Stamp Duties Consolidation Act 1999 section 126AA

Further levy on certain financial institutions

Section 126AA imposes an annual levy, commonly known as the "bank levy", on certain financial institutions for each of the years 2014 to 2023, calculated by reference to the DIRT paid by the institution in a specified base year.

• The levy applies for the years 2014 to 2023 and is payable by 20 October in each of those years.
• It is charged at 308% of the assessable amount (with lower rates having applied in earlier years).
• The assessable amount is the DIRT (relevant retention tax) attributable to the institution for the relevant base year.
• The levy has been replaced from 1 January 2024 by a new levy provided for in section 126AB.