Treasury has published a Consultation Paper on Proposed Financial Institutions Supervisory Levies for 2011-12 seeking industry views on the proposed financial sector levies to apply for the 2011-12 financial year.
The paper discusses potential impacts of the proposal on each industry sector and institution regulated by the Australian Prudential Regulation Authority (APRA) including ADI’s, life insurers and friendly societies, general insurers and superannuation funds. The views provided on the paper will be taken into account in the determination of the levies to apply next year.
The financial institution supervisory levies are set to cover the operational costs of APRA, and certain market integrity and consumer protection functions undertaken by the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO). The relevant ASIC costs include the operations of the Superannuation Complaints Tribunal.
The Minister is expected to determine and announce the 2011-12 levies before the end of the current financial year.