Document ID: chunk:federal_register_of_legislation:C2025C00181:section:26:p3
Version: federal_register_of_legislation:C2025C00181
Segment Type: section
Provision Reference: s 26 (pt 3/6)
Character Range: 60290–62963

follows:

      Method statement
           Step 1. Work out the amount equal to 0.5% of the average total main fishing industry GVP amount for the relevant financial year.
           Step 2. Subtract the amount at step 1 from the relevant fishing expenditure amount.
           Step 3. Express the amount at step 2 as a percentage of the average total main fishing industry GVP amount for the relevant financial year.
           Step 4. Multiply the percentage at step 3 by the average Commonwealth main fishing industry GVP amount for the relevant financial year.
           Step 5. Work out half of the amount at step 4.
           Step 6. Work out the sum of the following:

                (a) 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;
                (b) the total amount paid to the Corporation under subsection 36(1) during the relevant financial year.

           Step 7. If the amount at step 5 is less than or equal to the amount at step 6, the amount at step 5 is a payable amount.
           Step 8. If the amount at step 5 exceeds the amount at step 6, the amount at step 6 is a payable amount.
Note 1: For average total main fishing industry GVP amount, see section 29 and for average Commonwealth main fishing industry GVP amount, see section 30.
Note 2: Paragraph (a) of step 6 does not apply in relation to certain levies or charges: see subsection (11).
Example: Assume for the 2025‑26 financial year the Fisheries Research and Development Corporation's relevant fishing expenditure amount is $20 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 and 0.5% of that amount is $16 million.
 Assume the average Commonwealth main fishing industry GVP amount for the 2025‑26 financial year is $500 million.
 Working through the method statement as follows:
(a) the amount at step 1 is 0.5% of $3.2 billion, which is $16 million;
(b) the amount at step 2 is $20 million minus $16 million, which is $4 million;
(c) the percentage at step 3 is $4 million divided by $3.2 billion, which is 0.125%;
(d) the amount at step 4 is $500 million multiplied by 0.125%, which is $625,000;
(e) the amount at step 5 is $312,500;
(f) assume the 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)