The current industry contribution levy arrangements were introduced in the May 2014 Federal Budget and commenced from the 2014-15 financial year. The industry contribution is a levy on reporting entities to recover the costs of AUSTRAC’s regulatory and financial intelligence functions.
From 2016–17, AUSTRAC’s activities are funded in full through the collection of the AUSTRAC industry contribution.
The 2018–19 financial year is the fifth year of the industry contribution.
As in previous years, AUSTRAC is committed to consulting on the industry contribution model prior to requesting the Minister for Law Enforcement and Cyber Security to make a final levy determination.
In response to the stakeholder consultation processes in prior years, AUSTRAC remains committed to enhancing the transparency of the industry contribution processes and to communicating effectively with leviable entities about:
- the anticipated amount to be collected from reporting entities for the 2018–19 financial year
- a projected estimate of the levy components for the 2018–19 financial year, and
- how AUSTRAC’s annual budget allocation is to be expended for the 2018–19 financial year.
AUSTRAC invites stakeholder feedback on the consultation paper. Deadline for submissions is Friday 22 June 2018.
The Media Release is available at: