Document ID: chunk:federal_register_of_legislation:C2025C00181:section:27:p2
Version: federal_register_of_legislation:C2025C00181
Segment Type: section
Provision Reference: s 27 (pt 2/3)
Character Range: 71276–73945

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 the average declared fishery GVP amount
 (5) If the declared fishery expenditure amount is 1% or more of the average declared fishery GVP amount for the relevant financial year and the declared fishery, 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 declared fishery GVP amount for the relevant financial year and the declared fishery.
           Step 2. 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 3. Work out the sum of the amounts at step 2.
           Step 4. If the amount at step 1 is less than or equal to the amount at step 3, the amount at step 1 is a payable amount.
           Step 5. If the amount at step 1 exceeds the amount at step 3, the amount at step 3 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 $4 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. 0.25% of that amount is $750,000 (the amount at step 1).
 Assume the amount at step 3 is $500,000.
 As the amount at step 1 exceeds the amount at step 3, under step 5 a payable amount is $500,000.
 (6) If the declared fishery expenditure amount is more than 0.5%, but less than 1%, of the average declared fishery GVP amount for the relevant financial year and the declared fishery, 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 declared fishery GVP amount for the relevant financial year and the declared fishery.
           Step 2. Subtract the amount at step 1 from the declared fishery expenditure amount.
           Step 3. 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