13Amount of further levy—total levy does not exceed the sub‑sector levy cap

13 Amount of further levy—total levy does not exceed the sub‑sector levy cap

(1) For the purposes of subsection 13(1) of the Act, the amount of levy imposed by subsection 8(2) of the Act on a person: (a) for a levy period and a sub‑sector; and (b) because a revised claims, fees and costs estimate comes into force for the levy period and the sub‑sector; is the amount worked out under subsection (2) of this section. (2) The amount is the difference between: (a) the amount that would have been worked out under paragraph 9(1)(b) for the person for the levy period and the sub‑sector if paragraph (a) of the definition of sub‑sector costs in subsection 11(1) were the revised claims, fees and costs estimate; and (b) the sum of the following: (i) the amount worked out under paragraph 9(1)(b) for the person for the levy period and the sub‑sector (using the initial claims, fees and costs estimate for the levy period and the sub‑sector); (ii) each amount (if any) worked out under an earlier application of this subsection for an earlier revised claims, fees and costs estimate that comes into force for the levy period and the sub‑sector.

Note 1: The total amount of levy worked out under this section across all members of the sub‑sector for the levy period will not cause the sub‑sector levy cap for the levy period and the sub‑sector to be exceeded (see paragraph (b) of the definition of sub‑sector costs in subsection 11(1)).

Note 2: That total amount of levy will also not cause the scheme levy cap to be exceeded because the scheme levy cap will always exceed the sum of the sub‑sector levy caps (see subsection 17(2) of the Act) for the sub‑sectors prescribed in section 6 of this instrument.