Commonwealth of Australia Bills Commonwealth of Australia Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
2002
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Medical
Indemnity (IBNR Indemnity) Contribution Bill
2002
No. ,
2002
(Health and
Ageing)
A Bill for an Act to impose a tax
on certain members and former members of certain medical defence organisations,
and for related purposes
Contents
A Bill for an Act to impose a tax on certain members and
former members of certain medical defence organisations, and for related
purposes
The Parliament of Australia enacts:
This Act may be cited as the Medical Indemnity (IBNR Indemnity)
Contribution Act 2002.
This Act commences, or is taken to have commenced, on 1 January
2003.
In this Act, unless the contrary intention appears:
annual subscription for a participating member of a
participating MDO has the same meaning as in section 54 of the Medical
Indemnity Act 2002.
base year for a participating member of a participating MDO
has the meaning given by section 54 of the Medical Indemnity Act
2002.
contribution year has the meaning given by subsections 5(1)
and (2).
IBNR indemnity contribution means the contribution that is
payable under Division 1 of Part 3 of the Medical Indemnity Act
2002.
imposition day has the meaning given by subsection
5(3).
participating MDO has the same meaning as in the Medical
Indemnity Act 2002.
participating member of a participating MDO has the same
meaning as in the Medical Indemnity Act 2002.
On the imposition day for each contribution year for a participating MDO,
an IBNR indemnity contribution is imposed as a tax on the participating members
of the MDO.
(1) Subject to subsection (2), each financial year that starts on or
after 1 July 2003 is a contribution year for a participating
MDO.
(2) The regulations may declare that a financial year specified in the
regulations is the last contribution year for a particular participating MDO. If
they do so, no subsequent financial year is a contribution year for that
MDO.
(3) The imposition day for a contribution year for a
participating MDO is:
(a) 1 August in the contribution year; or
(b) such other day as is specified in the regulations as the imposition
day for the contribution year.
(1) The amount of the IBNR indemnity contribution imposed on a
participating member of a participating MDO for a contribution year for the MDO
is the applicable percentage of the member’s annual subscription for the
base year.
(2) The applicable percentage is:
(a) 50%; or
(b) such lower percentage as is specified in the regulations in relation
to the MDO for the contribution year.
(3) Without limiting paragraph (2)(b), regulations made for the
purposes of that paragraph may specify different percentages for different
contribution years for the MDO.
(4) The regulations made for the purposes of paragraph (2)(b) may not
specify a percentage for a contribution year for an MDO (other than the first
contribution year) that is higher than the percentage applicable to the MDO for
the first contribution year.
The Governor-General may make regulations prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving
effect to this Act.