Financial Services Compensation Scheme of Last Resort Levy Act 2023
16Amount of levy for unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day
Start here
Get a plain-English read of 16
Turn the raw legal text into a practical explanation grounded in Financial Services Compensation Scheme of Last Resort Levy Act 2023.
16 Amount of levy for unpaid claims, and AFCA’s unpaid fees, for complaints given to AFCA before the accumulation recovery day
(1) The amount of levy imposed by section 10 on a person for the first levy period is the amount worked out in accordance with a method prescribed by the regulations for the purposes of this subsection.
Note: This levy is payable in 2 equal instalments (see subsection 13(1) of the Levy Collection Act).
Objectives for working out amounts of levy (2) The objectives are that the total amount of levy imposed by section 10 across all persons for the first levy period: (a) does not exceed the estimate determined under section 11 of the Levy Collection Act for the first levy period; and (b) does not cause the scheme levy cap to be exceeded. Regulations (3) Before the Governor‑General makes regulations for the purposes of subsection (1), the Minister must be satisfied that the regulations are consistent with the objectives stated in subsection (2). (4) Without limiting subsection (1), the method prescribed by the regulations for the first levy period may have regard to a determination under section 11 of the Levy Collection Act for the first levy period.