APRA gives major banks some levy lee-way
The Australian Prudential Regulation Authority (APRA) has given itself scope for discretion around the reporting periods and due dates for the new Major Bank Levy.
APRA has also allowed the banks to deliver their levy data on a “best endeavours” basis for a transition period ending 30 June, 2019.
The regulator has released the reporting standard around the new levy arrangements and appears to have taken on concerns expressed by the major banks around the technical changes necessary to meet the new requirements.
According to APRA, the major banks will need to provide their information for each quarter, with the first reporting period being the quarter ending 30 September, 2017 which needs to be provided to APRA by 13 February, next year.
It said that for reporting periods ending on or after 31 December 2017, the banks will need to provide the data within 30 business days after the end of the quarter to which information relates.
However, the APRA documentation then states that the regulator “may, by notice in writing, extend the due date by which an authorised deposit-0taking institution (ADI) must provide the information required by this Reporting Standard, in which case the new due date will be the date specific on the notice of extension”.
AUTHOR
Mike Taylor
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
