Document ID: chunk:federal_register_of_legislation:F2019L01393:clause:1_6:p1
Version: federal_register_of_legislation:F2019L01393
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 1/2)
Character Range: 2642–5410

6  Modification of the formula in subsection 50(1) of the Act
       (1)  The formula in subsection 50(1) of the Act is modified for the classes of participating persons, and for the periods, as set out in subsections (2), (3), (4) and (5).

Levy amount – for participating persons that cease to exist
 (2)  If:
 (a) a person is a participating person for an eligible revenue period (the relevant eligible revenue period); and
 (b) that person ceases to exist on or before the date of assessment;
  then, for the purposes of the Act, the levy amount for that person for the eligible levy period starting immediately after the relevant eligible revenue period is zero.

Levy amount – for participating persons under external administration, wound up, in receivership etc
 (3) If:
 (a) a person is a participating person for an eligible revenue period (the relevant eligible revenue period); and
 (b) that person is a Chapter 5 body corporate on or before the date of assessment;
  then, for the purposes of the Act, the levy amount for that person for the eligible levy period starting immediately after the relevant eligible revenue period is the amount worked out using the formula:

Levy contribution factor   x   Overall levy target amount

Note 1: External administration is primarily dealt with by Chapter 5 of the Corporations Act 2001. Chapter 5 includes provisions dealing with schemes of arrangement, administration, receivership and winding up.
Note 2: The Telecommunications (Industry Levy) Act 2012 imposes levy on the levy amount.

Levy amount – for all other participating persons – current eligible levy period
 (4) For the current eligible levy period, if:
 (a) a person is a participating person for the eligible revenue period; and
 (b) subsections (2) and (3) of this instrument do not apply to that person;
  then, for the purposes of the Act, the levy amount for the current eligible levy period for that person is the amount worked out using the formula:

Levy contribution factor x (Overall levy target amount + Previous levy deficit  + $8,000,000)
Adjustment factor

Note: The Telecommunications (Industry Levy) Act 2012 imposes levy on the levy amount.

Levy amount – for all other participating persons – future eligible levy period
 (5) For a future eligible levy period, if:
 (a) a person is a participating person for an eligible revenue period (the relevant eligible revenue period); and
 (b) subsections (2) and (3) of this instrument do not apply to that person;
  then, for the purposes of this Act, the levy amount for that person for the eligible levy period starting immediately after the relevant eligible revenue period is the amount worked out using the formula:

Levy contribution factor x (Overall levy target amount + Previous