Insurance Protection Tax Act 2001 No 40
27 Tax liability for year commencing 1 July 2001
(1) Despite section 5 (1), the Governor, on the recommendation of the
Treasurer, may determine that the total amount of tax imposed by this Act on
insurers for the year commencing on 1 July 2001 is to be an amount that is
specified in the determination and that is less than $65 million but not less
than the total amount of instalments paid or payable by an instalment date
specified by the Chief Commissioner under subsection (3) that occurs before
the date on which the determination takes effect.
(2) Despite section 8, the Chief Commissioner must make an assessment
under that section for the tax year commencing on 1 July 2001 not later than
15 March 2002.
(3) Despite section 15 (3), the first three instalments of tax to be
paid under this Act for the year commencing 1 July 2001 are payable by such
dates as may be specified by the Chief Commissioner in the relevant notice of