Document ID: chunk:federal_register_of_legislation:F2022L01138:clause:1_6
Version: federal_register_of_legislation:F2022L01138
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 2257–4621

6  Determining Regulatory Contributions
In determining the regulatory contributions payable by Entities and Commonwealth authorities under the Act in respect of a financial year, the following guidelines apply to Comcare:
    (1)    The total of the regulatory contributions in respect of a financial year should fund the total estimated costs in that financial year of the regulatory costs referred to in subsection 97D(2) of the SRC Act.
    (2)    Comcare shall publish information explaining the methodology and data used to calculate regulatory contributions.
    (3)    Comcare should consider Entities' and Commonwealth authorities' budget timing when advising regulatory contributions.
    (4)    Adjustments due to correction of data should only be made if:
        (a)           the Entity or Commonwealth authority notifies Comcare of the correction no later than 30 April in the financial year immediately following the financial year the regulatory contribution relates to; or
        (b)          Comcare considers the correction will result in a significant increase in the regulatory contribution in respect of the Entity or Commonwealth authority.

Note:
(1)            Section 97J of the Act provides for the review by Comcare, at the request of an Entity or Commonwealth authority, of a regulatory contribution determination under section 97 of the Act;
(2)            Section 97K of the Act provides for the further review by the Commission, at the request of an Entity or Commonwealth authority, of a regulatory contribution determination under section 97 of the Act that has been reviewed by Comcare under section 97J of the Act;
(3)            Section 97M of the Act provides for the variation by Comcare, in certain specified circumstances, of a regulatory contribution determination.

    7  Reporting and Consulting

Comcare shall:
    (1)    report to the Commission each year on the performance of the system for determining and collecting regulatory contributions; and
    (2)    consult the Commission, Entities and Commonwealth authorities about significant changes to the regulatory contributions methodology before implementing those changes.

           Note:        Consultation involves providing an explanation of the proposed change and seeking comment, considering any comments received and advising the conclusion made.