The AUSTRAC Industry Contribution is a means for AUSTRAC to recover its costs from the industry. This was previously known as the AUSTRAC Supervisory Levy. The AUSTRAC Industry Contribution is an annual levy and AUSTRAC are about to issue invoices for the current financial year.
Reporting entities must make sure that AUSTRAC have up to date information about your company and its earnings to ensure that the appropriate contribution amount is applied.
Does this apply to me?
The AUSTRAC Industry Contribution applies to reporting entities that were enrolled with AUSTRAC on the census day – 1 July each year. However certain entities will not be required to a levy.
How is it calculated?
The charging model to calculate the industry contribution has been altered. The contribution amount will vary depending on your circumstances and will be calculated using:
• A Transaction Reporting Component: this is measured by the number of transaction reports and the value of transaction reports; and
• An Earnings Component: this measure is calculated on your earnings and varies depending on the type of business you operate, where you are incorporated and whether you are part of a larger group of companies.
What do I need to do?
As a reporting entity, you must ensure your AUSTRAC Business Profile is updated by 27 February 2015. The industry contribution invoice will be sent during April 2015.
For further information
For more information about AUSTRAC industry contribution and how to calculate the earning components, please visit their website.
Please contact us if you have any question at 02 8324 5300 or firstname.lastname@example.org.