Fisheries Legislation (Consequential Provisions) Act 1991

There are to be paid to an R & D Corporation established in respect of the fishing industry amounts equal to:

where a levy is attached to the Corporation-the amounts from time to time received by the Commonwealth, under the Collection Act, as:

the research component of that levy; and

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

amounts of penalty for nonpayment of that levy, to the extent that the penalty is attributable to the nonpayment of the research component of that levy; and

amounts worked out under subsection (2).

The amounts to be paid to the Corporation under paragraph (1)(b), during a particular financial year, are as follows:

an amount equal to 0.5% of total GVP for that year or, if the amount spent or required to be spent by the Corporation under section 33 (other than paragraph 33(1)(d)) for that financial year is less than 0.5% of that total GVP, an amount equal to that lesser amount;

where the amount so spent or required to be spent by the Corporation for that financial year is more than 0.5% of total GVP for that year:

if that amount is not less than 1% of that total GVP-an amount equal to 0.25% of Commonwealth GVP for that year; or

if that amount is more than 0.5%, but less than 1%, of that total GVP-half of the amount equal to the percentage of Commonwealth GVP for that year by which the amount so required to be spent was more than 0.5% of that total GVP;

where the amount so spent or required to be spent by the Corporation for that financial year is more than 0.5% of total GVP for that year and a State or Territory has made a payment to the Corporation in respect of research and development in respect of the fishing industry:

if the amount so required to be spent by the Corporation is not less than 1% of that total GVP-an amount equal to 0.25% of that State or Territory GVP for that year; or

if that amount is more than 0.5%, but less than 1%, of that total GVP-half of the amount equal to the percentage of that State or Territory GVP for that year by which the amount so required to be spent was more than 0.5% of that total GVP;

Amounts payable under subsection (1) are to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.

In this section:

The regulations may provide for the manner in which the Minister is to determine the amount of the Commonwealth GVP, a State or Territory GVP or a total GVP for a financial year.