4Imposition of levy

4 Imposition of levy

(1) Levy is imposed for a financial year in respect of the ongoing listing of each listed item. (2) Levy is imposed on each day specified as a levy imposition day in the Private Health Insurance (Medical Devices and Human Tissue Products Levy) Rules made under section 6. (3) The amount of the levy imposed in respect of the ongoing listing of a listed item is the amount prescribed by the regulations. (4) Before the Governor‑General makes regulations for the purposes of subsection (3) prescribing the amount of the levy for a financial year, the Minister must be satisfied that the amount is set at a level that is designed to recover no more than the Commonwealth’s likely costs in connection with the ongoing listing of all listed items for that financial year.