Commonwealth Consolidated Acts

FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT LEVY ACT 2023 - SECT 9

    Levy is imposed on a person for the second levy period or a later levy period if:

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

  (b)   as a result of that estimate, a determination comes into force under section   1069H of the Corporations Act 2001 that, under subsection   1069H(5) of that Act, specifies that levy needs to be imposed by this section:

  (i)   for the levy period; and

  (ii)   across all members of one or more specified sub - sectors (which need not include the sub - sector to which that estimate relates); and

  (c)   at any time during the levy period or the previous levy period, the person is a member of one of the sub - sectors specified in that determination; and

  (d)   the general conditions (if any) prescribed by the regulations for the purposes of this paragraph are met for the person and the levy period.

Note 1:   Such a determination will only come into force if the Minister decides that special levy needs to be imposed across one or more other sub - sectors to deal with a revised claims, fees and costs estimate for a particular sub - sector that causes the sub - sector levy cap for that sub - sector to be exceeded.

Note 2:   Such a determination could be made instead of a determination that, under subsection   1069H(4) of the Corporations Act 2001 , specifies that special levy needs only to be imposed by subsection   8(3) of this Act for the levy period and the sub - sector to which the revised claims, fees and costs estimate relates.

Note 3:   Special levy can be imposed under this section more than once for the levy period and the sub - sector if more than one of these estimates, and determinations, come into force for the levy period.