Corporations (Review Fees) Act 2003

No. 23, 2003

An Act to impose, as taxes, review fees in relation to the Corporations Act 2001, and for related purposes

Contents

1 Short title

2 Commencement

3 Application to the Crown

4 Definitions

5 Imposition of review fees

6 Matters relating to amount of fees

7 Who is liable to pay a review fee, and time that liability is incurred

8 Regulations

Corporations (Review Fees) Act 2003

No. 23, 2003

An Act to impose, as taxes, review fees in relation to the Corporations Act 2001, and for related purposes

[Assented to 11 April 2003]

The Parliament of Australia enacts:

1  Short title

  This Act may be cited as the Corporations (Review Fees) Act 2003.

2  Commencement

  This Act commences on 1 July 2003.

3  Application to the Crown

  If the Crown, in a capacity, is bound by the provision or provisions of the Corporations Act 2001 to which a review fee relates, then the Crown, in that capacity, is bound by this Act in respect of that review fee.

4  Definitions

 (1) In this Act:

review date:

 (a) for a company or a registered scheme—has the meaning given by section 345A of the Corporations Act 2001; and

 (b) for a person mentioned in subsection 5(1) other than a company or a registered scheme—has the meaning prescribed by the regulations in relation to that person.

review fee means a fee imposed by section 5.

 (2) Other expressions used in this Act that are defined in the Corporations Act 2001 have the same meanings as they have in that Act.

5  Imposition of review fees

 (1) Subject to section 6, the regulations may prescribe fees in relation to the review dates of the following:

 (a) companies;

 (b) registered schemes;

 (c) registered Australian bodies;

 (d) natural persons registered as auditors under Part 9.2 of the Corporations Act 2001;

 (e) natural persons registered as liquidators under Part 9.2 of the Corporations Act 2001;

 (f) persons holding an Australian financial services licence under Part 7.6 of the Corporations Act 2001.

 (2) The fees prescribed by the regulations are imposed, and are so imposed as taxes.

6  Matters relating to amount of fees

 (1) The regulations may prescribe a review fee by specifying an amount (not exceeding $10,000) as the fee.

 (2) A review fee need not bear any relationship to the cost of providing any service.

7  Who is liable to pay a review fee, and time that liability is incurred

 (1) The person who is liable to pay a review fee is worked out under this table.

 (2) A person who is liable to pay a review fee incurs that liability on each review date for the person.

8  Regulations

  The Governor‑General may make regulations for the purposes of this Act.

[Minister’s second reading speech made in—

House of Representatives on 12 December 2002

Senate on 26 March 2003]