Commonwealth Consolidated Acts

FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT LEVY ACT 2023 - SECT 13

  (1)   The amount of levy imposed by subsection   8(2) on a person:

  (a)   for a levy period and a sub - sector; and

  (b)   because a revised claims, fees and costs estimate comes into force for the levy period and the sub - sector;

is the amount worked out in accordance with a method prescribed by the regulations for the purposes of this subsection .

Objectives for working out further amounts of levy

  (2)   The objectives are that the total amount of levy imposed by subsection   8(2) across all members of a sub - sector for a levy period and a revised claims, fees and costs estimate:

  (a)   does not exceed the difference between:

  (i)   the revised claims, fees and costs estimate; and

  (ii)   the total amount of levy paid that was earlier imposed by section   8 across all members of the sub - sector for the levy period; and

  (b)   does not cause the sub - sector levy cap for the levy period and the sub - sector to be exceeded; and

  (c)   does not cause the scheme levy cap to be exceeded.

Regulations

  (3)   Before the Governor - General makes regulations for the purposes of subsection   (1), the Minister must be satisfied that the regulations are consistent with the objectives stated in subsection   (2).

  (4)   Without limiting subsection   (1), the method prescribed by the regulations for a levy period and a sub - sector may have regard to:

  (a)   the revised claims, fees and costs estimate for the levy period and the sub - sector; and

  (b)   one or more determinations by ASIC under regulations made for the purposes of section   9 of the ASIC Supervisory Cost Recovery Levy Act 2017 .