Commonwealth Numbered Acts Commonwealth Numbered Acts(1) If a leviable provider is a new provider for a year, the amount of the provider's risk rated premium component for the year is zero.
(2) Otherwise, a leviable provider's risk rated premium component for a year (the current year ) is worked out using the following method statement:
Step 1: Multiply the total up-front fee paying students (as reduced under subsection (3)) for the provider for the previous year by the amount determined in an instrument under section 13 for the purposes of this step for the current year.
Step 2: Multiply the amount equal to the sum of each up-front payment received, directly or indirectly, by the provider for a domestic student for a unit of study during the previous year by the percentage determined in an instrument under section 13 for the purposes of this step for the current year.
Step 3: Add up the results of steps 1 and 2.
Step 4: For each risk factor determined in an instrument under section 13 for the purposes of this step for the current year, work out the risk factor value for the provider for the current year in accordance with the instrument.
Step 5: Add up the results of step 4 and add 1.
Step 6: Multiply the results of step 3 by the results of step 5. The result is the provider's risk rated premium component for the current year.
(3) For the purposes of working out the total up-front fee paying students for a provider for the previous year in step 1 of the method statement in subsection (2), disregard a student if that student would also fall within the definition of total HELP students (within the meaning of the Higher Education Support (HELP Tuition Protection Levy) Act 2020 ) for that previous year.