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Australian Parliament Passes Major Bank Levy Bill — Orbitax Tax News & Alerts

On 19 June 2017, the Major Bank Levy Bill 2017 was passed by the Australian Parliament. The Bill provides for the introduction of the bank levy on authorized deposit-taking institutions (ADIs) with total liabilities of greater than AUD 100 billion. The levy will be imposed at a rate of 0.015% on certain liabilities of affected ADIs on a quarterly basis (0.06% per annum). The bank levy will be effective 1 July 2017.