12CCollection of transaction based contributions

12C Collection of transaction based contributions

12C Collection of transaction based contributions

(1) A collection agent for a transaction based contribution scheme is authorised to collect any contribution payable under the scheme in connection with a livestock transaction from a designated livestock producer to which the scheme applies.

(2) A collection agent for a transaction based contribution scheme must—

(a) collect from the proceeds of any livestock transaction of a designated livestock producer to which the scheme applies such contributions as may be provided by the scheme at such times and in such manner as may be provided by the scheme, and

(b) pay any contribution the agent collects under the scheme to the fund administrator for the industry fund for which the scheme was established at the time and in the manner provided by the scheme, and

(c) keep such records concerning the collection and payment of such contributions as may be prescribed by the regulations.

Maximum penalty—100 penalty units.

(3) A collection agent for a transaction based contribution scheme who collects a transaction based contribution from a livestock producer must provide the livestock producer from whom the contribution was collected with a written receipt (whether on the document evidencing the livestock transaction concerned or otherwise) immediately after the collection of the contribution that indicates the following—

(a) the name of the livestock producer,

(b) the livestock transaction concerned,

(c) the amount of the contribution concerned and the date on which it was collected,

(d) the name of the collection agent.

Maximum penalty—100 penalty units.

(4) A collection agent for a transaction based contribution scheme must produce any records concerning the collection or payment of contributions under the scheme in accordance with any written request of the Secretary or fund administrator for the industry fund for which the scheme was established within the period of 7 days after receiving the request.

Maximum penalty—100 penalty units.

pt 3, div 2, sdiv 2 (ss 12B–12E): Ins 2004 No 45, Sch 1 [15].