Document ID: chunk:federal_register_of_legislation:C2025C00181:section:27:p3
Version: federal_register_of_legislation:C2025C00181
Segment Type: section
Provision Reference: s 27 (pt 3/3)
Character Range: 73725–75918

Work out half of the amount at step 2.
           Step 4. For each declared fishery levy or charge, in relation to the declared fishery, work out so much of the amounts paid to the Corporation under section 15 during the relevant financial year as are equal to research and development collected amounts, less any refunds that are attributable to payment of those research and development collected amounts.
           Step 5. Work out the sum of the amounts at step 4.
           Step 6. If the amount at step 3 is less than or equal to the amount at step 5, the amount at step 3 is a payable amount.
           Step 7. If the amount at step 3 exceeds the amount at step 5, the amount at step 5 is a payable amount.
Note: For average declared fishery GVP amount, see section 32.
Example: Assume for the 2025‑26 financial year the Fisheries Research and Development Corporation's declared fishery expenditure amount is $2.1 million.
 Assume the average declared fishery GVP amount for the 2025‑26 financial year and the declared fishery is $300 million. 1% of that amount is $3 million and 0.5% of that amount is $1.5 million.
 Working through the method statement as follows:
(a) the amount at step 1 is 0.5% of $300 million, which is $1.5 million;
(b) the amount at step 2 is $2.1 million minus $1.5 million, which is $600,000;
(c) the amount at step 3 is $300,000;
(d) assume the amount at step 5 is $500,000;
(e) as the amount at step 3 is less than the amount at step 5, under step 6 a payable amount is $300,000.

Overall limit
 (7) Despite subsections (2) to (6), the total of the amounts paid by the Commonwealth to the Corporation in relation to the relevant financial year must not exceed 0.75% of the average declared fishery GVP amount for the relevant financial year and the declared fishery.
Note: For average declared fishery GVP amount, see section 32.

Making payments
 (8) The Commonwealth must make the payments under subsection (1) in the amounts, and at the times, that the Commonwealth determines. Those times may be after the end of the relevant financial year.

Separate applications of section
 (9) This section applies separately in relation to each declared fishery.