Commonwealth Numbered Acts

FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT LEVY ACT 2023 (NO. 44, 2023) - SECT 17

Scheme levy cap

             (1)  The total amount of levy that may be imposed for any levy period across all persons across all sub-sectors must not exceed $250 million.

Note:          This cap is the absolute maximum amount of levy that may be imposed for a levy period across all persons for all sub-sectors.

Sub-sector levy cap

             (2)  The total amount of levy that may be imposed for the second levy period, or a later levy period, across all members of a particular sub-sector must not exceed the cap (the sub-sector levy cap ) that is the highest of the following:

                     (a)  $20 million;

                     (b)  the amount prescribed (or the amount worked out in accordance with a method prescribed) for the levy period and the sub-sector by the regulations for the purposes of this paragraph;

unless the cap is exceeded (or further exceeded) because of a determination under section 1069H of the Corporations Act 2001 for the levy period and a sub-sector specifying that levy needs to be imposed by subsection 8(3) or section 9 of this Act.

Note 1:       Unless the Minister makes such a determination, this sub-sector levy cap is an absolute maximum amount of levy that may be imposed for a levy period across all members of the sub-sector.

Note 2:       Subsection 8(3) and section 9 of this Act are about special levy. The Minister's determination can specify that special levy needs to be imposed by section 9 on either or both of the following:

(a)    all members of the sub-sector;

(b)    all members of one or more other sub-sectors.

Note 3:       Special levy imposed by section 9 of this Act on members of a sub-sector only counts towards the sub-sector levy cap for that sub-sector.

             (3)  Subsection (2) has effect subject to subsection (1).