Meaning of levy year
7 Meaning of levy year
Each of the following is a levy year:
the financial year beginning on 1 July 2021;
each subsequent financial year, ending with the financial year beginning on 1 July 2029.
Termination of levy
Despite subsection (1), at any time during a financial year (the current year) beginning on or before 1 July 2028, the Resources Minister may determine, by legislative instrument, that no financial year after the current year is a levy year for the purposes of this Act.
A determination made under subsection (2) has effect accordingly.
For when the determination takes effect, see section 12.
The Resources Minister may only make a determination under subsection (2) if the Resources Minister is satisfied that:
the total decommissioning cost, if calculated at the end of the current year, would not exceed the total of the following:
the amount of levy that is likely to be assessed for the current year;
the amount of levy that has been assessed for previous levy years; and
the Commonwealth is unlikely to incur costs in relation to decommissioning‑related activities after the end of the current year.
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