## Australian Capital Territory Numbered Regulations

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ROAD TRANSPORT (THIRD-PARTY INSURANCE) REGULATIONS 2000 (2000 NO 6) - REG 14

**Additional premium = [(P2—P1) x N2/N1] +**
A New Tax System (ANTS)—adjustment for certain premiums

**(1)
**In working out the maximum premium that may be charged for a
third-party policy issued on or after 1 December 1999 and before 1 July 2000,
the maximum premium that may be charged, apart from this regulation, is
increased in accordance with the following formula:

x **B]) **x **(1 + [P3/P1 **x **C]) ** **(2) **In subregulation
(1)—

*A *means
3.73%.

"B" means -4.29%.

*C *means 10%.

*P1 *means the total number
of days covered by the policy.

*P2 *means—
(a) if the policy is expressed to end before 1 July
2000—the total number of days covered by the policy; or

(b) if the policy is expressed to end on or after
1 July 2000—the total number of days before 1 July 2000 covered by the
policy.

*P3 *means— (a) if the
policy is expressed to end before 1 July 2000—zero; or

(b) if the policy is expressed to end on or after
1 July 2000—the total number of days on or after 1 July 2000 covered by
the policy.

*Example *

* *A third-party policy is expressed to begin
on 1 December 1999 and end on 30 November 2000.

P1 = 366

P2 = 213

P3 =
153

Current premium = $354.00

GST increased premium = $354.00 x (1 +
[213/366 x 3.73%] + [153/366 x –4.29%]) x (1 + [153/366 x 10%])

=$370.19

*Note 1 ***A **is that part of the ANTS
premium impact from claims arising before 1 July 2000. It is positive because
input credits are not available for such claims.

*Note 2 ***B **is
that part of the ANTS premium impact from claims arising on or after 1 July
2000. It is negative because of input credits available for such claims.

*Note
3 ***C **is the 10% GST that applies to the post-30 June 2000
component of the total premium.

*Note 4 ***P1 **= **P2 **+ **P3 **.

**(1) **This regulation expires on 1 August 2000.

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