Part 1: Revenue Measures (continued)
Australian Transaction Reports and Analysis Centre — industry contribution
|Australian Transaction Reports and Analysis Centre||‑||10.1||22.7||21.3||25.0|
|Related expense ($m)|
|Australian Transaction Reports and Analysis Centre||‑||0.2||‑||‑||‑|
The Government will increase revenue by $79.1 million over four years, through a phased increase in the Australian Transaction Reports and Analysis Centre's (AUSTRAC) industry levy.
AUSTRAC currently recovers around 53 per cent of its total expenses from industry. Under this measure, industry contributions to AUSTRAC's total expenses will increase to 70 per cent in 2014‑15, 90 per cent in 2015‑16 and 2016‑17, and 100 per cent in 2017‑18.
The Government will also remove the current $300 base component fee for AUSTRAC's 3,638 smallest regulated entities, which will no longer be subject to any charge. Under the new arrangements, only the largest (around 1,029) reporting entities will be required to contribute towards AUSTRAC's expenses.
The increased revenue from this measure will be redirected by the Government to repair the Budget and fund policy priorities.