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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 commissioned Acacia CRE Pty Ltd to undertake the review and prepare the report.

The review is now complete and the report has been submitted to the Minister.

A link to the report will be provided here once it has been tabled in Parliament.

The Issues Paper published on 19 November 2018 is available here.

Submissions

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.

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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