Commonwealth Consolidated Acts

FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT LEVY ACT 2023 - SECT 17

Scheme levy cap

  (1)   The total amount of levy that may be imposed for any levy period across all persons across all sub - sectors must not exceed $250 million.

Note:   This cap is the absolute maximum amount of levy that may be imposed for a levy period across all persons for all sub - sectors.

Sub - sector levy cap

  (2)   The total amount of levy that may be imposed for the second levy period, or a later levy period, across all members of a particular sub - sector must not exceed the cap (the sub - sector levy cap ) that is the highest of the following:

  (a)   $20 million;

  (b)   the amount prescribed (or the amount worked out in accordance with a method prescribed) for the levy period and the sub - sector by the regulations for the purposes of this paragraph;

unless the cap is exceeded (or further exceeded) because of a determination under section   1069H of the Corporations Act 2001 for the levy period and a sub - sector specifying that levy needs to be imposed by subsection   8(3) or section   9 of this Act.

Note 1:   Unless the Minister makes such a determination, this sub - sector levy cap is an absolute maximum amount of levy that may be imposed for a levy period across all members of the sub - sector.

Note 2:   Subsection   8(3) and section   9 of this Act are about special levy. The Minister's determination can specify that special levy needs to be imposed by section   9 on either or both of the following:

(a)   all members of the sub - sector;

(b)   all members of one or more other sub - sectors.

Note 3:   Special levy imposed by section   9 of this Act on members of a sub - sector only counts towards the sub - sector levy cap for that sub - sector.

  (3)   Subsection   (2) has effect subject to subsection   (1).