The Government has decided to introduce a cost recovery regime for AUSTRAC’s regulatory functions.

It is proposed that from 1 July 2011 AUSTRAC will recover costs from industry through:

• A flat annual levy (initially proposed to be set at $500)
• A fee for each international funds transfer instruction report (IFTI) and threshold transaction report (TTR) lodged with AUSTRAC (proposed to be set at $1.06 per transaction).

More details of this proposal are set out in the AUSTRAC regulation cost recovery fact sheet .