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Corporations (Review Fees) Bill 2002
First Reading
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2002 
The Parliament of the
Commonwealth of Australia 
HOUSE OF REPRESENTATIVES 

 
Presented and read a first time 

 

 

Corporations (Review Fees) Bill 2002 
No. , 2002 
(Treasury) 

A Bill for an Act to impose, as taxes, review fees in relation to the Corporations Act 2001, and for related purposes
 
Contents 
 
A Bill for an Act to impose, as taxes, review fees in relation to the Corporations Act 2001, and for related purposes
The Parliament of Australia enacts:
1 Short title
              This Act may be cited as the Corporations (Review Fees) Act 2002.
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 schemehas 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 schemehas 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. 
Liability for review fees	
Item	For a review fee imposed on...	The person liable is...	
1	a company	the company	
2	a registered scheme	the responsible entity of the scheme	
3	a registered Australian body	the body	
4	a natural person registered as an auditor under Part 9.2 of the Corporations Act 2001	the natural person	
5	a natural person registered as a liquidator under Part 9.2 of the Corporations Act 2001	the natural person	
6	a person holding an Australian financial services licence under Part 7.6 of the Corporations Act 2001	the person	
 
       (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.
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