Document ID: chunk:federal_register_of_legislation:C2022A00018:section:7
Version: federal_register_of_legislation:C2022A00018
Segment Type: section
Provision Reference: s 7
Character Range: 4850–6032

7  Meaning of levy year
 (1) Each of the following is a levy year:
 (a) the financial year beginning on 1 July 2021;
 (b) each subsequent financial year, ending with the financial year beginning on 1 July 2029.

Termination of levy
 (2) Despite subsection (1), at any time during a financial year (the current year) beginning on or before 1 July 2028, the Resources Minister may determine, by legislative instrument, that no financial year after the current year is a levy year for the purposes of this Act.
 (3) A determination made under subsection (2) has effect accordingly.
Note: For when the determination takes effect, see section 12.
 (4) The Resources Minister may only make a determination under subsection (2) if the Resources Minister is satisfied that:
 (a) the total decommissioning cost, if calculated at the end of the current year, would not exceed the total of the following:
 (i) the amount of levy that is likely to be assessed for the current year;
 (ii) the amount of levy that has been assessed for previous levy years; and
 (b) the Commonwealth is unlikely to incur costs in relation to decommissioning‑related activities after the end of the current year.