Liability for reassessment deficits—reassessment contribution
71Y Liability for reassessment deficits—reassessment contribution
If a participating institution or funder of last resort has an amount of reassessment deficit in relation to a person for the present quarter, the participating institution or funder of last resort is liable to pay reassessment contribution for the present quarter.
Reassessment contribution for a quarter for a participating institution or funder of last resort is the total of the institution’s or funder of last resort’s amounts of reassessment deficit in relation to all persons for the quarter.
Sections 153 to 158 (which deal with matters relating to funding contribution) apply in relation to the institution’s or funder of last resort’s reassessment contribution for a quarter in the same way as those sections apply in relation to a funding contribution for an institution or funder of last resort for a quarter.
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