Document ID: chunk:federal_register_of_legislation:C2025C00181:section:26:p4
Version: federal_register_of_legislation:C2025C00181
Segment Type: section
Provision Reference: s 26 (pt 4/6)
Character Range: 62754–65408

amount at step 6 is $1.1 million;
(g) as the amount at step 5 is less than the amount at step 6, under step 7 a payable amount is $312,500.

Payable amounts where State or Territory makes fishing payments
 (7) If:
 (a) the relevant fishing expenditure amount is 1% or more of the average total main fishing industry GVP amount for the relevant financial year; and
 (b) a State or Territory makes one or more payments in the relevant financial year to the Corporation, or to the Commonwealth, for research and development in relation to the main fishing industry;
a payable amount is the amount worked out as follows:

      Method statement
           Step 1. Work out the amount equal to 0.25% of the average State/Territory main fishing industry GVP amount for the relevant financial year and the State or Territory.
           Step 2. If the amount at step 1 is less than or equal to the total of the payments made by the State or Territory, the amount at step 1 is a payable amount.
           Step 3. If the amount at step 1 exceeds the total of the payments made by the State or Territory, the total of the payments made by the State or Territory is a payable amount.
Note: For average total main fishing industry GVP amount, see section 29 and for average State/Territory main fishing industry GVP amount, see section 31.
Example: Assume for the 2025‑26 financial year the Fisheries Research and Development Corporation's relevant fishing expenditure amount is $33 million.
 Assume the average total main fishing industry GVP amount for the 2025‑26 financial year is $3.2 billion. 1% of that amount is $32 million.
 Assume a State makes a $750,000 payment in the 2025‑26 financial year to the Corporation for research and development in relation to the main fishing industry.
 Assume the average State/Territory main fishing industry GVP amount for the 2025‑26 financial year and the State is $500 million. 0.25% of that average is $1.25 million (the amount at step 1).
 As the amount at step 1 exceeds the amount of the payment made by the State, under step 3 a payable amount is $750,000.
 (8) If:
 (a) the relevant fishing expenditure amount is more than 0.5%, but less than 1%, of the average total main fishing industry GVP amount for the relevant financial year; and
 (b) a State or Territory makes one or more payments in the relevant financial year to the Corporation, or to the Commonwealth, for research and development in relation to the main fishing industry;
a payable amount is the amount worked out as follows:

      Method statement
           Step 1. Work out the amount equal to 0.5% of the average total main fishing industry