33Amount of levy

33 Amount of levy (1) The purpose of this section is to provide for the amount of the levy for construction work in relation to which the levy is imposed. (2) The amount of the levy is as follows: (a) if the cost of the construction work is the threshold amount or less – the amount worked out by multiplying the cost of the construction work by the prescribed percentage; (b) if the cost of the construction work is more than the threshold amount – the amount worked out by adding together: (i) for the threshold amount – the amount worked out by multiplying the threshold amount by the prescribed percentage; and (ii) for the excess amount – the amount worked out by multiplying the excess amount by the determined percentage for the particular construction work. (3) An amount calculated under subsection (2) is to be rounded to the nearest dollar (with 50c to be rounded downwards). (4) For subsection (2)(b)(ii), the Minister must, by Gazette notice, determine a percentage to apply to an excess amount for particular construction work. (5) Before determining a determined percentage for particular construction work, the Minister must ask the actuary to provide a report under section 91(6) for that excess amount. (5A) The Minister must determine the determined percentage for particular construction work: (a) after considering the report mentioned in subsection (5); and (b) so that the amount worked out under subsection (2)(b) is, in the Minister's opinion, sufficient to yield the amount likely to be required to fund the long service benefits of the registered workers who carry out the particular construction work.

Construction Industry Long Service Leave and Benefits Act 2005 26 (6) In this section: determined percentage means the percentage determined under this section. excess amount, in relation to construction work, means the amount that is the cost of the construction work that exceeds the threshold amount. Example for definition excess amount If the total cost of construction work is $5.5 billion and the threshold amount is $5 billion, the excess amount of that work is $500 million. prescribed percentage means the percentage prescribed by regulation for this section. threshold amount, in relation to construction work, means: (a) $5 billion; or (b) if a higher or lower amount is prescribed by regulation, that amount.