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This is a Bill, not an Act. For current law, see the Acts databases.
2002-2003-2004
The Parliament
of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Life
Insurance Supervisory Levy Imposition Amendment Bill
2004
No. ,
2004
(Treasury)
A Bill
for an Act to amend the Life Insurance Supervisory Levy Imposition Act
1998, and for related purposes
Contents
A Bill for an Act to amend the Life Insurance
Supervisory Levy Imposition Act 1998, and for related
purposes
The Parliament of Australia enacts:
This Act may be cited as the Life Insurance Supervisory Levy
Imposition Amendment Act 2004.
This Act commences on the day on which it receives the Royal
Assent.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
1 Section 5 (paragraph (a) of the
definition of statutory upper limit)
Repeal the paragraph, substitute:
(a) in relation to the financial year commencing on 1 July
2005—$1,500,000; or
2 Subsection 7(1)
Repeal the subsection, substitute:
(1) Subject to subsection (2), the amount of levy payable by a life
insurance company for a financial year is the sum of the restricted levy
component and the unrestricted levy component for the financial year.
Note: For restricted levy component, see
subsection (1A). For unrestricted levy component, see
subsection (1B).
(1A) The restricted levy component for the
financial year is:
(a) unless paragraph (b) or (c) applies—the amount that, for
the financial year, is the restricted levy percentage of the life insurance
company’s asset value; or
(b) if the amount worked out under paragraph (a) exceeds the maximum
restricted levy amount for the financial year—the maximum restricted levy
amount; or
(c) if the amount worked out under paragraph (a) is less than the
minimum restricted levy amount for the financial year—the minimum
restricted levy amount.
Note: The restricted levy percentage, maximum restricted
levy amount, minimum restricted levy amount and the method of working out the
life insurance company’s asset value are as determined under
subsection (3).
(1B) The unrestricted levy component for the
financial year is the amount that, for the financial year, is the unrestricted
levy percentage of the life insurance company’s asset value.
Note: The unrestricted levy percentage is as determined
under subsection (3).
3 Paragraphs 7(3)(a), (b) and
(c)
Repeal the paragraphs, substitute:
(a) the maximum restricted levy amount for
each financial year; and
(b) the minimum restricted levy amount for each financial
year; and
(c) the restricted levy percentage for each financial year;
and
(ca) the unrestricted levy percentage for each financial
year; and
4 Subsection 7(4)
Omit “maximum levy amount”, substitute “maximum
restricted levy amount”.
5 Subsection 8(1)
Repeal the subsection, substitute:
(1) The indexation factor for a financial year is the number worked out
by:
(a) dividing the index number for the March quarter immediately preceding
that financial year by the index number for the March quarter immediately
preceding that first-mentioned March quarter; and
(b) adding 0.030 to the number worked out under
paragraph (a).
6 Subsection 8(3)
Omit “subsection (1)”, substitute
“paragraph (1)(a)”.
7 Application and transitional
The amendments made by this Schedule apply in relation to levy payable
for:
(a) the financial year commencing on 1 July 2005; and
(b) each succeeding financial year.