New South Wales Consolidated Regulations

HOME BUILDING REGULATION 2014 - REG 62ZZH

62ZZH Payment of contributions by licensed providers to Home Building Operational Fund

(1) For the purposes of section 104C (1) (j) of the Act, licensed providers are to pay contributions to the Home Building Operational Fund in respect of a relevant period, and of an amount, determined by the Authority in accordance with the following arrangements--

(a) the Authority is to notify the licensed provider in writing of the amount that the licensed provider is required to contribute in respect of a relevant period and the date by which that amount must be contributed,

(b) the Authority is to provide the licensed provider with the information necessary to enable the contribution to be paid to the Authority by electronic funds transfer.

(2) The Authority is to take the following steps for determining the contribution payable to the Fund by licensed providers for a relevant period--

(a) estimate the total of the amounts to be paid from the Fund during that relevant period,

(b) determine what amounts, if any, are to be set aside as provisions to meet expenditure from the Fund in future periods, and specify for what purpose each amount is being set aside,

(c) estimate the total amounts (including the amounts already received) to be received into the Fund during that relevant period otherwise than by way of contributions in respect of that relevant period under this Division from licensed providers,

(d) determine the total amount to be contributed to the Fund under this Division in respect of that relevant period by licensed providers after having regard to the amounts likely to be standing to the credit of the Fund at the beginning of the period (including any amounts set aside in earlier periods as provisions to meet expenditure in later periods) and the amounts estimated under paragraph (c) to be received into the Fund during the relevant period,

(e) specify in writing the estimates, provisions and amounts to be contributed to the Fund by licensed providers.

(3) It is a condition of the licence of a licensed provider that the provider pay contributions in accordance with this clause.

(4) A
"relevant period" is a financial year or any other period that the Authority determines from time to time to be a relevant period for the purposes of this clause. Relevant periods can be determined so as to overlap but there must be no gap between successive relevant periods and each relevant period must not be longer than 12 months.

(5) The Authority may determine different contributions for different classes of licensed providers and may determine that a licensed provider or class of licensed providers is not liable to pay a contribution in respect of a financial year.

(6) Section 103EG (6) of the Act applies to a contribution that is payable under this clause, as if it were a contribution payable under that section.

(7) In this clause--

"financial year" means a year commencing on 1 July.