Market leading insight for tax experts
View online issue

Australian Treasury pressed on bank levy guidance

printer Mail

The Australian Treasury will not publish further guidance on the introduction of its bank levy until the end of May, it has confirmed in a letter to the Australian Bankers’ Association. A regulatory impact statement will accompany the draft legislation when it is introduced into the Australian Parliament by the May 31 deadline.

The Commonwealth Bank of Australia (CBA), in its submission to the Treasury’s consultation, has called for a sunset provision in the bank levy, a permanent fixed rate and the levy’s application to non-Australian banks. The CBA says it is unfair for solely Australian-owned banks to bear the burden of the levy, and that foreign-owned banks should also be subject to the tax.