Commonwealth Consolidated Acts

LIFE INSURANCE SUPERVISORY LEVY IMPOSITION ACT 1998 - SECT 7

             (1)  Subject to subsection (2), the amount of levy payable by a life 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 life insurance company's asset value; 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 life insurance company's asset value 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 life insurance company's asset value.

Note:          The unrestricted levy percentage is as determined under subsection (3).

             (2)  If the levy imposition day for the life insurance company for the financial year is later than 1 July in the financial year, the amount of levy payable by the life insurance company for the financial year is the amount worked out using the following formula:

             (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 life insurance company's asset value is to be worked out.

             (4)  An amount determined under subsection (3) as the maximum restricted levy amount must not exceed the statutory upper limit as at the time when the determination is made.

          (4A)  An amount determined under paragraph (3)(d) as a life insurance company's asset value must exclude an amount equal to the total balances of all FHSAs (within the meaning of the First Home Saver Accounts Act 2008 ) provided by the life insurance company.

             (5)  The Treasurer's determination under paragraph (3)(d) of how a life insurance company's asset value is to be worked out is to include, but is not limited to, a determination of the day as at which the life insurance company's asset value is to be worked out. That day must be:

                     (a)  if the life insurance company was a life 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 life insurance company was not a life 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 life insurance company became, or becomes, a life insurance company.

             (6)  A determination under subsection (3) may make different provision for different classes of life insurance companies.