Document ID: chunk:federal_register_of_legislation:C2025C00181:section:27:p1
Version: federal_register_of_legislation:C2025C00181
Segment Type: section
Provision Reference: s 27 (pt 1/3)
Character Range: 68650–71511

27  Commonwealth to make matching payments in relation to a declared fishery
 (1) If there is a declared fishery in a financial year (the relevant financial year), the Commonwealth must pay to the Fisheries Research and Development Corporation, in relation to the relevant financial year, amounts that in total are equal to the sum of payable amounts worked out under this section (rounded to the nearest whole cent and rounding up in the case of 0.5 cents).
Note: For spending requirements for amounts paid under subsection (1), see section 35.
 (2) A payable amount is the lesser of the following:
 (a) the Corporation's declared fishery expenditure amount for the relevant financial year;
 (b) the amount equal to 0.5% of the average declared fishery GVP amount for the relevant financial year and the declared fishery.
Note 1: 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 million.
 Assume the average declared fishery GVP amount for the 2025‑26 financial year and the declared fishery is $600 million. 0.5% of that amount is $3 million.
 As the declared fishery expenditure amount is less than $3 million, a payable amount is $2 million.
 (3) The Corporation's declared fishery expenditure amount for a financial year is the sum of the following:
 (a) the expenditure the Corporation incurs during that year on research and development activities for the declared fishery, where expenditure on those activities is:
 (i) for the benefit of the declared fishery; and
 (ii) for the benefit of the Australian community generally; and
 (iii) in accordance with the Corporation's funding agreement; and
 (iv) in accordance with the Corporation's annual operational plan;
 (b) the expenditure the Corporation incurs during that year in doing the following in relation to the declared fishery:
 (i) paying or discharging expenses, charges, obligations and liabilities incurred by the Corporation in the performance of its functions or the exercise of its powers;
 (ii) paying remuneration, allowances, fees or expenses payable under the Primary Industries Research and Development Act 1989.
Note 1: For research and development activity, see section 9.
Note 2: Paragraphs (a) and (b) cover expenditure the Corporation incurs, regardless of the source of the money that is being spent. Examples of sources of money are payments by the Commonwealth under Division 2, payments by a State or Territory or an authority of a State or Territory and voluntary industry contributions.
Note 3: For expenditure to which paragraphs (a) and (b) do not apply, see section 28.
 (4) Subparagraph (3)(b)(i) does not apply to expenditure on a matter covered by subsection 21(2), (4), (5) or (6).

Payable amounts worked out using