Document ID: chunk:federal_register_of_legislation:C2012A00082:clause:1_51
Version: federal_register_of_legislation:C2012A00082
Segment Type: clause
Provision Reference: sch 1 cl 51
Character Range: 29773–30528

51  At the end of section 8
Add:

Set off
 (7) If:
 (a) an amount (the first amount) is payable by the industry services body under subsection (3); and
 (b) another amount (the second amount) is payable by the Commonwealth to the industry services body under the funding contract;
the Minister may, on behalf of the Commonwealth, set off the whole or a part of the first amount against the whole or a part of the second amount.

Net matching payments
 (8) For the purposes of this section, net matching payments for a financial year means the total of the matching payments made to the industry services body during the financial year, less the amount payable by the industry services body under subsection (3) as a condition of those matching payments.