MAJOR BANK LEVY ACT 2017 (NO. 63, 2017) - SECT 6 Working out amounts for a quarter
MAJOR BANK LEVY ACT 2017 (NO. 63, 2017) - SECT 6
Working out amounts for a quarter(1) An amount mentioned in subsection 4(2) or paragraph 5(2)(b) for a quarter is to be worked out by working out that amount as at the end of the last day of the quarter.
(2) However, the following amounts for a quarter are to be worked out under subsection (3):
(a) the total liabilities amount, to the extent that it consists of liabilities relating to any of the following:
(i) debt securities;
(ii) repurchase agreements;
(iii) loans between the ADI concerned and another ADI;
(iv) loans between the ADI concerned and a foreign bank (within the meaning of section 128A of the Income Tax Assessment Act 1936 );
(b) the exchange settlement account balance mentioned in subparagraph 5(2)(b)(iv);
(c) an amount of a kind determined under subsection (4).
(3) An amount mentioned in subsection (2) is worked out, for a quarter, as follows:
Method statement
Step 1. For each day during the quarter, work out the amount mentioned in subsection (2) as at the end of that day.
Step 2. Add together the step 1 amounts.
Step 3. Divide the step 2 amount by the total number of days in the quarter.
(4) The Minister may, by legislative instrument, determine a kind of amount for the purposes of paragraph (2)(c).
(5) An instrument made under subsection (4) may make provision in relation to a matter by applying, adopting or incorporating any matter contained in any other instrument or writing as in force or existing from time to time.
(6) Subsection (5) has effect despite anything in subsection 14(2) of the Legislation Act 2003 .