Document ID: chunk:federal_register_of_legislation:C2015A00083:section:8
Version: federal_register_of_legislation:C2015A00083
Segment Type: section
Provision Reference: s 8
Character Range: 4076–6485

8  Amount of supervisory levy payable for the financial year starting on 1 July 2016 or a later financial year
 (1) This section applies to levy payable, in accordance with subsection 8(4C) of the Financial Institutions Supervisory Levies Collection Act 1998, by a private health insurer for the financial year starting on 1 July 2016 or a later financial year.
 (2) Subject to subsection (3), the amount of supervisory levy payable by the private health insurer for the financial year is the sum of the levy amounts, as determined by the levy determination for the financial year, for each complying health insurance policy on issue from the insurer on:
 (a) the census day for the financial year; or
 (b) if the levy imposition day for the insurer for the levy year is later than that census day—the levy imposition day.
 (3) If the levy imposition day for the private health insurer is later than 1 July in the financial year, the amount of supervisory levy payable by the insurer for the financial year is the amount worked out using the following formula:

Minister to make annual determinations of levy amounts for complying health insurance policies
 (4) For the financial year starting on 1 July 2016, and for each later financial year, the Minister is to make a legislative instrument (a levy determination) determining the levy amount that is payable in respect of a complying health insurance policy.
 (5) The levy determination for a financial year must also specify a day in the financial year as the census day for the financial year.
 (6) The levy determination for a financial year may determine a levy amount by:
 (a) specifying the levy amount; or
 (b) specifying a method for calculating the levy amount.
 (7) The levy determination for a financial year:
 (a) must be such that each levy amount it determines is calculated having regard to the number of complying health insurance policies on issue on the census day; and
 (b) may determine different levy amounts for complying health insurance policies under which different numbers of people are insured; and
 (c) may determine a levy amount of zero; and
 (d) must not determine a levy amount that exceeds:
 (i) for a complying health insurance policy under which only one person is insured—$2; and
 (ii) otherwise—$4.

[Minister's second reading speech made in—
House of Representatives on 27 May 2015
Senate on 16 June 2015]

(75/15)