Private Health Insurance Supervisory Levy Imposition Determination 2016

I, Scott Morrison, Treasurer, make the following determination under subsection 8(4) of the Private Health Insurance Supervisory Levy Imposition Act 2015.

Dated: 28 June 2016

Contents

1  Name of determination

2  Commencement

3  Authority

4  Definitions

5  Amount of supervisory levy

6  Amount of supervisory levy for a single policy

7  Census Day

1  Name of determination

  This determination is the Private Health Insurance Supervisory Levy Imposition Determination 2016.

2  Commencement

  This determination commences, or is taken to have commenced, on 1 July 2016.

3  Authority 

  This determination is made under subsection 8(4) of the Private Health Insurance Supervisory Levy Imposition Act 2015.

4  Definitions

 (1) In this determination:

2016‑2017 financial year means the financial year commencing on 1 July 2016.

Act means the Private Health Insurance Supervisory Levy Imposition Act 2015.

Note: Terms used in this determination have the same meaning as in the Act – see section 13 of the Legislation Act 2003.

5  Amount of supervisory levy

  For paragraph 8(4) of the Act, for the 2016-2017 financial year:

 (a) the amount of supervisory levy for each complying health insurance policy (a single policy) under which only one person is covered is worked out under section 6; and

 (b) the amount of supervisory levy for each complying health insurance policy that is not a single policy is twice the amount for a single policy.

6  Amount of supervisory levy for a single policy

 (1) The amount of supervisory levy for a single policy is the amount in cents worked out using the formula:

where:

aggregate single policies means the total number of single policies on issue from all private health insurers on 1 July 2016;

aggregate other policies means the total number of complying health insurance policies (other than single policies) on issue from all private health insurers on
1 July 2016.

  (2) However, if the amount worked out using the formula is more than $2, the amount of supervisory levy for a single policy is $2.

7  Census Day

  For paragraph 8(5) of the Act, 1 July 2016 is specified as the census day for the 2016-2017 financial year.