Life Insurance Supervisory Levy Act 1989 (Cth)

LIFE INSURANCE SUPERVISORY LEVY ACT 1989
- Updated as at 1 July 1995 (HISTACT CHAP 3384 #DATE 01:07:1995)

*1* The Life Insurance Supervisory Levy Act 1989 as shown in this reprint comprises Act No. 22, 1989 amended as indicated in the Tables below. Table of Acts Act Number Date of Date of Application, saving or and year notification commencement transitional provisions in Gazette Life Insurance Supervisory Levy Act 1989 22, 1989 20 Apr 1989 20 Apr 1989 (see s. 2) Life Insurance Supervisory Levy Amendment Act 1991 5, 1992 6 Jan 1992 6 Jan 1992 S. 5 Insurance Laws Amendment Act (No. 2) 1994 49, 1994 7 Apr 1994 Schedule (item 18): - Royal Assent (a) Life Insurance (Consequential Amendments and Repeals) Act 1995 5, 1995 23 Feb 1995 1 July 1995 (see s. 2 - and Gazette 1995, No. GN24) (a) The Life Insurance Supervisory Levy Act 1989 was amended by the Schedule (item 18) only of the Insurance Laws Amendment Act (No. 2) 1994, subsection 2 (1) of which provides as follows: "(1) Sections 1, 2, and 3 and the amendments contained in items 1, 2, 4, 5, 7, 17, 18 and 19 of the Schedule commence on the day on which this Act receives the Royal Assent." Table of Amendments ad=added or inserted am=amended rep=repealed rs=repealed and substituted Provision affected How affected Title am. No. 5, 1995 S. 5 am. No. 5, 1995 S. 6 am. No. 5, 1992; No. 49, 1994 S. 9 am. No. 5, 1992 #ADD 4:7:1995

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - TABLE OF PROVISIONS 
TABLE

                           TABLE OF PROVISIONS
Section
    1.    Short title
    2.    Commencement
    3.    Acts to be read as one
    4.    Act to bind Crown
    5.    Extension to external Territories
    6.    Interpretation
    7.    Imposition of life insurance levy
    8.    Amount of levy
    9.    Daily component of life insurance levy
   10.    Calculation of indexation factor
   11.    Regulations

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - LONG TITLE 
SECT

       An Act to impose a levy on companies that are required to
      lodge accounts under the Life Insurance Act 1945 or to give
         financial statements under the Life Insurance Act 1995

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 1 
Short title 
SECT

  1. This Act may be cited as the Life Insurance Supervisory Levy Act 1989.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 2 
Commencement 
SECT

  2. This Act commences, or shall be taken to have commenced, as the case
requires, on the commencement of the Collection Act.*1*
SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 3 
Acts to be read as one 
SECT

  3. The Collection Act is incorporated, and shall be read as one, with this
Act.

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 4 
Act to bind Crown 
SECT

  4. This Act binds the Crown in right of the Commonwealth, of each of the
States, of the Australian Capital Territory, of the Northern Territory and of
Norfolk Island.

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 5 
Extension to external Territories 
SECT

  5. This Act extends to each external Territory to which the Life Insurance
Act 1995 extends.

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 6 
Interpretation 
SECT

  6. In this Act, unless the contrary intention appears:
  "Collection Act" means the Insurance Supervisory Levies Collection Act
1989;
  "daily component of life insurance levy", in relation to a leviable day,
means the amount calculated under section 9;
  "indexation factor" means the indexation factor calculated under section
10;
  "index number", in relation to a quarter, means the All Groups Consumer
Price Index number, being the weighted average of the 8 capital cities,
published by the Australian Statistician in respect of that quarter;
  "statutory upper limit" means:
  (a) in relation to the financial year commencing on 1 July 1990 - the amount
calculated by multiplying $19,000 by the indexation factor for that financial
year; or
  (aa) in relation to the financial year commencing on 1 July 1991 - $28,000;
or
  (b) in relation to the financial year commencing on 1 July 1992 or 1 July
1993 - the amount calculated by multiplying the statutory upper limit for the
previous financial year by the indexation factor for the financial year
starting on that day; or
  (c) in relation to the financial year commencing on 1 July 1994 - $70,000;
or
  (d) in relation to a later financial year - the amount calculated by
multiplying the statutory upper limit for the previous financial year by the
indexation factor for the later financial year.

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 7 
Imposition of life insurance levy 
SECT

  7. Levy payable in accordance with subsection 6 (3) of the Insurance
Supervisory Levies Collection Act 1989 is imposed.

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 8 
Amount of levy 
SECT

  8. (1) The amount of life insurance levy payable for a period is the amount
obtained by:
  (a) calculating the daily component of life insurance levy for each leviable
day in that period; and
  (b) aggregating those daily components.

  (2) If the amount of life insurance levy that would, apart from this
subsection, be payable for a period is an amount of dollars and cents, the
amount shall be rounded up to an amount of whole dollars.

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 9 
Daily component of life insurance levy 
SECT

  9. (1) The daily component of life insurance levy for a leviable day in a
financial year is the amount calculated using the formula:
                    Annual rate
           No. of days in financial year
where:
  Annual rate is $25,000 or such other amount as is applicable under the
regulations to the leviable day;
  No. of days in financial year is the number of days in the financial year.

  (2) The amount prescribed for the purposes of the formula in subsection (1)
in relation to a leviable day in a financial year shall not exceed the
statutory upper limit for the financial year.

  (3) An amount shall not be prescribed for the purposes of the formula in
subsection (1) in relation to a leviable day in a financial year earlier than
the financial year commencing on 1 July 1990.

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 10 
Calculation of indexation factor 
SECT

  10. (1) The indexation factor for a financial year is the number (calculated
to 3 decimal places) ascertained by dividing the index number for the March
quarter immediately preceding that financial year by the index number for the
March quarter immediately preceding that first-mentioned March quarter.

  (2) If the factor ascertained under subsection (1) in relation to a
financial year would, if it were calculated to 4 decimal places, end with a
number greater than 4, the factor ascertained under that subsection in
relation to that financial year shall be taken to be the factor calculated to
3 decimal places and increased by 0.001.

  (3) Subject to subsection (4), if at any time, whether before or after the
commencement of this section, the Australian Statistician has published or
publishes an index number in respect of a quarter in substitution for an index
number previously published by the Australian Statistician in respect of that
quarter, the publication of the later index number shall be disregarded for
the purposes of this section.

  (4) If at any time, whether before or after the commencement of this
section, the Australian Statistician has changed or changes the reference base
for the Consumer Price Index, then, for the purposes of the application of
this section after the change took place or takes place, regard shall be had
only to the index numbers published in terms of the new reference base.

LIFE INSURANCE SUPERVISORY LEVY ACT 1989 - SECT 11 
Regulations 
SECT

  11. The Governor-General may make regulations for the purposes of subsection
9 (1).