Biodiversity Conservation Act 2016

There is to be established by this Act a fund called the Biodiversity Stewardship Payments Fund.

The following amounts are to be paid into the Fund, subject to any requirements specified in the regulations—

amounts required to be paid into the Fund in respect of the transfer or retirement of a biodiversity credit (other than amounts paid under Division 6 as an alternative to the retirement of biodiversity credits),

any amount paid out of the Fund to the owner of a biodiversity stewardship site that is repaid by or recovered from the owner,

the proceeds of investment of money in the Fund,

any other money appropriated by Parliament for the purposes of the Fund or required by this or any other Act or law to be paid into the Fund,

any amounts standing to the credit of the Biobanking Trust Fund on the repeal of the Threatened Species Conservation Act 1995 by this Act.

The following may be paid out of the Fund, subject to any requirements specified in the regulations—

such amounts as the Minister directs to be paid from the Fund to an owner of a biodiversity stewardship site in respect of management actions carried out or to be carried out in accordance with a biodiversity stewardship agreement,

such amounts as the Minister directs to be paid from the Fund to the Fund Manager, in payment of the remuneration of the Fund Manager,

any amounts payable by the Fund Manager in discharging the liabilities incurred by the Fund Manager in the exercise of its functions,

such amounts as are authorised to be paid out of the Fund by the regulations,

such other amounts as are authorised to be paid out of the Fund by this or any other Act or law.

The amounts payable under subsection (3)(a) include, but are not limited to, the following—

any costs associated with project-managing the site,

labour and capital costs incurred in connection with the management actions required under the agreement (including the costs of raw materials and equipment),

costs associated with complying with reporting or audit requirements under the biodiversity offsets scheme,

any rates, taxes or charges levied on the site or the management actions required under the agreement,

any fees payable by the site owner under the biodiversity offsets scheme (other than amounts payable to the Fund on a first transfer of biodiversity credits or retirement of the credits before first transfer).

The regulations may make provision for the winding up of the Fund.