19Contribution adjustment

19 Contribution adjustment

19 Contribution adjustment

(1) A final assessment notice that is issued to an insurer who has been assessed for an initial contribution amount for the financial year must also specify the following—

(a) if the final contribution amount exceeds the initial contribution amount for the insurer, the difference between those amounts (which is a contribution deficit),

(b) if the initial contribution amount exceeds the final contribution amount payable by the insurer, the difference between those amounts (which is a contribution surplus).

(2) If the final assessment notice specifies a contribution deficit, the insurer is required to pay the contribution deficit to the Chief Commissioner within 30 days after the final assessment notice is served on the insurer or by a later date specified by the Chief Commissioner.

(3) If the final assessment notice specifies a contribution surplus, the Chief Commissioner is required to refund the amount of the contribution surplus to the insurer within 30 days after issuing the final assessment notice.

(4) This section is subject to Part 4 of the Taxation Administration Act 1996.