Document ID: chunk:federal_register_of_legislation:C2024C00613:section:71z
Version: federal_register_of_legislation:C2024C00613
Segment Type: section
Provision Reference: s 71Z
Character Range: 186581–188900

71Z  Crediting reassessment surplus to institutions and funders of last resort
 (1) If a participating institution or funder of last resort has an amount of reassessment surplus in relation to a person for the present quarter, the Operator may set off all or part of the reassessment surplus for the present quarter against all or part of any of the following amounts:
 (a) reassessment contribution for the institution or funder of last resort for the present quarter or a quarter before the present quarter;
 (b) reassessment contribution for the institution or funder of last resort for a quarter after the present quarter for which the Operator reasonably believes the institution or funder of last resort will be liable;
 (c) funding contribution for the institution or funder of last resort for the present quarter or a quarter before the present quarter;
 (d) funding contribution for the institution or funder of last resort for a quarter after the present quarter for which the Operator reasonably believes the institution or funder of last resort will be liable.
 (2) For the purposes of this Act, if all or part of the reassessment surplus for the institution or funder of last resort is set off against an amount under subsection (1), the amount set off is taken to have been paid by the institution or funder of last resort.
 (3) The Commonwealth must repay so much of the reassessment surplus as is not set off under subsection (1) to:
 (a) if paragraph (b) does not apply—the institution or funder of last resort; or
 (b) if rules made for the purposes of this paragraph prescribe a different person in relation to the repayment—the person prescribed by the rules.
Note: For the appropriation for the refund, see section 77 of the Public Governance, Performance and Accountability Act 2013.
 (4) However, the Operator may, on behalf of the Commonwealth reduce the amount that may be set off under subsection (1), or the amount of any repayment under subsection (3), by the amount (if any) of payment waived in respect of the institution or funder of last resort under section 156 (including as it applies in relation to an amount of reassessment contribution because of subsection 71Y(3)).

Chapter 4—Administrative matters

Part 4‑1—Review of determinations

Division 1—Simplified outline of this Part