Document ID: chunk:federal_register_of_legislation:C2025C00181:section:26:p5
Version: federal_register_of_legislation:C2025C00181
Segment Type: section
Provision Reference: s 26 (pt 5/6)
Character Range: 65149–67810

Commonwealth, for research and development in relation to the main fishing industry;
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.
           Step 3. Express the amount at step 2 as a percentage of the average total main fishing industry GVP amount for the relevant financial year.
           Step 4. Multiply the percentage at step 3 by the average State/Territory main fishing industry GVP amount for the relevant financial year and the State or Territory.
           Step 5. Work out half of the amount at step 4.
           Step 6. If the amount at step 5 is less than or equal to the total payments made by the State or Territory, the amount at step 5 is a payable amount.
           Step 7. If the amount at step 5 exceeds the total payments made by the State or Territory, the total payments made by the State or Territory is a payable amount.
Note: For average total main fishing industry GVP amount, see section 29 and for average State/Territory main fishing industry GVP amount, see section 31.
Example: Assume for the 2025‑26 financial year the Fisheries Research and Development Corporation's relevant fishing expenditure amount is $20 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 and 0.5% of that amount is $16 million.
 Assume a State makes a $750,000 payment in the 2025‑26 financial year to the Corporation for research and development in relation to the main fishing industry.
 Assume the average State/Territory main fishing industry GVP amount for the 2025‑26 financial year for the State is $500 million.
 Working through the method statement as follows:
(a) the amount at step 1 is 0.5% of $3.2 billion, which is $16 million;
(b) the amount at step 2 is $20 million minus $16 million, which is $4 million;
(c) the percentage at step 3 is $4 million divided by $3.2 billion, which is 0.125%;
(d) the amount at step 4 is $500 million multiplied by 0.125%, which is $625,000;
(e) the amount at step 5 is $312,500;
(f) as the amount at step 5 is less than the $750,000 payment made by the State, under step 6 a payable amount is $312,500.

Overall limit
 (9) Despite subsections (2) to (8), the total of the amounts paid by the Commonwealth to the Corporation in relation to the relevant financial year must not exceed 0.75% of the average total main fishing industry GVP