Document ID: chunk:federal_register_of_legislation:C2021A00132:clause:4_7:p1
Version: federal_register_of_legislation:C2021A00132
Segment Type: clause
Provision Reference: sch 4 cl 7 (pt 1/2)
Character Range: 110130–112779

7  After subsection 64(3)
Insert:
 (3A) If an amount (the debit amount) that would otherwise be required to be debited from the Account under subsection (3) and paid to a Land Council in respect of a mining interest or mining operations (as the case may be) is higher than the amount that would be debited having regard to:
 (a) an amount paid on account of royalties in respect of the mining interest being higher than the royalties that are later assessed were payable in respect of that mining interest; or
 (b) an amount that is credited to the Account in purported compliance with subsection 63(4) in respect of the mining operations being higher than the amount that is later determined was required to be credited under that subsection;
then the Minister may reduce the debit amount by the amount of the excess.
 (3B) If:
 (a) an amount was debited from the Account under subsection (3) and paid to a Land Council in respect of a mining interest or mining operations (as the case may be); and
 (b) that amount is higher than the amount that would have been debited having regard to either of the following:
 (i) an amount paid on account of royalties in respect of the mining interest being higher than the royalties that are later assessed were payable in respect of that mining interest;
 (ii) an amount that is credited to the Account in purported compliance with subsection 63(4) in respect of the mining operations being higher than the amount that is later determined was required to be credited under that subsection;
then the Minister may offset the whole or part of the excess against the whole or part of one or more future amounts otherwise required to be debited from the Account under subsection (3) and paid to that Land Council in respect of that mining interest or mining operations (as the case requires).
 (3C) If an amount is reduced under subsection (3A), or offset under subsection (3B), the Minister may reduce (whether by way of a single reduction or a series of reductions) the amount standing to the credit of the Account by an amount not greater than:
 (a) if paragraph (3A)(a) or subparagraph (3B)(b)(i) applies—the difference between the amount paid on account of royalties in respect of the mining interest and the amount of royalties that are later assessed were payable in respect of the mining interest; or
 (b) if paragraph (3A)(b) or subparagraph (3B)(b)(ii) applies—the difference between the amount that was credited to the Account in purported compliance with subsection 63(4) in respect of the mining operations and the amount that is later determined was required to be credited under that subsection in