Federal Register of Legislation - Australian Government

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Determinations/Other 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 05 Jul 2016
Tabling HistoryDate
Tabled HR30-Aug-2016
Tabled Senate30-Aug-2016
Date of repeal 01 Jul 2017
Repealed by Life Insurance Supervisory Levy Imposition Determination 2017
Table of contents.

Commonwealth Coat of Arms

 

 

Life Insurance Supervisory Levy Imposition Determination 2016

I, Scott Morrison, Treasurer, make the following determination under subsection 7(3) of the Life Insurance Supervisory Levy Imposition Act 1998.

Dated:  28 June 2016

Scott Morrison

Treasurer

 

  

  

  


Contents

1............ Name of determination.................................................................................................. 1

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

3............ Authority....................................................................................................................... 1

4............ Repeal............................................................................................................................ 1

5............ Definitions..................................................................................................................... 1

6............ Amount of levy............................................................................................................. 2

7............ Life insurance company’s levy base.............................................................................. 2

 


1  Name of determination

                   This determination is the Life Insurance Supervisory Levy Imposition Determination 2016.

2  Commencement

                   This determination commences on 1 July 2016.

3  Authority

                   This determination is made under subsection 7(3) of the Life Insurance Supervisory Levy Imposition Act 1998.

4  Repeal

                   The Life Insurance Supervisory Levy Imposition Determination 2015 is repealed.

5  Definitions

             (1)  In this determination:

2016-2017 financial year means the financial year commencing on 1 July 2016.

Act means the Life Insurance Supervisory Levy Imposition Act 1998.

Form LRF 300.2 means the form titled “LRF_300_2: Statement of Financial Position (SF Total, GF, GF Elim, Entity)”, which is 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 7 or 8 of Reporting Standard LRS 300.0.

Reporting Standard LRS 300.0 means the Reporting Standard LRS 300.0 Statement of Financial Position, which is:

                     (a)  in the Schedule to the Financial Sector (Collection of Data) (reporting standard) determination No. 53 of 2013—Reporting Standard LRS 300.0 Statement of Financial Position; and

                     (b)  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 2016 to 30 June 2016—31 March 2016; and

                     (b)  for a life insurance company that was a life insurance company for some, but not all, of the period from 17 March 2016 to 30 June 2016—the day, after 17 March 2016, on which it became a life insurance company; and

                     (c)  for a life insurance company that became a life insurance company after 30 June 2016—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.

6  Amount of levy

                   For paragraphs 7(3)(a), (b), (c) and (ca) of the Act, the following table sets out matters for the 2016-2017 financial year.

 

Amount of levy

Item

Company

Maximum restricted levy amount ($)

Minimum restricted levy amount ($)

Restricted levy percentage

Unrestricted levy percentage

1

Life insurance company

1 320 000

5 000

0.00419

0.004778

7  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 this section.

             (2)  If the company was:

                     (a)  a life insurance company at all times from 17 March 2016 to 30 June 2016; and

                     (b)  required to lodge Form LRF 300.2 for a reporting period ending during the period from 17 March 2016 to 14 April 2016;

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.