Commonwealth: Financial Institutions Supervisory Levies Collection Act 1998 (Cth)

Financial Institutions Supervisory Levies Collection Act 1998 No. 53, 1998 Compilation No. 18 Compilation date: 21 February 2025 Includes amendments: Act No. 14, 2025 About this compilation This compilation This is a compilation of the Financial Institutions Supervisory Levies Collection Act 1998 that shows the text of the law as amended and in force on 21 February 2025 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law. Self-repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents Part 1—Preliminary 1 Short title 2 Commencement 3 Act binds the Crown 4 External Territories 5 Application of Act to Lloyd's 6 Definitions Part 2—Supervisory levies 7 Definitions 8 Liability to levy 9 When levy due for payment 10 Late payment penalty 11 Payment of levy and late payment penalty 12 Waiver of levy and late payment penalty 13 Recovery of levy and late payment penalty 14 Exempting laws ineffective 15 Regulations may modify this Part if levy Act commences during a financial year Part 3—Superannuation (financial assistance funding) levy 16 Definitions 17 Fund's accounts to be prima facie evidence of value of its assets 18 Liability to levy 19 When levy due for payment 20 Late payment penalty 21 Payment of levy and late payment penalty 22 Waiver of late payment penalty 23 Recovery of levy and late payment penalty 24 Application of levy, late payment penalty and repayments of financial assistance 25 Exempting laws ineffective 26 Delegation Part 3A—Financial claims scheme levies 26A Definitions 26B Liability to levy 26C When levy due for payment 26D Late payment penalty 26E Payment of levy and late payment penalty 26F Waiver of levy and late payment penalty 26G Recovery of levy and late payment penalty 26H Exempting laws ineffective Part 3B—Private health insurance collapsed insurer levy 26J Definitions 26K Liability to levy 26L When levy due for payment 26M Late payment penalty 26N Payment of levy and late payment penalty 26P Waiver of levy and late payment penalty 26Q Recovery of levy and late payment penalty 26R Exempting laws ineffective Part 4—Miscellaneous 27 Review of certain decisions 28 Statements to accompany notification of decisions 29 Regulations Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to make provision for the collection of levies imposed in respect of various financial institutions, and for related purposes Part 1—Preliminary 1 Short title This Act may be cited as the Financial Institutions Supervisory Levies Collection Act 1998. 2 Commencement This Act commences on the commencement of the Australian Prudential Regulation Authority Act 1998. 3 Act binds the Crown This Act binds the Crown in each of its capacities. 4 External Territories This Act extends to each external Territory. 5 Application of Act to Lloyd's (1) This Act applies to Lloyd's (within the meaning of section 3 of the Insurance Act 1973), at all times after the commencement of this Act, as if Lloyd's were a body corporate authorised under that Act to carry on insurance business. (2) Nothing in this Act makes any Lloyd's underwriter liable to pay levy under this Act. 6 Definitions In this Act, unless the contrary intention appears: APRA means the Australian Prudential Regulation Authority. private health insurer has the same meaning as in the Private Health Insurance (Prudential Supervision) Act 2015. Part 2—Supervisory levies 7 Definitions In this Part, unless the contrary intention appears: ADI has the same meaning as in the Banking Act 1959. Note: ADI is short for authorised deposit‑taking institution. authorised NOHC means: (a) an authorised NOHC within the meaning of either: (i) the Banking Act 1959; or (ii) the Insurance Act 1973; or (b) a registered NOHC within the meaning of the Life Insurance Act 1995. Note: NOHC is short for non‑operating holding company. business day means a day that is not a Saturday, a Sunday, a public holiday or a bank holiday in the place concerned. general insurance company means a body corporate that is authorised under the Insurance Act 1973 to carry on insurance business within the meaning of that Act. late payment penalty means penalty payable under section 10. leviable body means any of the following types of bodies: (a) an ADI; (b) an authorised NOHC; (c) a life insurance company; (d) a general insurance company; (da) a private health insurer; (e) an RSA provider; (f) a superannuation entity. levy means: (a) in respect of a leviable body that is an ADI—levy imposed by the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998; or (b) in respect of a leviable body that is an authorised NOHC—levy imposed by the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998; or (c) in respect of a leviable body that is a life insurance company—levy imposed by the Life Insurance Supervisory Levy Imposition Act 1998; or (d) in respect of a leviable body that is a general insurance company—levy imposed by the General Insurance Supervisory Levy Imposition Act 1998; or (da) in respect of a leviable body that is a private health insurer—levy imposed by the Private Health Insurance Supervisory Levy Imposition Act 2015; or (e) in respect of a leviable body that is an RSA provider—levy imposed by the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998; or (f) in respect of a leviable body that is a superannuation entity—levy imposed by the Superannuation Supervisory Levy Imposition Act 1998. levy imposition day, in relation to the imposition of a levy in respect of a leviable body of a particular type for a financial year, means: (a) if the leviable body is that type of leviable body on 1 July of the financial year—that day; or (b) if the leviable body becomes that type of leviable body on a day during the financial year that is after 1 July of the financial year—the day, during the financial year, on which the leviable body becomes that type of leviable body. levy paying entity means: (a) a leviable body, other than a superannuation entity; or (b) the trustee of a superannuation entity. life insurance company means a company that is registered under section 21 of the Life Insurance Act 1995. RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997. superannuation entity means an entity that: (a) is a superannuation entity within the meaning of the Superannuation Industry (Supervision) Act 1993; and (b) is not a self managed superannuation fund within the meaning of that Act. trustee, in relation to a superannuation entity, means the person who is the trustee of the entity for the purposes of the Superannuation Industry (Supervision) Act 1993. 8 Liability to levy ADIs (1) A body corporate that is an ADI at any time during a financial year that ends after the commencement of the Authorised Deposit‑taking Institutions Supervisory Levy Imposition Act 1998 is liable to pay a levy in respect of that financial year. Authorised NOHCs (2) A body corporate that is an authorised NOHC at any time during a financial year that ends on or after the commencement of the Authorised Non‑operating Holding Companies Supervisory Levy Imposition Act 1998 is liable to pay a levy in respect of that financial year. General insurance bodies corporate (3) A body corporate that is a general insurance company at any time during a financial year that ends after the commencement of the General Insurance Supervisory Levy Imposition Act 1998 is liable to pay a levy in respect of that financial year. Life Insurance companies (4) A body corporate that is a life insurance company at any time during a financial year that ends after the commencement of the Life Insurance Supervisory Levy Imposition Act 1998 is liable to pay a levy imposed in respect of that financial year. Private health insurers: 2015‑16 financial year (4A) A body corporate that is a private health insurer on the liability day in a quarter in the financial year starting on 1 July 2015 is liable to pay a levy in respect of that quarter. However, this subsection does not apply to a quarter if the liability day for the quarter is before the commencement of this subsection. (4B) In subsection (4A): liability day in a quarter means the 28th day of the second month of the quarter. quarter means a period of 3 months starting on 1 July, 1 October, 1 January or 1 April. Private health insurers: 2016‑17 financial year and later financial years (4C) A body corporate that is a private health insurer at any time during the financial year starting on 1 July 2016 or a later financial year is liable to pay a levy in respect of that financial year. RSA providers (5) A body corporate that is an RSA provider at any time during a financial year that ends after the commencement of the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998 is liable to pay a levy imposed in respect of that financial year. Superannuation entities (6) A trustee of a superannuation entity that is a superannuation entity at any time during a financial year that ends after the commencement of the Superannuation Supervisory Levy Imposition Act 1998 is liable to pay a levy in respect of that financial year. 9 When levy due for payment (1) Levy payable by a leviable body for a financial year (other than levy payable under subsection 8(4A) or (6)) is due and payable on: (a) if the levy imposition day relating to the levy payable by the leviable body is 1 July of the financial year—a business day that is: (i) specified in a notice given to the leviable body by APRA in relation to the financial year; and (ii) is not earlier than 28 days after the day on which the notice is given; or (b) if the levy imposition day relating to the levy payable by the leviable body is a day of that financial year after 1 July—by: (i) the day that is 6 weeks after the day on which the leviable body becomes that type of leviable body; or (ii) if the day applicable under subparagraph (i) is not a business day, the first business day following that day. (2) Levy payable under subsection 8(6) for a financial year by a trustee of a superannuation entity is due and payable: (a) if the entity is a superannuation entity on 1 July of the financial year and became a superannuation entity before that day—on a business day that: (i) is specified in a notice given by APRA to the trustee on or after the day on which an annual return that is a reporting document under section 13 of the Financial Sector (Collection of Data) Act 2001 and that relates to the previous financial year was received by APRA; and (ii) is not earlier than 6 weeks after the day on which the notice is given; or (b) if the entity becomes a superannuation entity on or after 1 July of the financial year—on a business day that: (i) is specified in a notice given by APRA to the trustee; and (ii) is not earlier than 6 weeks after the day on which the notice is given. (3) Levy payable by a private health insurer for a quarter under subsection 8(4A) is payable on the 14th day after the liability day for the quarter. Note: For the meaning of quarter and liability day, see subsection 8(4B). 10 Late payment penalty (1) If any levy payable by a levy paying entity: (a) is not paid on or before the day on which it is due and payable (the due day for payment); and (b) remains unpaid after the penalty calculation day; the levy paying entity is liable to pay, by way of penalty, an amount worked out at the applicable rate per year on the amount unpaid, computed from the end of the due day for payment to the end of the penalty calculation day. (2) The penalty calculation day is: (a) if the levy is paid on or after the first day of a month and before the sixth day of that month—the 20th day of the immediately preceding month; or (b) if the levy is paid on or after the sixth day of a month and before the 20th day of that month—the sixth day of that month; or (c) if the levy is paid on or after the 20th day of a month and on or before the last day of that month—the 20th day of that month. (3) The applicable rate, in relation to an amount of unpaid levy, is: (a) 20% (unless the levy was imposed by the Private Health Insurance Supervisory Levy Imposition Act 2015); or (b) if the levy was imposed by the Private Health Insurance Supervisory Levy Imposition Act 2015: (i) 15% (unless subparagraph (ii) applies); or (ii) if, under a legislative instrument made by the Minister for the purposes of this subparagraph, a specified rate of less than 15% applies in relation to the unpaid levy—that specified rate. 11 Payment of levy and late payment penalty Levy and late payment penalty are payable to APRA on behalf of the Commonwealth. Note: Levy and late payment penalty may be payable to the Commissioner of Taxation because of section 252G of the Superannuation Industry (Supervision) Act 1993. 12 Waiver of levy and late payment penalty APRA, on behalf of the Commonwealth, may, if APRA considers it is appropriate to do so, waive the payment of the whole or a part of an amount of levy or late payment penalty that is payable by a levy paying entity. Note: For example, if levy is payable by a body corporate which has ceased to be authorised under the Insurance Act 1973 to carry on an insurance business and has ceased to be a life company, APRA may waive the payment of the levy if APRA considers it appropriate to do so because payment of the levy would prevent payment in full of claims under contracts of insurance made with the body corporate. 13 Recovery of levy and late payment penalty (1) The following amounts may be recovered by the Commonwealth as debts due to the Commonwealth: (a) levy that is due and payable; (b) late payment penalty that is due and payable. (2) APRA is authorised, as agent of the Commonwealth, to bring proceedings in the name of the Commonwealth for the recovery of a debt due to the Commonwealth of a kind mentioned in subsection (1). 14 Exempting laws ineffective (1) Nothing in a law passed before the commencement of this section exempts a levy paying entity from liability to pay levy. (2) If a law (including a provision of a law) passed after the commencement of this section purports to exempt a levy paying entity from: (a) liability to pay taxes under laws of the Commonwealth; or (b) liability to pay certain taxes under laws of the Commonwealth that would otherwise include levy; the law does not operate to exempt the levy paying entity from liability to pay levy unless the exemption expressly refers to levy under this Act. (3) This section applies in relation to levy imposed by the Private Health Insurance Supervisory Levy Imposition Act 2015 as if subsections (1) and (2) referred to the time when this subsection commences (rather than to the commencement of this section). 15 Regulations may modify this Part if levy Act commences during a financial year If an Act mentioned in section 8 that imposes levy in respect of a particular type of leviable body commences during a financial year (but not on 1 July of that financial year), this Act has effect in relation to that financial year and that type of leviable body subject to the modifications specified in the regulations. Part 3—Superannuation (financial assistance funding) levy 16 Definitions In this Part, unless the contrary intention appears: approved deposit fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993. fund means a superannuation fund or an approved deposit fund, but does not include a self managed superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993). late payment penalty means penalty payable under section 20. levy means levy imposed by regulations under the Superannuation (Financial Assistance Funding) Levy Act 1993. levy month means one of the 12 months of the calendar year. superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993. trustee, in relation to a fund, has the same meaning as in the Superannuation Industry (Supervision) Act 1993. unpaid levy means the amount of levy unpaid by the trustee of a fund as at the beginning of a levy month. 17 Fund's accounts to be prima facie evidence of value of its assets (1) This section applies if: (a) accounts of a fund were prepared for a financial year; and (b) an amount is shown on those accounts as the value of an asset of the fund as at the end of that financial year. (2) For the purposes of this Part, the accounts are prima facie evidence of the value of the asset at the end of that financial year. (3) The Minister may certify that a document is a copy of the accounts. (4) This section applies to the certified copy as if it were the original. 18 Liability to levy The trustee of a fund is liable to pay a levy imposed on the fund. 19 When levy due for payment (1) A levy payable by the trustee of a fund is due and payable on such date as is specified in the regulations imposing the levy. (2) The date to be so specified must not be earlier than the 28th day after the day on which the regulation imposing the levy took effect. 20 Late payment penalty (1) If any levy payable by the trustee of a fund remains unpaid as at: (a) the beginning of the first levy month after the time when it became due for payment; or (b) the beginning of a later levy month; the trustee is liable to pay to the Commonwealth, in respect of that levy month, by way of penalty, the amount worked out using the formula: (2) Late payment penalty for a levy month is due and payable at the end of the levy month. 21 Payment of levy and late payment penalty Levy and late payment penalty are payable to the Minister. 22 Waiver of late payment penalty The Minister may waive the whole or a part of an amount of late payment penalty. 23 Recovery of levy and late payment penalty The following amounts may be recovered by the Commonwealth as debts due to the Commonwealth: (a) levy that is due and payable; (b) late payment penalty that is due and payable. 24 Application of levy, late payment penalty and repayments of financial assistance If levy is imposed as a result of a determination by the Minister to make a grant of financial assistance, the following amounts must be paid to the Commonwealth: (a) amounts of the levy, and late payment penalty in respect of the levy, received by the Minister; (b) repayments of the financial assistance. 25 Exempting laws ineffective (1) Nothing in a law passed before the commencement of this section exempts a trustee of a fund from liability to pay levy. (2) If a law (including a provision of a law) passed after the commencement of this section purports to exempt a trustee of a fund from: (a) liability to pay taxes under laws of the Commonwealth; or (b) liability to pay certain taxes under laws of the Commonwealth that would otherwise include levy; the law does not operate to exempt the trustee from liability to pay levy unless the exemption expressly refers to levy under this Act. 26 Delegation The Minister may, by signed writing, delegate to APRA all or any of his or her powers under this Part. Part 3A—Financial claims scheme levies 26A Definitions In this Part: late payment penalty means penalty payable under section 26D. levy means: (a) levy imposed by regulations under the Financial Claims Scheme (ADIs) Levy Act 2008; or (b) levy imposed by regulations under the Financial Claims Scheme (General Insurers) Levy Act 2008. levy month means one of the 12 months of the calendar year. 26B Liability to levy (1) An ADI is liable to pay a levy imposed on the ADI's liabilities to its depositors. (2) A general insurer is liable to pay a levy imposed on the gross premiums received by the general insurer. 26C When levy due for payment (1) A levy payable by an ADI or a general insurer is due and payable on the date specified in the regulations imposing the levy. (2) The date specified must not be earlier than the 28th day after the day on which the regulation imposing the levy took effect. (3) However, APRA may, by written notice given to the ADI or general insurer before, on or after the day on which levy would be due and payable apart from this subsection, specify a later day as the day on which the levy is due and payable. The notice has effect, and is taken always to have had effect, according to its terms. Note: The notice may affect whether and when the ADI or general insurer is liable to pay late payment penalty. 26D Late payment penalty (1) If any levy payable by an ADI or general insurer remains unpaid at the start of a levy month after the levy became due for payment, the ADI or general insurer is liable to pay the Commonwealth, for that levy month, a penalty worked out using the formula: (2) Late payment penalty for a levy month is due and payable at the end of the levy month. (3) However, APRA may, by written notice given to the ADI or general insurer before, on or after the day on which late payment penalty would be due and payable apart from this subsection, specify a later day as the day on which the late payment penalty is due and payable. The notice has effect, and is taken always to have had effect, according to its terms. 26E Payment of levy and late payment penalty Levy and late payment penalty are payable to APRA on behalf of the Commonwealth. 26F Waiver of levy and late payment penalty On behalf of the Commonwealth, APRA may waive the whole or a part of an amount of levy or late payment penalty. 26G Recovery of levy and late payment penalty (1) The following amounts may be recovered by the Commonwealth as debts due to the Commonwealth: (a) levy that is due and payable; (b) late payment penalty that is due and payable. (2) APRA may bring proceedings in the name of the Commonwealth (as its agent) for the recovery of a debt due to the Commonwealth as described in subsection (1). 26H Exempting laws ineffective (1) A law made before the commencement of this section does not exempt an ADI or general insurer from liability to pay levy. (2) A law made on or after the commencement of this section purporting to exempt an ADI or general insurer from liability to pay taxes under laws of the Commonwealth that would otherwise include levy does not exempt the ADI or general insurer from liability to pay levy unless the exemption expressly refers to levy under the Act under which the levy is imposed. Part 3B—Private health insurance collapsed insurer levy 26J Definitions In this Part: collapsed insurer levy day has the same meaning as in the Private Health Insurance (Collapsed Insurer Levy) Act 2003. late payment penalty means penalty payable under section 26M. levy means levy imposed by the Private Health Insurance (Collapsed Insurer Levy) Act 2003. levy determination, in relation to a collapsed insurer levy day, means the determination under section 7 of the Private Health Insurance (Collapsed Insurer Levy) Act 2003 because of which that day is a collapsed insurer levy day. 26K Liability to levy A private health insurer is liable to pay a levy imposed on the insurer on a collapsed insurer levy day. 26L When levy due for payment A levy imposed on a private health insurer on a collapsed insurer levy day is due and payable on the day specified in the levy determination as the payment day in relation to that collapsed insurer levy day. 26M Late payment penalty (1) If any levy payable by a private health insurer: (a) is not paid on or before the day on which it is due and payable (the due day for payment); and (b) remains unpaid after the penalty calculation day; the insurer is liable to pay, by way of penalty, an amount worked out at the applicable rate per year on the amount unpaid, computed from the end of the due day for payment to the end of the penalty calculation day. (2) The penalty calculation day is: (a) if the levy is paid on or after the first day of a month and before the sixth day of that month—the 20th day of the immediately preceding month; or (b) if the levy is paid on or after the sixth day of a month and before the 20th day of that month—the sixth day of that month; or (c) if the levy is paid on or after the 20th day of a month and on or before the last day of that month—the 20th day of that month. (3) The applicable rate, in relation to an amount of unpaid levy, is: (a) 15% (unless paragraph (b) applies); or (b) if, under a legislative instrument made by the Minister for the purposes of this paragraph, a specified rate of less than 15% applies in relation to the unpaid levy—that specified rate. 26N Payment of levy and late payment penalty Levy and late payment penalty are payable to APRA on behalf of the Commonwealth. 26P Waiver of levy and late payment penalty (1) The Minister may waive the whole or a part of an amount of levy or late payment penalty. (2) The Minister may, in writing, delegate to APRA the power under subsection (1) to waive levy or late payment penalty. 26Q Recovery of levy and late payment penalty (1) The following amounts may be recovered by the Commonwealth as debts due to the Commonwealth: (a) levy that is due and payable; (b) late payment penalty that is due and payable. (2) APRA may bring proceedings in the name of the Commonwealth (as its agent) for the recovery of a debt due to the Commonwealth as described in subsection (1). 26R Exempting laws ineffective (1) A law made before the commencement of this section does not exempt a private health insurer from liability to pay levy. (2) A law made on or after the commencement of this section purporting to exempt a private health insurer from liability to pay taxes under laws of the Commonwealth that would otherwise include levy does not exempt the private health insurer from liability to pay levy unless the exemption expressly refers to levy under the Act under which the levy is imposed. Part 4—Miscellaneous 27 Review of certain decisions (1) A levy paying entity that is affected by a reviewable decision of the decision maker may, if dissatisfied with the decision, request the decision maker to reconsider the decision. (2) The request must: (a) be made by notice given to the decision maker within: (i) the period of 21 days after the day on which the levy paying entity first receives notice of the decision; or (ii) the further period that the decision maker allows; and (b) set out the reasons for making the request. (3) When the decision maker receives the request the decision maker must reconsider the decision. (4) The decision maker may confirm or revoke the decision or vary the decision in the manner that the decision maker thinks fit. However, if the decision maker does not confirm, revoke or vary the decision within the period of 21 days after the day on which the decision maker received the request, the decision maker is taken to have confirmed the decision immediately after the end of that period. (5) If the decision maker confirms, revokes or varies the decision during the period of 21 days after the day on which the decision maker received the request, the decision maker is to give a notice in writing to the levy paying entity that made the request. The notice must set out the result of the reconsideration of the decision and the reasons for confirming, varying or revoking the decision, as the case may be. (6) Applications may be made to the Administrative Review Tribunal for review of: (a) decisions of the decision maker that have been confirmed or varied under subsection (4); and (b) decisions of the decision maker to revoke reviewable decisions. (8) If a request is made under subsection (1) in respect of a reviewable decision, section 32 of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision. (9) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal. (10) In this section: decision maker, in relation to a reviewable decision, means: (a) if the reviewable decision is a decision of APRA under section 12—APRA; or (b) if the reviewable decision is a decision of the Minister under section 22 or subsection 26P(1)—the Minister. levy paying entity means: (a) an entity that is a levy paying entity as defined in section 7; or (b) a trustee of a fund as defined in section 16. reviewable decision means: (a) a decision of APRA under section 12; or (b) a decision of the Minister under section 22 or subsection 26P(1). 28 Statements to accompany notification of decisions (1) If notice in writing is given to a levy paying entity affected by a reviewable decision that the reviewable decision has been made, that notice must include words to the effect that: (a) the levy paying entity may seek a reconsideration of the reviewable decision by the decision maker in accordance with subsection 27(1) if the levy paying entity is dissatisfied with the decision; and (b) the levy paying entity may, subject to the Administrative Review Tribunal Act 2024, apply to the Administrative Review Tribunal for review of a reviewable decision that is confirmed or varied under subsection 27(4), or for review of a decision to revoke a reviewable decision. (2) If: (a) the decision maker confirms or varies a reviewable decision under subsection 27(4), or makes a decision to revoke a reviewable decision under that subsection; and (b) gives the levy paying entity affected by the decision notice in writing of the confirmation or variation of the decision, or of the revocation of the decision; that notice must include words to the effect that the levy paying entity may, subject to the Administrative Review Tribunal Act 2024, apply to the Administrative Review Tribunal for review of the reviewable decision as confirmed or varied, or for review of the decision to revoke the reviewable decision. (3) A failure to comply with the requirements of subsections (1) and (2) in relation to a reviewable decision or a decision under subsection 27(4) does not affect the validity of that decision. (4) In this section: decision maker, in relation to a reviewable decision, has the same meaning as in section 27. levy paying entity has the same meaning as in section 27. reviewable decision has the same meaning as in section 27. 29 Regulations (1) The Governor‑General may make regulations, not inconsistent with this Act, prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act. (2) Without limiting subsection (1), the regulations may, in particular: (a) provide for the manner of payment for levy, late payment penalty and other amounts payable under this Act; and (b) provide for the refund (or other application) of overpayments. Endnotes Endnote 1—About the endnotes The endnotes provide information about this compilation and the compiled law. The following endnotes are included in every compilation: Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Abbreviation key—Endnote 2 The abbreviation key sets out abbreviations that may be used in the endnotes. Legislation history and amendment history—Endnotes 3 and 4 Amending laws are annotated in the legislation history and amendment history. The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation. The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law. Editorial changes The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date. If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel. Misdescribed amendments A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003. If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history. Endnote 2—Abbreviation key ad = added or inserted o = order(s) am = amended Ord = Ordinance amdt = amendment orig = original c = clause(s) par = paragraph(s)/subparagraph(s) C[x] = Compilation No. x /sub‑subparagraph(s) Ch = Chapter(s) pres = present def = definition(s) prev = previous Dict = Dictionary (prev…) = previously disallowed = disallowed by Parliament Pt = Part(s) Div = Division(s) r = regulation(s)/rule(s) ed = editorial change reloc = relocated exp = expires/expired or ceases/ceased to have renum = renumbered effect rep = repealed F = Federal Register of Legislation rs = repealed and substituted gaz = gazette s = section(s)/subsection(s) LA = Legislation Act 2003 Sch = Schedule(s) LIA = Legislative Instruments Act 2003 Sdiv = Subdivision(s) (md) = misdescribed amendment can be given SLI = Select Legislative Instrument effect SR = Statutory Rules (md not incorp) = misdescribed amendment Sub‑Ch = Sub‑Chapter(s) cannot be given effect SubPt = Subpart(s) mod = modified/modification underlining = whole or part not No. = Number(s) commenced or to be commenced Endnote 3—Legislation history Act Number and year Assent Commencement Application, saving and transitional provisions Financial Institutions Supervisory Levies Collection Act 1998 53, 1998 29 June 1998 1 July 1998 (see Gazette 1998, No. S316) Superannuation Legislation Amendment Act (No. 3) 1999 121, 1999 8 Oct 1999 Schedule 2 (items 3, 4, 42(2)): Royal Assent Sch. 2 (item 42(2)) Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 24, 2000 3 Apr 2000 Sch 9 (item 1) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch. 12 (items 1–3, 10) Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001 121, 2001 24 Sept 2001 ss. 1–3: Royal Assent — Remainder: 1 July 2002 (see s. 2(2) and Gazette 2002, No. GN24) as amended by Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 154, 2007 24 Sept 2007 Schedule 3 (item 2): Royal Assent — Financial Sector Legislation Amendment Act (No. 1) 2002 37, 2002 26 June 2002 Schedule 2: 27 June 2002 Sch. 2 (item 4) Financial Framework Legislation Amendment Act 2005 8, 2005 22 Feb 2005 Schedule 1 (items 137, 138): Royal Assent — Financial Institutions Supervisory Levies Collection Amendment Act 2005 14, 2005 22 Feb 2005 22 Feb 2005 Sch 1 (item 2) Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 74, 2007 5 June 2007 Schedules 1 and 2: 1 July 2007 — Remainder: Royal Assent Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 154, 2007 24 Sept 2007 Sch 2 (items 1, 2, 21) and Sch 3 (item 1): 24 Sept 2007 (s 2(1) item 7) Sch 2 (item 21) First Home Saver Accounts (Further Provisions) Amendment Act 2008 92, 2008 30 Sept 2008 Sch 3 (items 2–5): 1 July 2009 (s 2(1) item 3) — Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Act 2008 105, 2008 17 Oct 2008 Sch 1 (items 55–57): 18 Oct 2008 (s 2(1) items 2, 3) — Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009 75, 2009 27 Aug 2009 Sch 1 (items 200, 201): 27 Feb 2010 (s 2(1) item 2) — Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 82, 2010 29 June 2010 Sch 4 (item 3): 27 July 2010 (s 2(1) item 11) — Tribunals Amalgamation Act 2015 60, 2015 26 May 2015 Sch 8 (item 21) and Sch 9: 1 July 2015 (s 2(1) items 18, 22) Sch 9 Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 70, 2015 25 June 2015 Sch 1 (items 39–44, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 1 (items 195–205) Private Health Insurance (Prudential Supervision) (Consequential Amendments and Transitional Provisions) Act 2015 87, 2015 26 June 2015 Sch 1 (items 9–20): 1 July 2015 (s 2(1) item 2) Sch 2 (items 1–43) Sch 2 (items 1–43): 27 June 2015 (s 2(1) item 9) Administrative Review Tribunal (Consequential and Transitional Provisions No. 2) Act 2024 39, 2024 31 May 2024 Sch 14 (items 11–16): 14 Oct 2024 (s 2(1) item 2) — Administrative Review Tribunal (Miscellaneous Measures) Act 2025 14, 2025 20 Feb 2025 Sch 2 (item 2): 21 Feb 2025 (s 2(1) item 2) — Endnote 4—Amendment history Provision affected How affected Part 1 s 6..................... am No 87, 2015 Part 2 Part 2 heading............. rs. No. 105, 2008 s. 7..................... am. No. 121, 1999; No. 14, 2005; No. 92, 2008; No. 75, 2009; No 70, 2015; No 87, 2015 s. 8..................... am. No. 92, 2008; No 70, 2015; No 87, 2015 s. 9..................... am. No. 121, 2001 (as am. by No. 154, 2007); No 37, 2002; No. 154, 2007; No. 82, 2010; No 87, 2015 s. 10.................... rs. No. 37, 2002 am No 87, 2015 s. 11.................... am. No. 121, 1999; No. 8, 2005; No. 74, 2007 s. 13.................... am. No. 37, 2002; No. 74, 2007 s 14.................... am No 87, 2015 Part 3 Part 3 heading............. rs. No. 105, 2008 s 16.................... am No 24, 2000; No 154, 2007 s. 24.................... rs. No. 8, 2005; No. 154, 2007 Part 3A Part 3A.................. ad. No. 105, 2008 ss. 26A–26H.............. ad. No. 105, 2008 Part 3B Part 3B.................. ad No 87, 2015 s 26J.................... ad No 87, 2015 s 26K................... ad No 87, 2015 s 26L................... ad No 87, 2015 s 26M................... ad No 87, 2015 s 26N................... ad No 87, 2015 s 26P................... ad No 87, 2015 s 26Q................... ad No 87, 2015 s 26R................... ad No 87, 2015 Part 4 s 27.................... am No 60, 2015; No 39, 2024; No 14, 2025 s 28.................... am No 39, 2024