Commonwealth Consolidated Acts

AUTHORISED NON-OPERATING HOLDING COMPANIES SUPERVISORY LEVY IMPOSITION ACT 1998 - SECT 5

    In this Act, unless the contrary intention appears:

"authorised NOHC" means:

  (a)   an authorised NOHC within the meaning of the Banking Act 1959 or the Insurance Act 1973 ; or

  (b)   a registered NOHC within the meaning of the Life Insurance Act 1995 .

Note:   NOHC is short for non - operating holding company.

"indexation factor" means the indexation factor calculated under section   8.

"index number" , in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.

"levy imposition day" , in relation to an authorised NOHC for a financial year, means:

  (a)   if the authorised NOHC is an authorised NOHC on 1   July of the financial year--that day; or

  (b)   in any other case--the day, during the financial year, on which the authorised NOHC becomes an authorised NOHC.

"statutory upper limit" means:

  (a)   for the financial year commencing on 1   July 2020--$10,000,000; or

  (b)   for a later financial year--the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.