Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

This Act does not impose a tax on property of any kind belonging to a State.

(2) Property of any kind belonging to a State has the same meaning as in section 114 of the Constitution.

In this Act:

administrative fee component, for a leviable provider for a year, has the meaning given by section 8.

leviable provider means an approved course provider to whom Part 5A of the VET Student Loans Act 2016 applies but does not include a provider covered by subsection (1A).

new provider, for a year, means a leviable provider that was not an approved course provider at any time during the previous year.

property of any kind belonging to a State: see subsection 4(2).

risk rated premium component, for a leviable provider for a year, has the meaning given by section 11.

special tuition protection component, for a leviable provider for a year, has the meaning given by section 12.

total VSL students, for a leviable provider for a year, means the total number of students who:

An approved course provider is covered by this subsection if the provider is a registered training organisation that is:

(2) An expression used in this Act that is also used in the VET Student Loans Act 2016 has the same meaning as in that Act.

(1) If a leviable provider is a new provider for a year, the amount of the provider’s administrative fee component for the year is the amount determined for the purposes of paragraph (2)(a) for the year.

(2) Otherwise, a leviable provider’s administrative fee component for a year is the sum of:

Before 1 August 2020, the Minister must, by legislative instrument, determine each of the following for that year:

Before 1 August of the year 2021 or a later year, the Minister may, by legislative instrument, determine one or both of the following for the year:

The Minister must not determine an amount for the purposes of paragraph 8(2)(a) or (b) for a year that exceeds the following:

In making a legislative instrument under this section, the Minister must have regard to the sustainability of the VSL Tuition Protection Fund.

The Minister may also have regard to any other matter the Minister considers appropriate.

(1) On 1 August of the year 2021 (the current year) and each later year (the current year) an amount mentioned in paragraph 8(2)(a) or (b) or 9(3)(a) or (b) is replaced by the amount worked out using the formula:

Subsection (1) does not apply to an amount mentioned in paragraph 8(2)(a) or (b) if the Minister has determined an amount for the purposes of that paragraph for the current year.

Indexation factor

(3) The indexation factor for a 1 August is the number worked out using the formula:

where:

base quarter means the last September quarter before the reference quarter.

index number, for a quarter, means the All Groups Consumer Price Index number from the original series (being the weighted average of the 8 capital cities) published by the Australian Statistician for that quarter.

reference quarter means the September quarter in the year before the current year.

Rounding factors and amounts etc.

The indexation factor worked out under subsection (3) must be rounded up or down to 3 places (rounding up in the case of exactly halfway between).

An amount worked out under subsection (1) for the purposes of paragraph 8(2)(a) or 9(3)(a) or (b) must be rounded to the nearest whole dollar (rounding up in the case of 50 cents).

An amount worked out under subsection (1) for the purposes of paragraph 8(2)(b) must be rounded to the nearest whole cent (rounding up in the case of 0.5 cents).

An indexation factor that is less than 1 is to be increased to 1.

If at any time (whether before or after the commencement of this section) the Australian Statistician has changed or changes the index reference period for the Consumer Price Index, then, for the purposes of applying this section after the change, only index numbers published in terms of the new index reference period are to be used.

Publication

The Minister must cause each amount worked out under subsection (1) to be made publicly available in any manner the Minister considers appropriate.

(1) If a leviable provider is a new provider for a year, the amount of the provider’s risk rated premium component for the year is zero.

(2) Otherwise, a leviable provider’s risk rated premium component for a year is worked out using the following method statement.

Method statement

Step 1: Multiply the total VSL students for the provider for the year by the amount determined in an instrument under section 13 for the purposes of this step for the year.

Step 2: Multiply the amount equal to the total loan amounts paid to the provider under VET Student Loans Act 2016 for the previous year by the percentage determined in an instrument under section 13 for the purposes of this step for the year.section 19 of the

Step 3: Add up the results of steps 1 and 2.

Step 4: For each risk factor determined in an instrument under section 13 for the purposes of this step for the year, work out the risk factor value for the provider for the year in accordance with the instrument.

Step 5: Add up the results of step 4 and add 1.

Step 6: Multiply the results of step 3 by the results of step 5. The result is the provider’s risk rated premium component for the year.

(1) If a leviable provider is a new provider for a year, the amount of the provider’s special tuition protection component for the year is zero.

(2) Otherwise, a leviable provider’s special tuition protection component for a year is the total loan amounts paid to the provider under section 19 of the VET Student Loans Act 2016 for the previous year, multiplied by the percentage determined in an instrument under section 13 for the purposes of this subsection for the year.

Before 1 August 2020 and each later year, the VSL Tuition Protection Director must, by legislative instrument, determine each of the following for the year:

The percentage determined in an instrument for the purposes of paragraph (1)(b) or (d) may be zero.

A risk factor value for a risk factor determined for the purposes of subparagraph (1)(c)(ii) must be a number between zero and 10 (inclusive).

In making a legislative instrument under subsection (1), the VSL Tuition Protection Director must have regard to:

The VSL Tuition Protection Director may have regard to any other matter that the Director considers appropriate.

Before the VSL Tuition Protection Director makes a legislative instrument under subsection (1), the Treasurer must approve the legislative instrument in writing.