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Life Insurance Supervisory Levy Imposition Amendment Act 2005

  • - C2005A00016
  • In force - Latest Version
Act No. 16 of 2005 as made
An Act to amend the Life Insurance Supervisory Levy Imposition Act 1998, and for related purposes
Administered by: Treasury
Originating Bill: Life Insurance Supervisory Levy Imposition Amendment Bill 2004
Registered 25 Feb 2005
Date of Assent 22 Feb 2005
Table of contents.

 

 

 

 

 

 

Life Insurance Supervisory Levy Imposition Amendment Act 2005

 

No. 16, 2005

 

 

 

 

 

An Act to amend the Life Insurance Supervisory Levy Imposition Act 1998, and for related purposes

  

  


Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 2

3............ Schedule(s).......................................................................................... 2

Schedule 1—Amendment of the Life Insurance Supervisory Levy Imposition Act 1998  3

 


 

 

Life Insurance Supervisory Levy Imposition Amendment Act 2005

No. 16, 2005

 

 

 

An Act to amend the Life Insurance Supervisory Levy Imposition Act 1998, and for related purposes

Assented to 22 February 2005

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Life Insurance Supervisory Levy Imposition Amendment Act 2005.

2  Commencement

                   This Act commences on the day on which it receives the Royal Assent.

3  Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.


 

Schedule 1Amendment of the Life Insurance Supervisory Levy Imposition Act 1998

  

1  Section 5 (paragraph (a) of the definition of statutory upper limit)

Repeal the paragraph, substitute:

                     (a)  in relation to the financial year commencing on 1 July 2005—$1,500,000; or

2  Subsection 7(1)

Repeal the subsection, substitute:

             (1)  Subject to subsection (2), the amount of levy payable by a life insurance company for a financial year is the sum of the restricted levy component and the unrestricted levy component for the financial year.

Note:          For restricted levy component, see subsection (1A). For unrestricted levy component, see subsection (1B).

          (1A)  The restricted levy component for the financial year is:

                     (a)  unless paragraph (b) or (c) applies—the amount that, for the financial year, is the restricted levy percentage of the life insurance company’s asset value; or

                     (b)  if the amount worked out under paragraph (a) exceeds the maximum restricted levy amount for the financial year—the maximum restricted levy amount; or

                     (c)  if the amount worked out under paragraph (a) is less than the minimum restricted levy amount for the financial year—the minimum restricted levy amount.

Note:          The restricted levy percentage, maximum restricted levy amount, minimum restricted levy amount and the method of working out the life insurance company’s asset value are as determined under subsection (3).

          (1B)  The unrestricted levy component for the financial year is the amount that, for the financial year, is the unrestricted levy percentage of the life insurance company’s asset value.

Note:          The unrestricted levy percentage is as determined under subsection (3).

3  Paragraphs 7(3)(a), (b) and (c)

Repeal the paragraphs, substitute:

                     (a)  the maximum restricted levy amount for each financial year; and

                     (b)  the minimum restricted levy amount for each financial year; and

                     (c)  the restricted levy percentage for each financial year; and

                    (ca)  the unrestricted levy percentage for each financial year; and

4  Subsection 7(4)

Omit “maximum levy amount”, substitute “maximum restricted levy amount”.

5  Subsection 8(1)

Repeal the subsection, substitute:

             (1)  The indexation factor for a financial year is the number worked out by:

                     (a)  dividing the index number for the March quarter immediately preceding that financial year by the index number for the March quarter immediately preceding that first-mentioned March quarter; and

                     (b)  adding 0.030 to the number worked out under paragraph (a).

6  Subsection 8(3)

Omit “subsection (1)”, substitute “paragraph (1)(a)”.

7  Application and transitional

The amendments made by this Schedule apply in relation to levy payable for:

                     (a)  the financial year commencing on 1 July 2005; and

                     (b)  each succeeding financial year.


 

 

Minister’s second reading speech made in—

House of Representatives on 9 December 2004

Senate on 9 February 2005

(242/04)