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Law Council of Australia

Business Law Section

AUSTRAC Industry Contribution 2023–2024

The Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee) provided a submission concerning the stakeholder consultation paper titled “AUSTRAC Industry Contribution 2023–2024” (the Consultation Paper), which was issued by the Australian Transaction Reports and Analysis Centre (AUSTRAC) in April 2024.

The Consultation Paper does not pose specific questions for consultation, but invites stakeholders to make submissions on the proposed arrangements for the calculation and imposition of the industry contribution levy (the Levy), which will be used to inform possible areas for review or changes to the Levy components and variables for future industry contributions.

The key matters the Committee wishes to bring to AUSTRAC’s attention are as follows:

  1. the current methodology for calculating the Levy is not completely fit for purpose, because there are leviable entities that are currently required to make a contribution to the funding of AUSTRAC’s operations (which is significant), yet may be disproportionate to the designated services they provide (which may be limited in their scope and nature); and
  2. the Committee submits that, if the Levy were calculated based upon earnings associated with the provision of designated services (rather than on overall earnings), this would produce a fairer outcome among leviable entities.

Read the full submission below.

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