Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered RegulationsAfter regulation 19 the following regulation is inserted:
“20 A New Tax System (ANTS)—adjustment for certain premiums
“(1) In working out the maximum premium that may be charged for a third-party policy issued on or after 1 December 1999 and before 1 July 2000, the maximum premium that may be charged, apart from this regulation, is increased in accordance with the following formula:
x B]) x (1 + [P3/P1 x C])“(2) In subregulation (1)—
(a) if the policy is expressed to end before 1 July 2000—the total number of days covered by the policy; or
(b) if the policy is expressed to end on or after 1 July 2000—the total number of days before 1 July 2000 covered by the policy.
(a) if the policy is expressed to end before 1 July 2000—zero; or
(b) if the policy is expressed to end on or after 1 July 2000—the total number of days on or after 1 July 2000 covered by the policy.
Example
A third-party policy is expressed to begin on 1 December 1999 and end on 30 November 2000.
P1 = 366
P2 = 213
P3 = 153
Current premium = $354.00
GST increased premium =$354.00 x (1 + [213/366 x 3.73%] + [153/366 x –4.29%]) x (1 + [153/366 x 10%])
=$370.19
Note 1 A is that part of the ANTS premium impact from claims arising before 1 July 2000. It is positive because input credits are not available for such claims.
Note 2 B is that part of the ANTS premium impact from claims arising on or after 1 July 2000. It is negative because of input credits available for such claims.
Note 3 C is the 10% GST that applies to the post-30 June 2000 component of the total premium.
Note 4 P1 = P2 + P3 .”.
1 Republished as in force on 31 March 1997 (Republication No 5). See also SL 1997 No 18; 1998 No 22; 1999 Nos 2 and 6.
2 Notified in the Gazette on 29 November 1999.
© Australian Capital Territory 2003