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 for the financial year 2012-13.
Administered by: Treasury
Made 28 Jun 2012
Registered 29 Jun 2012
Tabled HR 14 Aug 2012
Tabled Senate 14 Aug 2012
Date of repeal 01 Jul 2013
Repealed by Life Insurance Supervisory Levy Imposition Determination 2013

Life Insurance Supervisory Levy Imposition Determination 20121

Life Insurance Supervisory Levy Imposition Act 1998

I, William Richard Shorten, Minister for Financial Services and Superannuation, make this determination under subsection 7 (3) of the Life Insurance Supervisory Levy Imposition Act 1998.

Dated 28 June 2012

William Richard Shorten


1              Name of determination

                This determination is the Life Insurance Supervisory Levy Imposition Determination 2012.

2              Commencement

                This determination commences on 1 July 2012.

3              Revocation

                The Life Insurance Supervisory Levy Imposition Determination 2011 (Federal Register of Legislative Instruments No. F2011L01337) is revoked.

4              Interpretation

         (1)   In this determination:

2012–2013 financial year means the financial year commencing on 1 July 2012.

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 2012 to 30 June 2012—31 March 2012; and

               (b)    for a life insurance company that was a life insurance company for some, but not all, of the period from 17 March 2012 to 30 June 2012— the day, after 17 March 2012, on which it became a life insurance company; and

                (c)    for a life insurance company that became a life insurance company after 30 June 2012—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, the table sets out matters for the 2012–2013 financial year.

Item

Company

Maximum restricted levy amount ($)

Minimum restricted levy amount ($)

Restricted levy percentage

Unrestricted levy percentage

1

Life insurance company

1 103 000

490

0.00689

0.001856

6              Life insurance company’s 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 2012 to 30 June 2012; and

               (b)    required to lodge Form LRF 300.2 for a reporting period ending during the period from 17 March 2012  to 14 April 2012;

the life insurance company’s levy base is 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.

         (3)   If the company is not described in subsection (2), the life insurance company’s levy base is 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.


Note

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