Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Board must seek advice from an actuary as to:
(a) whether the rate of payroll levy imposed (at the time the advice is given) would be adequate to ensure that the Fund will be sufficient to reimburse employers in accordance with the Employer Reimbursement Rules; and
(b) if not, the rate that would be so adequate.
(2) The Board must seek such advice at least once every 3 years.
(5) When the Board obtains advice from an actuary, the Board must notify the Minister of the terms of the advice and make a recommendation to the Minister as to whether the rate of payroll levy needs to be changed and, if so, the rate that should be imposed.
(6) If the Board forms the opinion, having regard to any advice obtained by it under this section, that the Fund is likely within the ensuing 12 months to be sufficient to reimburse employers in accordance with the Employer Reimbursement Rules, the Board must give to the Minister a written report stating that it has formed that opinion and setting out the reasons for that opinion.
(7) If at any time the Board considers that the amount standing to the credit of the Fund exceeds the amount required to be retained in the Fund to make any payments that will need to be made out of the Fund, the Board may distribute the excess among such persons who have paid payroll levy, and in such amounts, as the Board considers equitable.