they have reported to Austrac as at 1 July 2021. Usually, only medium to large businesses are required to pay the levy. These are businesses with one of more of the following:
- earnings of A$100 million or more
- a large number of transaction reports relative to other entities
- a high total value of transaction reports lodged with AUSTRAC during a calendar year, relative to other entities.
Where leviable entities lodge transaction reports, they will not be charged if the calculated levy is less than $1,100.00.
There is a maximum payment amount for the levy instalment, applicable to those leviable entities with earnings greater than $5,000,000,000. The amount payable by a leviable entity that is not part of a group of leviable entities and has earnings of greater than $5,000,000,000 is $11,480,616.08. The amount payable by a leviable entity that is part of a group of leviable entities the total earnings for which are greater than $5,000,000,000 is $11,480,616.08 divided by the number of leviable entities in the group.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
