Premiums under the SRC Act
27 Premiums under the SRC Act
The Safety, Rehabilitation and Compensation Commission must, as soon as practicable after the transfer time, determine the amount (if any) by which the confirmed estimate of premium for each statutory authority for the transitional financial year should be reduced.
If:
an amount equal to the confirmed estimate of premium for a statutory authority for the transitional financial year has been paid to the Commonwealth under section 96G of the SRC Act; and
the amount of the confirmed estimate of premium is reduced as a result of a determination under subsection (1);
the Minister may, in writing, direct that an amount equal to the refund amount, or amounts that together add up to the refund amount, be paid to the industry services body in accordance with the direction.
A direction by the Minister may be given subject to such conditions (if any) about the use or expenditure of the amount or amounts to which it relates as are set out in the direction.
If the Minister gives a direction, the amount or amounts to which it relates are payable to the industry services body out of the Consolidated Revenue Fund, which is appropriated accordingly.
The payment of an amount under subsection (4) must be made in accordance with the direction, and is subject to the conditions (if any) set out in the direction.
A copy of each direction must be published in the Gazette within 14 days after the direction is given.
Failure to comply with subsection (6) does not affect the validity of a direction.
In this section:
refund amount means the amount equal to the difference between:
the amount of the confirmed estimate of premium for a statutory authority for the transitional financial year; and
the amount of that confirmed estimate as reduced because of a determination under subsection (1).
transitional financial year means the financial year in which the transfer time occurs.
This Act’s bill:Explanatory memorandumSecond reading speech
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