Treasury has released a discussion paper in relation to proposed financial institutions supervisory levies for the 2022-23 financial year. According to the discussion paper, the levies relate to the ADI, superannuation, general insurance, life insurance and friendly societies, and private health insurance industries.
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.
Private health insurance industry levy
APRA has released a letter to the private health insurance industry in relation to the proposed financial institutions supervisory levies for the 2022-23 financial year.
APRA says it intends to gradually transition PHIs to levy arrangements consistent with other APRA-regulated industries.
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Author: David Jacobson
Principal, Bright Corporate Law
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.