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 Advice to Insurance Contributors regarding 2013 S40 and S77 Premium Returns

s40 Instructions Explanatory notes for 2013 return

The Fire Service Property Levy Act 2012 introduced a property based levy to fund Victoria's Fire Services and removed the requirement of insurance companies to pay statutory contributions under the relevant sections of the MFB and CFA Acts.

The Victorian Fire Services, in consultation with its stakeholders, have determined and agreed that lodgement of the 2013 Section 40 and Section 77 Premium Returns will continue in the same format as previous years.

It is imperative that the same method of calculating premium returnable for the 2013 Returns is the same as used by your organisation in previous years, whether that method is by declaring premiums based on processing date or premium receipt date. Changes of reporting method to the MFB and CFA by your organisation will not be accepted unless agreed to by the Victorian Fire Services prior to lodgement of the Returns.

When lodging the 2013 Returns:

  1. Returns will need to include transactions for classes of insurance subject to contribution for premium which is due or received in the period 1 July 2012 to and including 30 June 2013, and where the effective / attachment date of the transaction is prior to 1 July 2013.
  2. Transactions with an effective date prior to 1 July 2012 that were processed between 1 July 2012 and 30 June 2013 and were not included in the prior year's return are to be included in the 2013 Return.
  3. Premium for transactions processed prior to 1 July 2013 which have an effective / attachment date of 1 July 2013 or later is not to be included.
  4. Premium for transactions (including cancellations) with an effective / attachment date prior to 1 July 2013 but processed / collected from 1 July 2013 cannot be included. NB: There will not be a requirement to lodge returns for these transactions at any time in the future.

It is important that your organisations reporting parameters are checked and verified to ensure that any premium relative to points 2 & 3 above are not included when lodging 2013 Returns.

The lodgement date for the 2013 Returns has been changed from 15 August 2013 to 15 September 2013, please note this is a reporting date only, we reiterate that transactions processed after 1 July 2013 are not to be included in the Return.

Processing of premium transactions and collection of premium for the 2013 financial year should be conducted in an effective and efficient manner. Any delays in this process will be examined and require explanation and justification for such changes in procedure/practice.

For your information, details of the Fire Service Property Levy can be located on the Victorian Department of Finance and Treasury website www.dtf.vic.gov.au/firelevy.

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