Treasury has released a Discussion Paper seeking submissions on the proposed financial institutions supervisory levies for the 2021-22 financial year.
The levies will be payable by authorised deposit-taking institutions, life insurers, friendly societies, general insurers, APRA-regulated superannuation institutions, and private health insurers.
The financial industry levies are set to recover the operational costs of APRA and other specific costs incurred by certain Commonwealth agencies, including the Australian Securities and Investments Commission, the Australian Taxation Office, and the Australian Competition and Consumer Commission.
All sectors will see an increase in their levies with an increase in their minimum payment but a reduction in the maximum payment.
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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.
