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REVIEW OF THE AUSTRAC INDUSTRY CONTRIBUTION LEVY ARRANGEMENTS

The operating costs of the Australian Transaction Reports and Analysis Centre (AUSTRAC) are recovered through an industry contribution levy on reporting entities, authorised and administered by the Australian Transaction Reports and Analysis Centre Industry Contribution Act 2011 and the Australian Transaction Reports and Analysis Centre Industry Contribution (Collection) Act 2011 (Collection Act). As amended in 2014, the Collection Act contains a provision for an independent review of the operation of the levy after four years, and the preparation of a report to the Minister.

AUSTRAC has commissioned Acacia CRE Pty Ltd (Acacia CRE) to undertake the review and prepare the report.

The Collection Act requires the review to include consultation with industry participants about the impact of the levy and the costs of compliance. Industry consultation initially will be via assessment of written submissions from stakeholders currently or potentially impacted by the levy and from other interested parties. Further consultation may be arranged if it appears warranted after the receipt and review of submissions.


Consultation timeline

Key dates are set out in the following proposed timeline:

19 November 2018

Publication of an Issues Paper and a call for written submissions from interested parties

21 December 2018

Deadline for written submissions

Late January 2019

Arrange further consultation (if required)

Early February 2019

Possible further consultation

Mid-March 2019

Submission of Final Report


Submissions

The period for public consultation has now closed.

Five public submissions were received by the original deadline of midnight on Friday 21 December 2018. One other wholly confidential submission was received in January 2019.

After review of the submissions it was considered that no further consultation was required.

Links to the public submissions are listed below.

Number

Submission

Date

1

Clubs Australia

20/12/18

2

Australian Banking Association

21/12/18

3

Australian Financial Markets Association

21/12/18

4

Perpetual Limited

21/12/18

5

Australian Finance Industry Association

21/12/18


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