Victorian Consolidated Legislation

Financial Management Act 1994 - SECT 40N

Financial accommodation levy

40N. Financial accommodation levy



(1) A leviable authority must pay to the Treasurer for payment into the
Consolidated Fund a levy, in respect of each leviable period, in respect of
financial accommodation provided to the authority, or in respect of such part
of that accommodation as the Treasurer determines from time to time.

(2) The levy payable by a leviable authority in respect of each leviable
period is determined by multiplying the liabilities of the authority in
respect of the financial accommodation to which the levy relates as at the end
of that leviable period by a percentage rate determined in relation to that
authority by the Treasurer, or a person authorised by the Treasurer, in
respect of the financial year in which the leviable period falls, being a rate
that, in the opinion of the Treasurer or authorised person, does not exceed
the difference between-

   (a)  the annual interest or discount rate and other costs of the financial
        accommodation; and

   (b)  the estimated annual interest or discount rate and other costs of the
        financial accommodation that would apply if the leviable authority
        were not a public authority.

(3) The Treasurer or authorised person may, in determining the levy in
accordance with subsection (1), have regard to such matters as the Treasurer
or person determines.

(4) The levy is payable at such times, and in such manner, as the Treasurer
determines and may be recovered as a debt due to the State.

(5) In this section, leviable period, in relation to a leviable authority,
means a financial year or such shorter period as the Treasurer determines from
time to time in relation to that authority.