8Imposition of levy—main cases

8 Imposition of levy—main cases

Annual levy (1) Levy is imposed on a person for the second levy period or a later levy period if, at any time during the qualifying period for the levy period: (a) the person is a member of a sub‑sector of a kind prescribed by the regulations for the purposes of this paragraph; and (b) the general conditions (if any) prescribed by the regulations for the purposes of this paragraph are met for the person and the levy period. Further levy for a sub‑sector—total levy does not exceed the sub‑sector levy cap (2) Further levy is imposed on the person for the levy period and the sub‑sector if: (a) immediately before a revised claims, fees and costs estimate comes into force for the levy period and the sub‑sector, the sub‑sector levy cap for the levy period and the sub‑sector has not been exceeded; and (b) the revised claims, fees and costs estimate specifies that further levy needs to be imposed by this subsection for the levy period and the sub‑sector.

Note 1: The total amount of further levy imposed under this subsection cannot cause the sub‑sector levy cap to be exceeded, but can be imposed up to that cap (see subsection 13(2)).

Note 2: Alternatively, further levy may be imposed by subsection (3) or section 9 if the Minister acts under section 1069H of the Corporations Act 2001. This alternative levy can be based on the full revised claims, fees and costs estimate and cause the sub‑sector levy cap to be exceeded.

Note 3: Further levy can be imposed under this subsection more than once for the levy period and the sub‑sector if more than one revised claims, fees and costs estimate comes into force for the levy period and the sub‑sector.

Special levy for a sub‑sector—total levy exceeds the sub‑sector levy cap (3) Levy is imposed on the person for the levy period if both of the following have come into force for the levy period and the sub‑sector: (a) a revised claims, fees and costs estimate; (b) as a result of that estimate, a determination under section 1069H of the Corporations Act 2001 that, under subsection 1069H(4) of that Act, specifies that levy needs to be imposed by this subsection for the levy period and the sub‑sector.

Note 1: Such a determination will only come into force if the Minister decides that special levy needs to be imposed across just this sub‑sector when the revised claims, fees and costs estimate causes the sub‑sector levy cap to be exceeded.

Note 2: Special levy can be imposed under this subsection more than once for the levy period and the sub‑sector if more than one of these estimates, and determinations, come into force for the levy period and the sub‑sector.