17Total caps on levy

17 Total caps on levy

Scheme levy cap (1) The total amount of levy that may be imposed for any levy period across all persons across all sub‑sectors must not exceed $250 million.

Note: This cap is the absolute maximum amount of levy that may be imposed for a levy period across all persons for all sub‑sectors.

Sub‑sector levy cap (2) The total amount of levy that may be imposed for the second levy period, or a later levy period, across all members of a particular sub‑sector must not exceed the cap (the sub‑sector levy cap) that is the highest of the following: (a) $20 million; (b) the amount prescribed (or the amount worked out in accordance with a method prescribed) for the levy period and the sub‑sector by the regulations for the purposes of this paragraph; unless the cap is exceeded (or further exceeded) because of a determination under section 1069H of the Corporations Act 2001 for the levy period and a sub‑sector specifying that levy needs to be imposed by subsection 8(3) or section 9 of this Act.

Note 1: Unless the Minister makes such a determination, this sub‑sector levy cap is an absolute maximum amount of levy that may be imposed for a levy period across all members of the sub‑sector.

Note 2: Subsection 8(3) and section 9 of this Act are about special levy. The Minister’s determination can specify that special levy needs to be imposed by section 9 on either or both of the following:

(a) all members of the sub‑sector;
(b) all members of one or more other sub‑sectors.

Note 3: Special levy imposed by section 9 of this Act on members of a sub‑sector only counts towards the sub‑sector levy cap for that sub‑sector.

(3) Subsection (2) has effect subject to subsection (1).