Determining value of water illegally taken
139 Determining value of water illegally taken
For the Act, section 60G(1)(a), the value of water illegally taken from a water source (a relevant water source) must be determined in accordance with this section.
If there are 20 or more relevant dealings during the relevant water year that are within the relevant water source, the value of the illegally taken water is determined by multiplying the VWAP of the relevant dealings by the volume of the illegally taken water.
If subsection (2) does not apply, but there are 20 or more relevant dealings during the relevant water year that are within or between water sources to which the water sharing plan that applies to the relevant water source also applies, the value of the illegally taken water is determined by multiplying the VWAP of the relevant dealings by the volume of the illegally taken water.
If subsections (2) and (3) do not apply, but there are 20 or more relevant dealings during the relevant water year that are within or between water sources in the same water region as the relevant water source, the value of the illegally taken water is determined by multiplying the VWAP of the relevant dealings by the volume of the illegally taken water.
If subsections (2)–(4) do not apply, the value of the illegally taken water is the gross margin value for the water region for the relevant water source, multiplied by the volume of the illegally taken water.
For subsection (3), if the relevant water source is a groundwater source, the 20 or more relevant dealings must be only within or between groundwater sources.
For subsections (3) and (4), the 20 or more relevant dealings must be only within or between—
if the relevant water source is a regulated water source—regulated water sources, or
if the relevant water source is an unregulated water source—unregulated water sources.
A reference in this section to the volume of water is taken to be the volume of the water as expressed in ML.
In this section—
eligible dealing means the following dealings, other than in relation to a supplementary water access licence or an unregulated river (C class) access licence—
an assignment of water allocations to or from the water allocation account for an access licence in accordance with the Act, section 71T,
the debiting of water allocations from the water allocation account for an access licence, in accordance with the Act, section 71V, to give effect to an interstate assignment of water allocations by an assignor who resides, or is otherwise located, in New South Wales.
eligible dealing unit price means the amount per ML paid by the assignee for an eligible dealing.
gross margin value, for a water region, means the amount specified for the water region in Schedule 10, Part 2.
illegally taken means taken in contravention of the Act, Chapter 3, Part 2, Division 1A.
relevant dealing, in relation to a water year, means an eligible dealing within the water year with an eligible dealing unit price that is—
$2 or more per ML, and
less than the sum of the following—
the average eligible dealing unit price of all eligible dealings in the water year,
three times the standard deviation of the eligible dealing unit price of all eligible dealings in the water year.
relevant water year, in relation to illegally taken water, means the water year in which the water is illegally taken.
VWAP, in relation to relevant dealings, means the volume-weighted average price of the relevant dealings as determined by—
calculating the aggregate amount paid by the assignees in relation to the dealings, and
dividing the result by the aggregate volume of the water allocations the subject of the dealings.
water region, for a water source, means—
for a groundwater source for subsection (4)—the classified groundwater group specified in Schedule 10, Part 1, column 2 for the water sharing plan that applies to the water source, or
otherwise—the water region specified in Schedule 10, Part 1, column 3 for the water sharing plan that applies to the water source.
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