Document ID: chunk:federal_register_of_legislation:F2024L01727:reg:22:p2
Version: federal_register_of_legislation:F2024L01727
Segment Type: reg
Provision Reference: reg 22 (pt 2/3)
Character Range: 45871–48658

2025 (the repayment year) is:
 (a) if the total repayment amount for the repayment year is less than the outstanding industry debt at the end of the immediately preceding financial year—the amount worked out by calculating the difference between that outstanding industry debt and the total repayment amount for the repayment year and multiplying that difference by the indexation factor for the repayment year; or
 (b) otherwise—nil.
 (6) The outstanding industry debt at the end of the financial year commencing on 1 July 2024 is the amount worked out in accordance with regulation 4BA of the former Fisheries Research and Development Corporation Regulations 1991.
 (7) The indexation factor for a financial year is the number worked out by dividing the index number for the financial year by the index number for the immediately preceding financial year.
 (8) The index number for a financial year means the All Groups Consumer Price Index number (being the weighted average of 8 capital cities) published by the Australian Statistician for that year.
 (9) An indexation factor worked out under subsection (7) is to be calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
 (10) In working out an indexation factor under subsection (7):
 (a) use only index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and
 (b) disregard index numbers that are published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).
 (11) For the purposes of subsection (5), the outstanding industry debt at the end of a financial year is to be rounded to the nearest whole cent (rounding 0.5 cents upwards).

Definitions
 (12) In this instrument:
final repayment year means the first financial year ending after the commencement of this section when the outstanding industry debt at the end of the year is nil.
final repayment year surplus means the amount that is the difference between:
 (a) the total repayment amount for the final repayment year; and
 (b) the outstanding industry debt at the end of the financial year immediately preceding the final repayment year.
relevant repayment amount for the final repayment year means the amount worked out by:
 (a) calculating the total amount of that levy or charge received by the Commonwealth during the final repayment year; and
 (b) adding any amounts of penalty received by the Commonwealth during the final repayment year for non‑payment of that levy or charge; and
 (c) subtracting any overpaid amounts of that levy or charge, and any overpaid amounts of penalty for non‑payment of that levy or charge, that were refunded by the Commonwealth