General Insurance Supervisory Levy Amendment Bill 1996
First Reading
1996
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
General Insurance Supervisory Levy Amendment Bill 1996
No. , 1996
(Treasury)
A Bill for an Act to amend the General Insurance Supervisory Levy Act 1989, and for related purposes
9617720--1,055/19.11.1996--(177/96) Cat. No. 96 5514 X ISBN 0644 481846
Contents
1 Short title
2 Commencement
3 Schedule(s)
Schedule 1--Amendment of the General Insurance Supervisory Levy Act 1989
A Bill for an Act to amend the General Insurance Supervisory Levy Act 1989, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the
General Insurance Supervisory Levy Amendment Act 1996.
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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 6 (paragraph (d) of the definition of statutory upper limit) Repeal the paragraph, substitute:
(d) in relation to each following financial year (the relevant financial year) before the financial year commencing on 1 July 1997-the amount calculated by multiplying the statutory upper limit for the financial year immediately preceding the relevant financial year by the indexation factor for the relevant financial year; or
(e) in relation to the financial year commencing on 1 July 1997-$35,000; or
(f) in relation to a later financial year-the amount calculated by multiplying the statutory upper limit for the previous financial year by the indexation factor for the later financial year.