Water Management Act 2000

On the appointed day, the balance of the water allocation account for an access licence is taken to be the balance of the water account for the former entitlement.

If more than one access licence arises from a former entitlement, the balance of the water account for the former entitlement is to be apportioned between the water allocation accounts for the access licences in accordance with the accounting practices that applied to water accounts immediately before the appointed day.

As soon as practicable after the appointed day, the Director-General must reduce the water allocation for a replacement access licence by an amount not exceeding the amount by which the water allocation for the entitlement from which the licence arises would have been reduced under section 17A, 20H, 20S, 20XA, 20XC, 117A, 117G or 189 of the 1912 Act, or under section 53, 54 or 60 of the 1994 Act, had that entitlement continued in force under the 1912 Act or the 1994 Act, as the case may be.

If the appointed day is not 1 July in any year, the Minister may, at any time before the next 1 July, make such adjustments to the water allocations standing to the credit of a replacement access licence as could have been made, in accordance with the accounting practices that applied to water accounts immediately before the appointed day, to the water allocations standing to the credit of the water account for the former entitlement.

In this clause, water account, in relation to an entitlement, means the water account that, in accordance with the administrative practices followed by the Director-General before the appointed day, was kept in relation to the entitlement.