Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023

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The Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023 provides for the collection of levy imposed on persons relating to the AFCA scheme. The Act binds the Crown in right of each State, Australian Capital Territory and Northern Territory, but not the Commonwealth. It extends to every external Territory.

The Act includes provisions for pre-imposition information and estimates of claims and costs, payment of levy, late payment penalty and shortfall penalty. The CSLR operator may determine an initial estimate of claims, fees and costs for a levy period or a sub-sector. The Act also provides for the treatment of partnerships, unincorporated associations, RSE licensees, and multiple trustees.

The Act includes regulations and approved forms. It makes provision for the application, saving and transitional provisions for provisions and amendments affecting the law.