9Imposition of special levy—revised estimate of claims, fees and costs exceeds the sub‑sector levy cap and is to be spread across several sub‑sectors etc.

9 Imposition of special levy—revised estimate of claims, fees and costs exceeds the sub‑sector levy cap and is to be spread across several sub‑sectors etc.

Levy is imposed on a person for the second levy period or a later levy period if: (a) a revised claims, fees and costs estimate comes into force for the levy period and a sub‑sector; and (b) as a result of that estimate, a determination comes into force under section 1069H of the Corporations Act 2001 that, under subsection 1069H(5) of that Act, specifies that levy needs to be imposed by this section: (i) for the levy period; and (ii) across all members of one or more specified sub‑sectors (which need not include the sub‑sector to which that estimate relates); and (c) at any time during the levy period or the previous levy period, the person is a member of one of the sub‑sectors specified in that determination; and (d) the general conditions (if any) prescribed by the regulations for the purposes of this paragraph are met for the person and the levy period.

Note 1: Such a determination will only come into force if the Minister decides that special levy needs to be imposed across one or more other sub‑sectors to deal with a revised claims, fees and costs estimate for a particular sub‑sector that causes the sub‑sector levy cap for that sub‑sector to be exceeded.

Note 2: Such a determination could be made instead of a determination that, under subsection 1069H(4) of the Corporations Act 2001, specifies that special levy needs only to be imposed by subsection 8(3) of this Act for the levy period and the sub‑sector to which the revised claims, fees and costs estimate relates.

Note 3: Special levy can be imposed under this section 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.