Document ID: chunk:federal_register_of_legislation:C2022A00018:section:8
Version: federal_register_of_legislation:C2022A00018
Segment Type: section
Provision Reference: s 8
Character Range: 6032–7115

8  Meaning of Commonwealth's unrecovered costs for a levy year
 (1) If the Resources Minister makes a determination for a levy year under subsection (2), the Commonwealth's unrecovered costs for the levy year are the amount specified in the determination.
Note: For the timing of when instruments take effect, see section 12.
 (2) The Resources Minister may, by legislative instrument, make a determination for a levy year specifying the amount in dollars by which the total amount of levy assessed for previous levy years falls short of the total decommissioning cost, as that cost is calculated at the end of the levy year for which the determination is made.
 (3) A determination for a levy year under subsection (2):
 (a) must not be made unless the Resources Minister considers that the levy rate of $0.48 that would otherwise apply under subsection 11(1) would result in the total amount of levy to be assessed for the levy year exceeding the amount to be specified in the determination; and
 (b) may only be made within the period of 6 months after the end of the levy year.