Document ID: chunk:federal_register_of_legislation:C2025C00181:section:26:p2
Version: federal_register_of_legislation:C2025C00181
Segment Type: section
Provision Reference: s 26 (pt 2/6)
Character Range: 57823–60558

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 Commonwealth main fishing industry GVP amount
 (5) If the relevant fishing expenditure amount is 1% or more of the average total main fishing industry GVP amount for the relevant financial year, 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 Commonwealth main fishing industry GVP amount for the relevant financial year.
           Step 2. 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 3. If the amount at step 1 is less than or equal to the amount at step 2, the amount at step 1 is a payable amount.
           Step 4. If the amount at step 1 exceeds the amount at step 2, the amount at step 2 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 2 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 $33 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.
 Assume the average Commonwealth main fishing industry GVP amount for the 2025‑26 financial year is $500 million. 0.25% of that amount is $1.25 million (the amount at step 1).
 Assume the amount at step 2 is $1.1 million.
 As the amount at step 1 exceeds the amount at step 2, under step 4 a payable amount is $1.1 million.
 (6) If the relevant fishing expenditure amount is more than 0.5%, but less than 1%, of the average total main fishing industry GVP amount for the relevant financial year, 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 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.