Federal Register of Legislation
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 2 Commencement 3 Schedule(s)
Schedule 1—Amendment of the Life Insurance Supervisory Levy Imposition Act 1998
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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 1—Amendment 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.
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