What is a financial settlement offset

In force

(1)

A financial settlement offset is a payment, in relation to delivering an offset condition imposed on an authority, by the authority holder to the department or a local government of an amount required by the administering agency that granted the authority.

(2)

The amount of the payment is—

(a)

if the administering agency is a local government—an amount up to the amount determined by the local government in accordance with the environmental offsets policy; or

(b)

for any other administering agency—an amount determined by the administering agency in accordance with the environmental offsets policy.

This Act’s bill:Explanatory memorandum Second reading speech

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23 What is a financial settlement offset