An Act to impose a levy on particular authorised deposit-taking institutions operating in the State, and to amend this Act and the Taxation Administration Act 2001 for particular purposes
The Parliament of Queensland enacts—
This Act may be cited as the Big Bank Levy (COVID-19 Health Response) Act 2021.
2Extraterritorial application of Act
(1)This Act applies both within and outside Queensland.(2)This Act applies outside Queensland to the full extent of the extraterritorial legislative power of the Parliament.
3Relationship with Taxation Administration Act 2001
(1)This Act does not contain all the provisions about State big bank levy.(2)The Taxation Administration Act 2001 contains provisions dealing with, among other things, the following—(a)assessments of tax;(b)payments and refunds of tax;(c)imposition of interest and penalty tax;(d)objections and appeals against, or reviews of, assessments of tax;(e)record keeping obligations of taxpayers;(f)investigative powers, offences, legal proceedings and evidentiary matters;(g)service of documents.1This Act is a revenue law for the Taxation Administration Act 2001. See section 6 of that Act.2Under the Taxation Administration Act 2001, section 3, that Act and this Act must be read together as if they together formed a single Act.3Under the Taxation Administration Act 2001, a tax includes a levy imposed under a revenue law. See schedule 2 of that Act, definitions tax and primary tax.
The dictionary in schedule 1 defines particular words used in this Act.
5Imposition of State big bank levy
(1)This Act imposes State big bank levy for a quarter of a financial year on an ADI operating in the State for the quarter if the ADI is liable to pay Commonwealth major bank levy for the quarter.(2)For subsection (1), an ADI is taken to operate in the State for a quarter of a financial year if, at any time during the quarter, the ADI carries on, or offers to carry on, banking business under the Banking Act 1959 (Cwlth) with a person located in the State.
6When liability for State big bank levy arises
(1)A liability for State big bank levy imposed on an ADI for a quarter of a financial year arises on the return date for lodgement by the ADI of a return for the quarter.(2)In this section—return date, for lodgement of a return by an ADI, means the date by which the ADI is required under section 11 to lodge the return and pay State big bank levy.See the Taxation Administration Act 2001, sections 14 and 30 in relation to the time for payment of State big bank levy.
7ADI to pay State big bank levy
State big bank levy must be paid by an ADI on which the levy is imposed.
(1)The amount of State big bank levy payable by an ADI for a quarter of a financial year is 0.05% of the GSP percentage of the applicable liabilities amount for the quarter in relation to the ADI.(2)In this section—applicable liabilities amount, for a quarter of a financial year in relation to an ADI, see the Major Bank Levy Act 2017 (Cwlth), section 3.
9Assessment to take into account particular determination
(1)This section applies if the Commonwealth commissioner makes a determination under the Taxation Administration Act 1953 (Cwlth) that changes an ADI’s liability for Commonwealth major bank levy for a quarter of a financial year.(2)An assessment under the Taxation Administration Act 2001 of the amount of State big bank levy payable by the ADI for the quarter of the financial year must take into account the determination.
(1)The commissioner must, at the times the commissioner considers appropriate—(a)work out the GSP percentage for each financial year; and(b)publish notice of the GSP percentage in the gazette.(2)The GSP percentage worked out by the commissioner for a financial year (the relevant financial year) is the GSP for Queensland for the financial year occurring 2 years before the relevant financial year expressed as a percentage of the GDP for the financial year occurring 2 years before the relevant financial year.(3)In this section—GDP means the gross domestic product estimate in current prices and original terms published by the Australian Bureau of Statistics.GSP, for Queensland, means the gross state product estimate for Queensland in current prices and original terms published by the Australian Bureau of Statistics.
(1)An ADI liable to pay State big bank levy for a quarter of a financial year must, on or before the ADI’s Commonwealth return day for the quarter, lodge a return for the quarter.Failure to lodge a return is an offence against the Taxation Administration Act 2001, section 121.(2)The return must—(a)be in the approved form; and(b)state the amount of the ADI’s liability for State big bank levy for the quarter.(3)If the commissioner considers it would be unduly onerous to require the ADI to lodge a return by the time mentioned in subsection (1), the commissioner may, by notice given to the ADI, extend the time by which the ADI is required to lodge the return.(4)The commissioner may at any time, by notice given to the ADI, revoke a notice given under subsection (3).(5)In this section—Commonwealth return day, for an ADI for a quarter of a financial year, means the day the ADI is required, under the Taxation Administration Act 1953 (Cwlth), to give the Commonwealth commissioner a return relating to Commonwealth major bank levy for the quarter.
12When commissioner must reassess State big bank levy
The commissioner must make a reassessment under the Taxation Administration Act 2001 of State big bank levy imposed on an ADI for a quarter of a financial year if the Commonwealth commissioner makes a determination under the Taxation Administration Act 1953 (Cwlth) that changes the ADI’s liability for Commonwealth major bank levy for the quarter.See also section 9.
13State big bank levy not to be paid by customers
State big bank levy payable by an ADI for a quarter of a financial year—(a)can not be directly recovered from customers of the ADI; and(b)must be paid out of profits or other funds of the ADI.
14Notice of change to liability for Commonwealth major bank levy
(1)This section applies if the Commonwealth commissioner makes a determination under the Taxation Administration Act 1953 (Cwlth) that changes an ADI’s liability for Commonwealth major bank levy for a quarter of a financial year.(2)The ADI must, within 14 days after receiving notice of the determination, give the commissioner notice of the determination.1Failure to give the notice is an offence against the Taxation Administration Act 2001, section 120.2See also the Taxation Administration Act 2001, section 28.
The commissioner may approve forms for use under this Act.
(1)The Governor in Council may make regulations under this Act.(2)A regulation may provide for a maximum penalty of not more than 20 penalty units for a contravention of a regulation.
17First imposition of State big bank levy
Despite section 5, this Act imposes State big bank levy on an ADI from the first quarter, of a financial year, starting immediately after the commencement.
This division amends this Act.
Long title, from ‘, and to amend’—
omit.
Division 2 Amendment of Taxation Administration Act 2001
This division amends the Taxation Administration Act 2001.
21Amendment of s 6 (Revenue laws)
Section 6—
insert—(10)The Big Bank Levy (COVID-19 Health Response) Act 2021 is a revenue law.
ADI (authorised deposit-taking institution) see the Major Bank Levy Act 2017 (Cwlth), section 3.
approved form means a form approved under section 15.
commissioner means the commissioner under the Taxation Administration Act 2001.
Commonwealth commissioner means the Commissioner of Taxation under the Taxation Administration Act 1953 (Cwlth).
Commonwealth major bank levy means levy imposed on an ADI under the Major Bank Levy Act 2017 (Cwlth).
GSP percentage, in relation to a financial year, means the GSP percentage worked out by the commissioner under section 10 for the financial year.
lodge see the Taxation Administration Act 2001, schedule 2.
notice means written notice.
quarter, of a financial year, means a period of 3 months ending on 30 September, 31 December, 31 March and 30 June in the year.
State big bank levy means State big bank levy imposed under section 5.