New South Wales Consolidated Acts

INSURANCE PROTECTION TAX ACT 2001

- As at 28 June 2010
- Act 40 of 2001

TABLE OF PROVISIONS

           Long Title

   PART 1 - PRELIMINARY

   1.      Name of Act
   2.      Commencement
   3.      Definitions

   PART 1A - ABOLITION OF TAX

   3A.     Abolition of tax-effective 1 July 2011
   3B.     Liabilities not affected
   3C.     Refunds of tax from Policyholders Protection Fund

   PART 2 - IMPOSITION OF TAX

           Division 1 - Insurers

   4.      Imposition of tax on insurers
   5.      Annual determination of total amount of tax to be collected from insurers
   6.      Insurers to notify Chief Commissioner of premium income for preceding financial year
   7.      Offence for lodging false or misleading particulars
   8.      Apportionment of tax between insurance companies
   9.      Premiums
   10.     Receipt and refund of premiums
   11.     Reassessment of tax liability of insurers

           Division 2 - Insured persons

   11A.    Liability of certain insured persons

           Division 3 - Apportionment of premiums

   12.     Apportionment of premiums between New South Wales and other places
   13.     Apportionment of premiums between different types of insurance

   PART 3 - PAYMENT OF TAX

   14.     Relationship with Taxation Administration Act 1996
   15.     Payment of tax by quarterly instalments

   PART 3A - POLICYHOLDERS PROTECTION FUND

   16.     Definitions
   16A.    Declaration of insolvent insurers
   16B.    Policyholders Protection Fund
   16C.    Tax to be paid into Policyholders Protection Fund
   16D.    Application of Policyholders Protection Fund-claims under home building insurance contracts of insolvent insurers
   16E.    Application of Policyholders Protection Fund-claims under third-party motor accident policies of insolvent insurers
   16F.    Repayments to Policyholders Protection Fund
   16G.    Repayments to Policyholders Protection Fund-money recovered from motor accident insolvent insurers and re-insurers
   16H.    Policyholders Protection Fund to reimburse additional money advanced from Consolidated Fund

   PART 4 - REGISTRATION OF INSURERS

   17.     Insurers must be registered
   18.     Application for registration
   19.     Cancellation of registration by Chief Commissioner
   20.     Cessation of business and cancellation of registration by the insurer
   20A.    Register of insurers

   PART 5 - MISCELLANEOUS

   21.     Recovery of tax prohibited
   22.     Effect on contract of insurance of failure to comply with this Act
   23.     Proceedings for offences
   24.     Regulations
   25.     Review of Act
   26.     (Repealed)
   27.     Tax liability for year commencing 1 July 2001
   28.     Transitional-State Revenue Legislation Further Amendment Act 2005