Australian Capital Territory Numbered Regulations

ROAD TRANSPORT (THIRD-PARTY INSURANCE) AMENDMENT REGULATIONS 2004 (NO 1) (NO 40 OF 2004) - REG 11

    (1)     The maximum premium that may be charged for a third-party policy applying to a vehicle of a classification mentioned in column 2 of an item of schedule 1, or a trader's plate, is—

        (a)     if the policy is for 1 year and—

              (i)     the vehicle or plate is used for private purposes—the appropriate amount mentioned in column 5 of the item; or

              (ii)     the vehicle or plate is used for business purposes—the appropriate amount mentioned in column 6 of the item; and

        (b)     if the policy is for any other period—an amount worked out in accordance with the following formula:

    (2)     For this regulation, a person's vehicle or trader's plate is used for private purposes if the person, or the person's agent, tells the road transport authority that there is no entitlement to claim an input tax credit in relation to the third-party policy for the vehicle or plate.

    (3)     For this regulation, a person's vehicle or trader's plate is used for business purposes if the person, or the person's agent, tells the road transport authority that there is an entitlement to claim an input tax credit in relation to the third-party policy for the vehicle or plate.

    (4)     In this regulation:

"input tax credit"—see A New Tax System (Goods and Services Tax) Act 1999 (Cwlth), dictionary.

"N" means the number of months of the policy (counting part of a month as 1 month).

5     New regulation 14

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