Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1AA) The amount of levy payable by a general insurance company for a financial year is the sum of the general component and the special component for the general insurance company for the financial year.
Note: For general component , see subsections ( 1) to (2). For special component , see subsection ( 2A).
(1) Subject to subsection ( 2), the general component for a general insurance company for a financial year is the sum of the restricted levy component and the unrestricted levy component for the financial year.
Note: For restricted levy component , see subsection ( 1A). For unrestricted levy component , see subsection ( 1B).
(1A) The restricted levy component for the financial year is:
(a) unless paragraph ( b) or (c) applies--the amount that, for the financial year, is the restricted levy percentage of the general insurance company's levy base ; or
(b) if the amount worked out under paragraph ( a) exceeds the maximum restricted levy amount for the financial year--the maximum restricted levy amount; or
(c) if the amount worked out under paragraph ( a) is less than the minimum restricted levy amount for the financial year--the minimum restricted levy amount.
Note: The restricted levy percentage, maximum restricted levy amount, minimum restricted levy amount and the method of working out the general insurance company's levy base are as determined under subsection ( 3).
(1B) The unrestricted levy component for the financial year is the amount that, for the financial year, is the unrestricted levy percentage of the general insurance company's levy base .
Note: The unrestricted levy percentage is as determined under subsection ( 3).
(2) If the levy imposition day for the general insurance company for the financial year is later than 1 July in the financial year, the general component for the general insurance company for the financial year is the amount worked out using the following formula:
(2A) The special component for a general insurance company for a financial year is:
(a) nil, if the general insurance company belongs to a class of general insurance company for which no provision is made in the Treasurer's determination under paragraph ( 3)(h); or
(b) if the general insurance company belongs to a class of general insurance company for which provision is made in the Treasurer's determination under paragraph ( 3)(h):
(i) unless subparagraph ( ii) or (iii) applies--the amount that, for the financial year, is the special levy percentage of the general insurance company's eligible premium income; or
(ii) if the amount worked out under subparagraph ( i) exceeds the special maximum levy amount for the financial year--the special maximum levy amount; or
(iii) if the amount worked out under subparagraph ( i) is less than the special minimum levy amount for the financial year--the special minimum levy amount.
Note: The special levy percentage, the special maximum levy amount and the special minimum levy amount are as determined under subsection ( 3).
(3) The Treasurer is, by legislative instrument , to determine:
(a) the maximum restricted levy amount for each financial year; and
(b) the minimum restricted levy amount for each financial year; and
(c) the restricted levy percentage for each financial year; and
(ca) the unrestricted levy percentage for each financial year; and
(d) how a general insurance company's levy base is to be worked out ; and
(e ) the special maximum levy amount for each financial year; and
(f) the special minimum levy amount for each financial year; and
(g) the special levy percentage for each financial year; and
(h) how a general insurance company's eligible premium income is to be worked out.
(4) An amount determined under subsection ( 3) as the maximum restricted levy amount for a financial year must not exceed the statutory upper limit for the financial year .
(4A) An amount determined under subsection ( 3) as the special maximum levy amount for a financial year must not exceed the special statutory upper limit for the financial year .
(5) The Treasurer's determination under paragraph ( 3)(d) of how a general insurance company's levy base is to be worked out is to include, but is not limited to, a determination of the day as at which the general insurance company's levy base is to be worked out. That day must be:
(a) if the general insurance company was a general insurance company at all times from and including 17 March of the previous financial year to and including the following 30 June--a day in the period from and including that 17 March to and including the following 14 April; or
(b) if the general insurance company was not a general insurance company at all times from and including 17 March of the previous financial year to and including the following 30 June--the day after that 17 March when the general insurance company became, or becomes, a general insurance company.
(6) The Treasurer's determination under paragraph ( 3)(h) of how a general insurance company's eligible premium income is to be worked out is to include, but is not limited to, a determination of:
(a) that part of the premium income of a company that is eligible premium income; and
(b) the period for which the eligible premium income is to be worked out.
(7) A determination under subsection ( 3) may make different provision for different classes of general insurance company.