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This is a Bill, not an Act. For current law, see the Acts databases.
WORKERS COMPENSATION SUPPLEMENTATION FUND AMENDMENT BILL 2002
2002
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Minister for Industrial Relations)
Workers Compensation
Supplementation Fund Amendment Bill 2002
A Bill for
An Act to amend the Workers Compensation Supplementation Fund Act
1980
The Legislative Assembly for the Australian Capital Territory enacts as
follows:
1 Name of Act
This Act is the Workers Compensation Supplementation Fund Amendment Act
2002.
2 Commencement
This Act commences on the day after its notification day.
3 Act amended
This Act amends the Workers Compensation Supplementation Fund Act
1980.
4 Section 22 (2)
substitute
(2) For this section, the prescribed surcharge for a compulsory insurance
policy is an amount equal to 10% (or, if a lesser percentage is determined in
writing by the Minister, the lesser percentage) of the billed underwritten
premium (the premium), not including GST, for the
policy.
(2A) The prescribed surcharge applies to a premium or premium instalment
at the rate in force—
(a) if the premium or instalment is paid early or on time—at
payment; or
(b) if the premium or instalment is paid late—when the premium or
instalment was payable.
5 Section 22 (4)
substitute
(4) An employer mentioned in subsection (1) must pay the prescribed
surcharge when the employer pays the premium for the compulsory insurance
policy.
(5) If the employer pays the premium in instalments, the employer must pay
the surcharge in corresponding instalments.
Examples
1 An employer’s annual premium is $600. If the prescribed surcharge
is 10%, the surcharge of $60 must be paid when the premium is paid, making a
total payment of $660.
2 An employer’s annual premium is billed in monthly instalments of
$125. If the surcharge is 10%, the surcharge of $12.50 must be paid with each
monthly instalment, making a total monthly payment of $137.50.
3 An employer is billed an additional premium of $100 because of an
adjustment of premium. If the prescribed surcharge is 10%, the surcharge of $10
must be paid with the additional premium, making a total payment of
$110.
4 An employer pays an annual premium of $1 000 on 1 July 2002. On
1 January 2003 a prescribed surcharge of 10% is introduced. The surcharge
does not apply to the employer’s already billed premium, but will apply at
the prevailing rate when the next premium is paid on 1 July 2003.
5 An employer pays an annual premium of $1 000 plus the 10% surcharge on
1 July 2002. On 1 January 2003 the surcharge is reduced to 5%. The
decrease does not affect the surcharge already paid, but any adjustment of the
premium billed after the reduction will incur the surcharge at the reduced
rate.
6 An employer’s premium for 2002-2003 is billed in monthly
instalments of $100, plus the 10% surcharge of $10 (a total monthly payment of
$110), on the 10th of each month. On 1 January 2003, the surcharge is reduced
to 5%. On 10 January 2003 the employer will have to pay the premium of $100
plus a surcharge of $5, making a total monthly payment of $105.
Note An example is part of the Act, is not exhaustive and may
extend, but does not limit, the meaning of the provision in which it appears
(see Legislation Act 2001, s 126 and s 132).
6 Section 22
renumber subsections when Act next republished under Legislation Act
2001
7 Section 23
substitute
23 Exempt employers to pay
surcharge
(1) An employer granted an exemption under the Compensation Act, section
152 (Self-insurers) must pay to the manager an amount assessed by the manager on
the advice of the committee.
(2) The amount assessed by the manager under subsection (1) is the amount
of the surcharge that would have been payable by the employer under this Act in
relation to a compulsory insurance policy if no exemption had been granted to
the employer under the Compensation Act, section 152.
(3) Payment under subsection (1) for a financial year must be made within
30 days after the end of the financial year, unless otherwise allowed by the
manager.
(4) The manager may allow payments mentioned in subsection (3) to be made
in instalments.
Endnote
Republications of amended laws
For the latest republication of amended laws, see
www.legislation.act.gov.au.
© Australian Capital Territory
2002
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