17Amount of special levy—basic levy component does not apply to the leviable sub‑sector

17 Amount of special levy—basic levy component does not apply to the leviable sub‑sector

(1) This section applies to the person if section 16 does not apply to the person in relation to the leviable sub‑sector. (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 open square bracket total special levy minus open round bracket minimum levy component times sub-sector population close round bracket close square bracket times start fraction graduated entity metric over sub-sector metric end fraction end formula where:

graduated entity metric has the same meaning as in section 10 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 sum of the amounts of graduated entity metric:

(a) for the financial year that is the qualifying period for the levy period; and
(b) for the leviable sub‑sector for all persons that form part of the sub‑sector population.

sub‑sector population means the difference between:

(a) the sub‑sector population (within the meaning of section 10 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) so many of that population as 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.

Note: For the minimum levy component, see subsection 9(2).

(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: