Private Health Insurance Supervisory Levy Imposition Determination 2016 (Cth)

Private Health Insurance Supervisory Levy Imposition Determination 2016

I, Scott Morrison, Treasurer, make the following determination under subsection 8(4) of the Private Health Insurance Supervisory Levy Imposition Act 2015.

Dated: 28 June 2016

Scott Morrison  
Treasurer

Contents

1  Name of determination............................................................................................................. 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

5  Amount of supervisory levy..................................................................................................... 1

6  Amount of supervisory levy for a single policy....................................................................... 1

7  Census Day.............................................................................................................................. 2

1  Name of determination

This determination is the Private Health Insurance Supervisory Levy Imposition Determination 2016.

2  Commencement

This determination commences, or is taken to have commenced, on 1 July 2016.

3  Authority  

This determination is made under subsection 8(4) of the Private Health Insurance Supervisory Levy Imposition Act 2015.

4  Definitions

(1)  In this determination:

2016‑2017 financial year means the financial year commencing on 1 July 2016.

Act means the Private Health Insurance Supervisory Levy Imposition Act 2015.

Note: Terms used in this determination have the same meaning as in the Act – see section 13 of the Legislation Act 2003.

5  Amount of supervisory levy

For paragraph 8(4) of the Act, for the 2016-2017 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 6; 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.

6  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:

413 600 000

aggregate single policies + (2 × aggregate other policies)

where:

aggregate single policies means the total number of single policies on issue from all private health insurers on 1 July 2016;

aggregate other policies means the total number of complying health insurance policies (other than single policies) on issue from all private health insurers on
1 July 2016.

 (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.

7  Census Day

For paragraph 8(5) of the Act, 1 July 2016 is specified as the census day for the 2016-2017 financial year.