Summary

Introduced with the Australian Transaction Reports and Analysis Centre Supervisory Cost Recovery Levy Amendment Bill 2014, the bill amends the

to implement a new industry contribution to fund the regulatory and financial intelligence unit functions of the Australian Transaction Reports and Analysis Centre by: creating the liability for a leviable entity for a financial year to pay the industry contribution levy in that financial year; enabling the Australian Transaction Reports and Analysis Centre CEO to specify the date for payment of instalments of the levy; providing for late payment penalties; and requiring an independent review of the levy to be undertaken.