Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An eligible insurer 's premium income for a period is the sum of all of the premiums paid during the period to the insurer for midwife professional indemnity cover provided for eligible midwives by contracts of insurance with the insurer, and includes the sum of all amounts paid to the insurer during the period that are amounts of a kind specified in the Rules for the purposes of this subsection.
(2) However, the amount of an eligible insurer 's premium income for a period under subsection ( 1) is reduced by:
(a) any amount of GST payable during the period for any supply made by the insurer for which premiums and other amounts referred to in subsection ( 1) are consideration; and
(b) the sum of all amounts of stamp duty payable during the period, under a law of a State or Territory, in connection with midwife professional indemnity cover , or contracts of insurance, referred to in subsection ( 1); and
(c) the sum of all amounts payable during the period that are amounts of a kind specified in the Rules for the purposes of this subsection; and
(d) the amount worked out under subsection ( 3 ).
(3 ) The amount referred to in paragraph ( 2)(d) is worked out as follows:
where:
"applicable rate" is the applicable percentage under subsection 6(2) for the insurer, expressed as a decimal fraction.
"net premium" is the sum of all the premiums referred to in subsection ( 1) reduced by the amounts referred to in paragraphs ( 2)(a), (b) and (c) in relation to those premiums.
(4 ) In this section:
"consideration" has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .
"eligible midwife" has the same meaning as in the Midwife Professional Indemnity (Commonwealth Contribution) Scheme Act 20 10 .
"GST" has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .
"midwife professional" indemnity cover has the same meaning as in the Midwife Professional Indemnity (Commonwealth Contribution) Scheme Act 20 10 .
"supply" has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .
