New South Wales Consolidated Acts

INSURANCE PROTECTION TAX ACT 2001 - SECT 5

5 Annual determination of total amount of tax to be collected from insurers

(1) The total amount of tax that is imposed by this Act on insurers for the year commencing on 1 July 2001, and for each subsequent year, is $65 million, subject to this section.

(2) The Governor, on the recommendation of the Treasurer, may determine that the total amount of tax imposed by this Act on insurers for a year commencing on or after 1 July 2002 is to be an amount that is specified in the determination and that is less than $65 million.

(3) A determination of the Governor under subsection (2) is to be made and notified in the Gazette before the year to which the determination applies.