16Amount of special levy—basic levy component applies to the leviable sub‑sector

16 Amount of special levy—basic levy component applies to the leviable sub‑sector

(1) This section applies to the person if a provision of Part 3 of the ASIC Supervisory Cost Recovery Levy Regulations 2017 provides that the basic levy component (within the meaning of those regulations) applies to the leviable sub‑sector: (a) for the financial year that is the qualifying period for the levy period; and (b) for the purposes of levy of the kind worked out under those regulations. (2) The amount of levy imposed by section 9 of the Act on the person for the levy period and the leviable sub‑sector is worked out using the formula: Start formula total special levy times start fraction basic rate entity metric over sub-sector metric end fraction end formula where:

basic rate entity metric has the same meaning as in section 9 of the ASIC Supervisory Cost Recovery Levy Regulations 2017 for the person for the leviable sub‑sector:

(a) for the financial year that is the qualifying period for the levy period; and
(b) for the purposes of levy of the kind worked out under those regulations.

sub‑sector metric means the difference between:

(a) the sub‑sector metric (within the meaning of section 9 of the ASIC Supervisory Cost Recovery Levy Regulations 2017) for the leviable sub‑sector:
(i) for the financial year that is the qualifying period for the levy period; and
(ii) for the purposes of levy of the kind worked out under those regulations; and
(b) the sum of the amounts of basic rate entity metric for all leviable entities forming part of the leviable sub‑sector for that qualifying period that are not subject to the AFCA scheme at any time during that qualifying period.

total special levy means, subject to subsection (3), the total amount of special levy specified, under paragraph 1069H(5)(b) of the Corporations Act 2001, for the leviable sub‑sector in the Ministerial determination.

(3) However, if the sum of the total amounts of special levy specified, under paragraph 1069H(5)(b) of the Corporations Act 2001, for all sub‑sectors in the Ministerial determination exceeds the amount remaining in the scheme levy cap, the total special levy is worked out using the formula: Start formula amount remaining in the scheme levy cap times start fraction total special levy for the leviable sub-sector over total special levy for all leviable sub-sectors end fraction end formula where:

amount remaining in the scheme levy cap means the amount by which the scheme levy cap exceeds the total amount of levy already imposed for the levy period: