Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this section, a reference to an amount spent or required to be spent by an R&D Corporation under section 33 does not include a reference to an amount spent or required to be spent in relation to marketing activities.
Levy payments
(2) There are to be paid to an R&D Corporation established in respect of the fishing industry amounts equal to:
(a) if a levy on a separately levied fishery is attached to the Corporation--the amounts from time to time received by the Commonwealth, under the Collection Act, as:
(i) the research component of that levy; and
(ii) amounts (if any) paid, on behalf of a person liable to pay that levy, by another person, in respect of the research component of that levy; and
(iii) amounts of penalty for non - payment of that levy, to the extent that the penalty is attributable to the non - payment of the research component of that levy; and
(iv) the marketing component of that levy; and
(b) amounts worked out under subsection (3) in respect of the separately levied fishery.
Matching payments
(3) The amounts to be paid to an R&D Corporation under paragraph (2)(b) in respect of the separately levied fishery, during a particular financial year, are as follows:
(a) an amount equal to 0.5% of interim GVP for the fishery for that year or, if the amount spent or required to be spent by the Corporation under section 33 in relation to the separately levied fishery (other than paragraph 33(1)(d)) for that financial year is less than 0.5% of that interim GVP, an amount equal to that lesser amount;
(b) where the amount so spent or required to be spent by the Corporation in relation to the fishery for that financial year is more than 0.5% of interim GVP for that year:
(i) if that amount is not less than 1% of that interim GVP--an amount equal to 0.25% of that interim GVP; or
(ii) if that amount is more than 0.5%, but less than 1%, of that interim GVP--half of the amount equal to the percentage of that interim GVP by which the amount spent or required to be spent was more than 0.5% of that interim GVP;
reduced, unless the regulations provide otherwise, by the amount (if any) by which the amount worked out under subparagraph (i) or (ii) (as the case may be) exceeds the total of the amounts paid to the Corporation during the year under subparagraphs (2)(a)(i) and (ii) (less the sum of any refunds paid in relation to levies covered by those subparagraphs); and
(c) other amounts of matching payments specified in the regulations, so along as the total of the amounts paid to the Corporation under paragraph (2)(b) in the financial year do not exceed 0.75% of interim GVP for that year.
(4) If:
(a) an amount is paid to the Corporation under paragraph (2)(b) in a financial year; and
(b) the amount was calculated, in whole or in part, under subsection (3) on the basis of interim GVP for the financial year; and
(c) before the end of 31 October next following the financial year, the Minister determines an amount that is the final GVP for the fishery for the financial year; and
(d) as at the end of 31 October next following the financial year, the total amount paid to the Corporation under paragraph (2)(b) in the financial year exceeds the amount that would have been paid to the Corporation under that paragraph in the financial year if each reference in subsection (3) to interim GVP were a reference to the amount of final GVP so determined;
the Corporation must pay to the Commonwealth an amount equal to the excess.
(5) If:
(a) an amount is paid to the Corporation under paragraph (2)(b) in a financial year; and
(b) the amount was calculated, in whole or in part, under subsection (3) on the basis of interim GVP for the financial year; and
(c) before the end of 31 October next following the financial year, the Minister determines an amount that is the final GVP for the fishery for the financial year; and
(d) as at the end of 31 October next following the financial year, the total amount paid to the Corporation under paragraph (2)(b) in the financial year falls short of the amount that would have been paid to the Corporation under that paragraph in the financial year if each reference in subsection (3) to interim GVP were a reference to the amount of final GVP so determined;
the Commonwealth must pay to the Corporation an amount equal to the shortfall.
(6) If:
(a) before the end of 31 October next following a financial year, the Minister has not determined under subsection (10) an amount that is final GVP for the fishery for the financial year; and
(b) the Minister has determined under subsection (10) the amount that is final GVP for the fishery for the previous financial year;
the Minister is taken to have made, immediately before the end of that 31 October, a determination under subsection (10) that the amount of final GVP for the fishery for the financial year is equal to the amount of the final GVP for the fishery determined under subsection (10) for the previous financial year.
(7) The Minister may, on behalf of the Commonwealth, set off an amount payable by an R&D Corporation under this section against an amount that is payable to the Corporation under subsection (2) or (5).
(8) A determination made under this section is not a legislative instrument.
(9) Amounts payable under subsection (2) or (5) are to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.
(10) In this section:
"final GVP" , for a separately levied fishery for a financial year, means the amount that the Minister determines to be the amount of the gross value of production for that financial year of the goods that are the produce of that fishery.
"interim GVP" , for a separately levied fishery for a financial year, means the final GVP for the fishery for the previous financial year.
(11) The regulations may provide for the manner in which the Minister is to determine the amount of the final GVP for a separately levied fishery for a financial year.