Document ID: chunk:federal_register_of_legislation:F2024L00813:reg:1:p1
Version: federal_register_of_legislation:F2024L00813
Segment Type: reg
Provision Reference: reg 1 (pt 1/2)
Character Range: 25020–27821

1               Life insurance company  1,200,000                           22,500                              0.01235                     0.006971

6‑3  Life insurance company's levy base
 (1) For the purposes of paragraph 7(3)(d) of the Act, a life insurance company's levy base is to be worked out using this section.
 (2) For the purposes of subsection 7(5) of the Act, the day as at which the levy base is to be worked out is the valuation day for the life insurance company.
 (3) The levy base is the value of the life insurance company's assets, as at the valuation day, worked out in the same way as the information "Total assets (item 15)" as described in Reporting Standard LRS 300.0 Statement of Financial Position, requires to be reported as a dataset in a 12th column, worked out for a reporting period ending on the valuation day.

Part 7—Private health insurance supervisory levy

7‑1  Definitions
  In this Part:
the Act means the Private Health Insurance Supervisory Levy Imposition Act 2015.
Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument.

7‑2  Amount of supervisory levy
  For the purposes of subsection 8(4) of the Act, for the current financial year:
 (a) the amount of supervisory levy for each complying health insurance policy (a single policy) under which only one person is covered is worked out under section 7‑3; and
 (b) the amount of supervisory levy for each complying health insurance policy that is not a single policy is twice the amount for a single policy.

7‑3  Amount of supervisory levy for a single policy
 (1) The amount of supervisory levy for a single policy is the amount in cents worked out using the formula:
where:
      aggregate single policies means the total number of single policies on issue from all private health insurers on census day.
      aggregate other policies means the total number of complying health insurance policies (other than single policies) on issue from all private health insurers on census day.
 (2) However, if the amount worked out using the formula is more than $2, the amount of supervisory levy for a single policy is $2.
Note:  For the definition of single policy, see paragraph 7‑2(a).

7‑4  Census day
  For the purposes of subsection 8(5) of the Act, the first day of the current financial year is specified as the census day for the current financial year.

Part 8—Retirement savings account providers supervisory levy

8‑1  Definitions
  In this Part:
the Act means the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
Note: Expressions used in this Part have the same meaning as in the Act—see subsection 1‑5(1) of this instrument.

8‑2  Amount of levy
  For the purposes of paragraphs 7(3)(a), (b), (c) and (ca)