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This is a Bill, not an Act. For current law, see the Acts databases.
MIDWIFE PROFESSIONAL INDEMNITY (RUN-OFF COVER SUPPORT PAYMENT) BILL 2009
2008-2009
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Midwife Professional Indemnity (Run-off
Cover Support Payment) Bill 2009
No. , 2009
(Health and Ageing)
A Bill for an Act to impose a tax on premium
payments for midwife professional indemnity
cover, and for related purposes
i Midwife Professional Indemnity (Run-off Cover Support Payment) Bill 2009 No. ,
2009
Contents
1
Short title ............................................................................................ 1
2
Commencement .................................................................................. 1
3
Definitions .......................................................................................... 2
4
Imposition of run-off cover support payment..................................... 2
5
Contribution year ................................................................................ 2
6
Amount of run-off cover support payment ......................................... 3
7
Premium income ................................................................................. 3
8
Rules ................................................................................................... 5
9
Regulations ......................................................................................... 5
Midwife Professional Indemnity (Run-off Cover Support Payment) Bill 2009 No. , 2009
1
A Bill for an Act to impose a tax on premium
1
payments for midwife professional indemnity
2
cover, and for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Midwife Professional Indemnity
6
(Run-off Cover Support Payment) Act 2009.
7
2 Commence ment
8
This Act commences, or is taken to have commenced, on 1 July
9
2010.
10
Section 3
2 Midwife Professional Indemnity (Run-off Cover Support Payment) Bill 2009 No. ,
2009
3 Definitions
1
In this Act, unless the contrary intention appears:
2
contribution year has the meaning given by section 5.
3
eligible insurer has the same meaning as in the Midwife
4
Professional Indemnity (Commonwealth Contribution) Scheme Act
5
2009.
6
premium income, for a contribution year, has the meaning given
7
by section 7.
8
run-off cover support payment means a payment that is payable
9
under Part 3 of the Midwife Professional Indemnity
10
(Commonwealth Contribution) Scheme Act 2009.
11
4 Imposition of run-off cover support payment
12
For each contribution year, a run-off cover support payment is
13
imposed as a tax on each eligible insurer.
14
5 Contribution year
15
(1) Subject to subsection (2), each:
16
(a) financial year; or
17
(b) other period of 12 months specified in the Rules;
18
that starts on or after 1 July 2010 is a contribution year.
19
(2) The Rules may declare that a financial year specified in the Rules
20
is the last contribution year. If they do so, no subsequent financial
21
year, or period of 12 months specified in the Rules for the purposes
22
of paragraph (1)(b), is a contribution year.
23
(3) Rules made for the purposes of paragraph (1)(b) may specify a
24
different period for a particular eligible insurer or class of eligible
25
insurers. If they do so, the reference in subsection (1) to the period
26
is taken, in its application to that insurer or to an insurer of that
27
class, to be a reference to that period for that insurer or class.
28
Section 6
Midwife Professional Indemnity (Run-off Cover Support Payment) Bill 2009 No. , 2009
3
6 Amount of run-off cove r support payment
1
(1) The amount of the run-off cover support payment imposed on an
2
eligible insurer for a contribution year is the applicable percentage
3
of the insurer's premium income for:
4
(a) the period of 12 months ending on 31 May in the contribution
5
year; or
6
(b) such other period as is specified in the Rules.
7
(2) The applicable percentage is:
8
(a) 15%; or
9
(b) such lower percentage as is specified in the Rules for the
10
contribution year.
11
(3) Rules made for the purposes of paragraph (1)(b) may specify a
12
different period for a particular eligible insurer or class of eligible
13
insurers. If they do so, the reference in subsection (1) to the period
14
is taken, in its application to that insurer or to an insurer of that
15
class, to be a reference to that period for that insurer or class.
16
(4) Rules made for the purposes of paragraph (2)(b) may specify a
17
different applicable percentage for a particular eligible insurer or
18
class of eligible insurers. If they do so, the reference in
19
subsection (1) to the applicable percentage is taken, in its
20
application to that insurer or to an insurer of that class, to be a
21
reference to that percentage for that insurer or class.
22
7 Premium income
23
(1) An eligible insurer's premium income for a period is the sum of all
24
of the premiums paid during the period to the insurer for midwife
25
professional indemnity cover provided for eligible midwives by
26
contracts of insurance with the insurer, and includes the sum of all
27
amounts paid to the insurer during the period that are amounts of a
28
kind specified in the Rules for the purposes of this subsection.
29
(2) However, the amount of an eligible insurer's premium income for
30
a period under subsection (1) is reduced by:
31
Section 7
4 Midwife Professional Indemnity (Run-off Cover Support Payment) Bill 2009 No. ,
2009
(a) any amount of GST payable during the period for any supply
1
made by the insurer for which premiums and other amounts
2
referred to in subsection (1) are consideration; and
3
(b) the sum of all amounts of stamp duty payable during the
4
period, under a law of a State or Territory, in connection with
5
midwife professional indemnity cover, or contracts of
6
insurance, referred to in subsection (1); and
7
(c) the sum of all amounts payable during the period that are
8
amounts of a kind specified in the Rules for the purposes of
9
this subsection; and
10
(d) the amount worked out under subsection (3).
11
(3) The amount referred to in paragraph (2)(d) is worked out as
12
follows:
13
Applicable rate
Net premium
1
Applicable rate
14
where:
15
applicable rate is the applicable percentage under subsection 6(2)
16
for the insurer, expressed as a decimal fraction.
17
net premium is the sum of all the premiums referred to in
18
subsection (1) reduced by the amounts referred to in
19
paragraphs (2)(a), (b) and (c) in relation to those premiums.
20
(4) In this section:
21
consideration has the same meaning as in the A New Tax System
22
(Goods and Services Tax) Act 1999.
23
eligible midwife has the same meaning as in the Midwife
24
Professional Indemnity (Commonwealth Contribution) Scheme Act
25
2009.
26
GST has the same meaning as in the A New Tax System (Goods
27
and Services Tax) Act 1999.
28
midwife professional indemnity cover has the same meaning as in
29
the Midwife Professional Indemnity (Commonwealth Contribution)
30
Scheme Act 2009.
31
Section 8
Midwife Professional Indemnity (Run-off Cover Support Payment) Bill 2009 No. , 2009
5
supply has the same meaning as in the A New Tax System (Goods
1
and Services Tax) Act 1999.
2
8 Rules
3
The Minister may, by legislative instrument, make Rules providing
4
for matters:
5
(a) required or permitted by this Act to be provided in the Rules;
6
or
7
(b) necessary or convenient to be provided in order to carry out
8
or give effect to this Act.
9
9 Regulations
10
The Governor-General may make regulations prescribing matters:
11
(a) required or permitted by this Act to be prescribed; or
12
(b) necessary or convenient to be prescribed for carrying out or
13
giving effect to this Act.
14