Federal Register of Legislation - Australian Government

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A Bill for an Act to amend the Life Insurance Supervisory Levy Imposition Act 1998, and for related purposes
Administered by: Treasury
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 14 May 2020
Introduced HR 13 May 2020
Table of contents.

2019‑2020

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Life Insurance Supervisory Levy Imposition Amendment Bill 2020

 

No.      , 2020

 

(Treasury)

 

 

 

A Bill for an Act to amend the Life Insurance Supervisory Levy Imposition Act 1998, and for related purposes

  

  


Contents

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

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Amendments                                                                                                3

Life Insurance Supervisory Levy Imposition Act 1998                                         3

 

 


A Bill for an Act to amend the Life Insurance Supervisory Levy Imposition Act 1998, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act is the Life Insurance Supervisory Levy Imposition Amendment Act 2020.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

The day after this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Schedules

                   Legislation 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 1Amendments

  

Life Insurance Supervisory Levy Imposition Act 1998

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

Repeal the paragraph, substitute:

                     (a)  for the financial year commencing on 1 July 2020—$10,000,000; or

2  Section 5 (paragraph (b) of the definition of statutory upper limit)

Omit “in relation to”, substitute “for”.

3  Subsection 7(4)

Omit “maximum restricted levy amount must not exceed the statutory upper limit as at the time when the determination is made”, substitute “maximum restricted levy amount for a financial year must not exceed the statutory upper limit for the financial year”.

4  Subsection 8(1)

Repeal the subsection, substitute:

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

                     (a)  ascertaining the index number for the most recent quarter for which the Australian Statistician has published an index number, as at the start of the day on which the Treasurer makes the first determination under subsection 7(3) of an amount or percentage for the financial year; and

                     (b)  dividing that index number by the index number for the quarter 12 months before the quarter mentioned in paragraph (a); and

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

5  Subsection 8(3)

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

6  Application of amendments

The amendments made by this Schedule apply in relation to a determination under subsection 7(3) of the Life Insurance Supervisory Levy Imposition Act 1998 that is made on or after the commencement of this Act.