International Law

Austrac revised fee proposal

By David Jacobson

AUSTRAC has released its Cost Recovery Impact Statement - Exposure Draft setting out its response to submissions received in respect of its discussion paper on fees.

It has revised its fee proposal so that fees payable by reporting entities from 2011-12 will be calculated as follows:

• a base component of $284; plus
• for a large entity (a reporting entity with 200 or more full-time equivalent employees (FTE) or which is listed on a stock exchange) $9,120; plus
• a transaction component (1 cent per transaction plus $0.0000048 per $ of value of transaction reports lodged in the first year of the levy).

The due date for submissions is Friday 25 February 2011.

Full post as published by Australian Regulatory Compliance Review on February 20, 2011 (boomark / email).