Document ID: chunk:federal_register_of_legislation:C2004A04491:body:0:p26
Version: federal_register_of_legislation:C2004A04491
Segment Type: other
Provision Reference: 
Character Range: 65677–70108

The balance of the vendor payment (VP) is $35,000.
Application
To work out how the vendor payment is treated under paragraphs 65S(4)(a), (b) and (c).
Step 1                                                                                           $65,000 (OP)
                                                                                                - $30,000 (PP)
                                                                                                 $35,000 (Outstanding debt)
Step 2                                                                                           $35,000 (Outstanding debt)
                                                                                                - $35.000 (VP)
                                                                                                    0
Result
1.                                                                                      $35,000 (VP) is taken is paid in settlement of the overpayment outstanding.
2.                                                                                      No money is paid to vendor.

Example of operation of paragraphs 65S(4)(a), (b) and (d)
Facts
1.                                                                                      The amount of the overpayment (OP) established by the second investigation is $65,000.
2.                                                                                      The purchaser payment held in trust (PP) is $30,000.
3.                                                                                      The balance of the vendor (VP) is $60,000.
Application
To work out how the vendor payment is treated under paragraphs 65S(4)(a), (b) and (d).
Step 1                                                                                           $65,000 (OP)
                                                                                                - $30,000 (PP)
                                                                                                 $35,000 (Outstanding debt)
Step 2                                                                                           $60,000 (VP)
                                                                                                - $35,000 (Outstanding debt)
                                                                                                 $25,000
Result
1.                                                                                      $35.000 (VP) is taken to be paid in settlement of the overpayment outstanding.
2.                                                                                      $25,000 is paid to vendor.

  "(5) If:

    (a) the second investigation establishes that there has been, in respect of the investigation period, an overpayment for which the vendor is liable; and

  (b) no part of the purchaser payment is held in trust;

then:

     (c)     if the balance of the vendor payment is equal to or less than the overpayment—the balance of the vendor payment is taken to have been paid to the Commonwealth in settlement or part settlement of the overpayment; or

     (d)     if the balance of the vendor payment is more than the overpayment:

         (i) so much of the balance of the vendor payment as is equal to the overpayment is taken to have been paid to the Commonwealth in settlement of the overpayment; and

       (ii) the remainder is paid to the vendor.

Time when principles take effect

"65T.(1) Principles set out under subsections 65D(3), 65F(6) and 65G(8):

     (a)     are to be laid before each House of the Parliament within 15 sitting days of that House after they have been set out; and

     (b)     take effect only as provided by the following provisions of this section.

  "(2) If:

     (a)     notice of a motion to amend the principles is given in either House of the Parliament within 15 sitting days after they have been laid before that House; and

     (b)     the principles, whether or not as amended, are subsequently approved by that House; and

     (c)     the other House approves the principles in the form approved by the first-mentioned House;

the principles take effect in the form so approved from the day on which that other House approves them in that form.

"(3) If no notice of motion to amend the principles is given in either House of the Parliament under paragraph