Amount of net loss payment: taxi plates purchased before 1 January 2016 and sold on or after 1 January 2016 and before 2 November 2017
238 Amount of net loss payment: taxi plates purchased before 1 January 2016 and sold on or after 1 January 2016 and before 2 November 2017
This section applies to determine a net loss payment in relation to taxi plates purchased before 1 January 2016 and sold on or after 1 January 2016 and before 2 November 2017.
Subject to section 239, the net loss payment for the taxi plates is to be determined in accordance with the following formula —
where —
A is the greater of the floor payment for the taxi plates and the net loss associated with the taxi plates;
B is any outstanding fees in relation to the taxi plates;
C is any Hardship Fund payment paid to an owner of the taxi plates;
D is the amount received for the sale of the taxi plates, excluding any GST liability incurred in connection with the sale;
NLP is the net loss payment for the taxi plates.
This Act’s bill:Explanatory memorandumSecond reading speech
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