Document ID: chunk:federal_register_of_legislation:C2024C00794:section:64:p1
Version: federal_register_of_legislation:C2024C00794
Segment Type: section
Provision Reference: s 64 (pt 1/3)
Character Range: 303424–306062

64  Debits from the Account
 (1) There must be debited from the Account from time to time, and paid by the Commonwealth for distribution between or among the Land Councils such amounts as the Minister determines having regard to the following in relation to each Land Council:
 (a) the most recent estimates approved by the Minister under section 34;
 (b) the most recent amounts notified to the Minister under subsection 34(1A);
 (c) any surplus specified in the most recent financial statements given under paragraph 42(1)(b) of the Public Governance, Performance and Accountability Act 2013.
 (3) Subject to subsections (3A) and (3B), there must be debited from the Account and paid by the Commonwealth, from time to time, to each Land Council in the area of which a mining interest referred to in subsection 63(1) is situated, or mining operations referred to in subsection 63(4) are being carried on, an amount equal to 30% of any amounts:
 (a) credited to the Account in accordance with subsection 63(1) in respect of that mining interest; or
 (b) credited to the Account in accordance with subsection 63(4) in respect of those mining operations;
as the case may be.
 (3A) If an amount (the debit amount) that would otherwise be required to be debited from the Account under subsection (3) and paid to a Land Council in respect of a mining interest or mining operations (as the case may be) is higher than the amount that would be debited having regard to:
 (a) an amount paid on account of royalties in respect of the mining interest being higher than the royalties that are later assessed were payable in respect of that mining interest; or
 (b) an amount that is credited to the Account in purported compliance with subsection 63(4) in respect of the mining operations being higher than the amount that is later determined was required to be credited under that subsection;
then the Minister may reduce the debit amount by the amount of the excess.
 (3B) If:
 (a) an amount was debited from the Account under subsection (3) and paid to a Land Council in respect of a mining interest or mining operations (as the case may be); and
 (b) that amount is higher than the amount that would have been debited having regard to either of the following:
 (i) an amount paid on account of royalties in respect of the mining interest being higher than the royalties that are later assessed were payable in respect of that mining interest;
 (ii) an amount that is credited to the Account in purported compliance with subsection 63(4) in respect of the mining operations being higher than the amount that is later determined was required to be