Federal Register of Legislation - Australian Government

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Determinations/Prudential as made
This Determination relates to a levy imposed on life insurance entities by the Life Insurance Supervisory Levy Imposition Act 1998.
Administered by: Treasury
Registered 02 Jul 2010
Tabling HistoryDate
Tabled HR28-Sep-2010
Tabled Senate28-Sep-2010
Date of repeal 01 Jul 2011
Repealed by Life Insurance Supervisory Levy Imposition Determination 2011

Life Insurance Supervisory Levy Imposition Determination 20101

Life Insurance Supervisory Levy Imposition Act 1998

I, CHRIS BOWEN, Minister for Financial Services, Superannuation and Corporate Law, make this Determination under subsection 7 (3) of the Life Insurance Supervisory Levy Imposition Act 1998.

Dated 30 June 2010

CHRIS BOWEN


1              Name of Determination

                This Determination is the Life Insurance Supervisory Levy Imposition Determination 2010.

2              Commencement

                This Determination commences on the day after it is registered.

3              Revocation

                The Life Insurance Supervisory Levy Imposition Determination 2009 is revoked.

4              Interpretation

         (1)   In this Determination:

2010–2011 financial year means the financial year beginning on 1 July 2010.

Act means the Life Insurance Supervisory Levy Imposition Act 1998.

FHSA has the same meaning as in the First Home Saver Accounts Act 2008.

Form LRF 300.2 means Form LRF 300.2 Statement of Financial Position (SF Total, SHF, SH Elim, Entity), which forms part of Reporting Standard LRS 300.0.

reporting period, in relation to a life insurance company, means the reporting period that applies to the company under paragraph 6 or 7 of Reporting Standard LRS 300.0.

Reporting Standard LRS 300.0 means Reporting Standard LRS 300.0 Statement of Financial Position made under section 13 of the Financial Sector (Collection of Data) Act 2001.

valuation day, in relation to a life insurance company, means:

                (a)    for a life insurance company that was a life insurance company at all times during the period from 17 March 2010 to 30 June 2010 — 31 March 2010; and

               (b)    for a life insurance company that was a life insurance company for some, but not all, of the period from 17 March 2010 to 30 June 2010 — the day, after 17 March 2010, on which it became a life insurance company; and

                (c)    for a life insurance company that became a life insurance company after 30 June 2010 — the day on which it became a life insurance company.

         (2)   In this Determination, a reference to a period from a specified date to another specified date is a reference to a period that includes both of those dates.

5              Amount of levy

                For paragraphs 7 (3) (a), (b), (c) and (ca) of the Act, Table 5 sets out matters for the 2010–2011 financial year.

Table 5

Item

Company

Maximum restricted levy amount ($)

Minimum restricted levy amount ($)

Restricted levy percentage

Unrestricted levy percentage

1

Life insurance company

940 000

470

0.00562

0.001633

6              Levy base

         (1)   For paragraph 7 (3) (d) of the Act, a life insurance company’s levy base is to be worked out using subsections (2) and (3).

         (2)   If the company was:

                (a)    a life insurance company at all times from 17 March 2010  to 30 June 2010; and

               (b)    required to lodge Form LRF 300.2 for a reporting period ending during the period from 17 March 2010  to 14 April 2010;

the company’s levy base is the sum of the following:

                (c)    the amount required to be reported in the column headed ‘Total Business’ at item 12 (Total Assets) in Form LRF 300.2 for the reporting period;

               (d)    minus an amount equal to the sum of the balances of FHSAs provided by the company as at the valuation day.

         (3)   If the company is not described in subsection (2), the company’s levy base is the sum of the following:

                (a)    the value of the company’s assets as at the valuation day, worked out in the same way as for the amount reported in the column headed ‘Total Business’ at item 12 (Total Assets) in Form LRF 300.2;

               (b)    minus an amount equal to the sum of the balances of FHSAs provided by the company as at the valuation day.


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.