22Treasurer to determine contribution target

22 Treasurer to determine contribution target

22 Treasurer to determine contribution target

(1) The Treasurer is to determine the contribution target for a financial year in accordance with the following formula—

where—

Ct is the contribution target for the financial year (represented by “t”).

Ft is the total funding target for the financial year (represented by “t”).

C(t-2) is the contribution target for the financial year that commenced 2 years before the period “t” (represented by “t-2”).

AC(t-2) is the actual contribution revenue for the financial year that commenced 2 years before the period “t” (represented by “t-2”), as certified by the Treasurer.

Ot is the recovered over-collection amount for the financial year (represented by “t”).

(2) To avoid doubt, if is a negative amount, that amount is to be subtracted from the total.

(3) Expressions used in this section have the meaning given to them by this Part.

(4) The Treasurer is to publish a notice in the Gazette of the amount determined by the Treasurer as the contribution target for a financial year on or before 15 April in the financial year before the financial year for which the determination is made or a later date appointed by the regulations.

Note—

Schedule 2 includes transitional provisions that are relevant to the calculation of the contribution target in the first 2 financial years of operation of this Act.