Document ID: chunk:federal_register_of_legislation:C2011A00063:clause:2_20
Version: federal_register_of_legislation:C2011A00063
Segment Type: clause
Provision Reference: sch 2 cl 20
Character Range: 24993–26067

20  Subsection 77W(1)
Repeal the subsection, substitute:
 (1) If:
 (a) a depot licence is cancelled before the end of a financial year; and
 (b) the person or partnership (the former holder) who held the licence before its cancellation has paid the depot licence charge for that financial year;
the former holder is entitled to a refund of an amount worked out using the formula in subsection (1A).
 (1A) For the purposes of subsection (1), the formula is:
where:
annual rate means the amount of $4,000, or, if another amount is prescribed under subsection 6(2) of the Customs Depot Licensing Charges Act 1997, that other amount.
days in the year means:
 (a) if the financial year in which the licence is in force is not constituted by 365 days—the number of days in that financial year; or
 (b) otherwise—365.
post‑cancellation days means the number of days in the financial year during which the depot licence is not in force following the cancellation of the licence.
Note: The heading to section 77W is altered by omitting "revocation" and substituting "cancellation".