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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Insurance Protection Tax Amendment
Bill 2001
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of Insurance Protection Tax Act 2001 No 40 2
Schedule 1 Amendments 3
I certify that this PUBLIC BILL, which originated in the LEGISLATIVE ASSEMBLY, has
finally passed the LEGISLATIVE COUNCIL and the LEGISLATIVE ASSEMBLY of NEW
SOUTH WALES.
Clerk of the Legislative Assembly.
Legislative Assembly,
Sydney, , 2001
New South Wales
Insurance Protection Tax Amendment
Bill 2001
Act No , 2001
An Act to amend the Insurance Protection Tax Act 2001 to vary the arrangements
for the imposition and collection of tax under that Act; and for other purposes.
I have examined this Bill, and find it to correspond in all respects with the Bill as
finally passed by both Houses.
Chairman of Committees of the Legislative Assembly.
Clause 1 Insurance Protection Tax Amendment Bill 2001
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the Insurance Protection Tax Amendment Act 2001.
2 Commencement
(1) This Act is taken to have commenced on 1 July 2001, except as
provided by this section.
(2) Schedule 1 [10] and [11] commence on the date of assent.
3 Amendment of Insurance Protection Tax Act 2001 No 40
The Insurance Protection Tax Act 2001 is amended as set out in
Schedule 1.
Page 2
Insurance Protection Tax Amendment Bill 2001
Amendments Schedule 1
Schedule 1 Amendments
(Section 3)
[1] Section 3 Definitions
Omit the definition of insurer. Insert instead:
insurer means a person:
(a) who writes general insurance, and
(b) who does so otherwise than as an insurance
intermediary, and
(c) who is registered under the Commonwealth Insurance
Act 1973.
[2] Part 2, Division 1, heading
Omit "General". Insert instead "Insurers".
[3] Section 4, heading
Omit the heading. Insert instead "Imposition of tax on insurers".
[4] Section 5, heading
Insert "from insurers" after "collected".
[5] Section 5 (1) and (2)
Insert "on insurers" after "this Act" wherever occurring.
[6] Section 5 (1) and (2)
Omit "$69 million" wherever occurring. Insert instead "$65 million".
Page 3
Insurance Protection Tax Amendment Bill 2001
Schedule 1 Amendments
[7] Section 6
Omit the section. Insert instead:
6 Insurers to notify Chief Commissioner of premium income for
preceding financial year
(1) An insurer must, on or before 15 August in each year, lodge
with the Chief Commissioner a return in a form approved by
the Chief Commissioner specifying:
(a) the total amount of premiums received by it in relation
to general insurance in the preceding year, and
(b) the total amount of any refunds of premiums made by
it in relation to general insurance in the preceding year.
Maximum penalty: 100 penalty units.
(2) A single return for a year may be lodged on behalf of two or
more insurers who are related bodies corporate within the
meaning of the Commonwealth Corporations Act 2001.
[8] Section 8 Apportionment of tax between insurance companies
Insert after section 8 (3):
(4) If a single return for a year has been lodged on behalf of two or
more insurers who are related bodies corporate within the
meaning of the Commonwealth Corporations Act 2001, the
liability of those insurers to pay the tax imposed by this Act for
the year is to be assessed as if those insurers were a single
insurer.
(5) Insurers who are assessed for tax in accordance with
subsection (4) are jointly and severally liable for the tax.
[9] Section 10 Receipt and refund of premiums
Insert after section 10 (2):
(2A) A premium or instalment of a premium received by another
person on an insurer's behalf is taken to have been received by
the insurer when the premium or instalment (or any part of the
premium or instalment) is paid to the insurer or credited in the
insurer's accounts.
Page 4
Insurance Protection Tax Amendment Bill 2001
Amendments Schedule 1
[10] Part 2, Division 2
Insert after section 11:
Division 2 Insured persons
11A Liability of certain insured persons
(1) This section applies to a person who obtains, effects, or renews
any general insurance as an insured person with a person who
is not an insurer.
(2) A person to whom this section applies must, within 21 days
after the end of the month in which the premium relating to the
insurance is paid to a person (not being an insurer) or insurance
intermediary:
(a) lodge with the Chief Commissioner a return in a form
approved by the Chief Commissioner containing such
particulars and information as to the premium and the
insurance as the Chief Commissioner may require, and
(b) pay to the Chief Commissioner as tax under this Act an
amount equal to 1% of the premium.
(3) A person to whom this section applies is taken to have
complied with this section if the person's duty under this
section is discharged by another person acting on the person's
behalf.
[11] Part 2, Division heading
Renumber the Division commencing immediately before section 12 as
Division 3.
[12] Section 20A
Insert after section 20:
20A Register of insurers
(1) The Chief Commissioner must keep a register of the insurers
who are registered under this Part.
Page 5
Insurance Protection Tax Amendment Bill 2001
Schedule 1 Amendments
(2) Anyone may inspect the register without charge at the Chief
Commissioner's principal office during the hours that the office
is open to the public.
[13] Section 27
Insert after section 26:
27 Tax liability for year commencing 1 July 2001
(1) Despite section 5 (1), the Governor, on the recommendation of
the Treasurer, may determine that the total amount of tax
imposed by this Act on insurers for the year commencing on
1 July 2001 is to be an amount that is specified in the
determination and that is less than $65 million but not less than
the total amount of instalments paid or payable by an
instalment date specified by the Chief Commissioner under
subsection (3) that occurs before the date on which the
determination takes effect.
(2) Despite section 8, the Chief Commissioner must make an
assessment under that section for the tax year commencing on
1 July 2001 not later than 15 March 2002.
(3) Despite section 15 (3), the first three instalments of tax to be
paid under this Act for the year commencing 1 July 2001 are
payable by such dates as may be specified by the Chief
Commissioner in the relevant notice of assessment.
Page 6
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