10BBAdjustment of claims following returns

10BB Adjustment of claims following returns

(1) Where the particulars of factory cost set out in a return under section 10BA in relation to an accounting period of a producer of bountiable yarn show a difference between that cost and the factory cost, or an estimate of factory cost, on which claims for bounty in respect of bountiable yarn lodged in respect of that period by the producer were based, the producer shall lodge with the return a statement in respect of the difference.

Penalty: $3,000.

(2) Where a producer of bountiable yarn who is required to lodge a statement under subsection (1) does not do so, the producer is not entitled to bounty, or to an advance on account of bounty, unless and until the statement is lodged. (3) A statement under subsection (1) shall: (a) be in accordance with the appropriate approved form; (b) include such information as is required by the form; and (c) be signed and witnessed as required by section 10D. (4) Where a statement under subsection (1) is lodged by a producer of bountiable yarn in relation to an accounting period of the producer, the CEO shall, after examining the statement and causing such inquiries as the CEO considers necessary to be made (including inquiries involving the exercise of powers under sections 15 and 16): (a) if the CEO is satisfied that the statement complies with subsection (3) and that the producer is entitled to be paid an additional amount of bounty in respect of the bountiable yarn in relation to which claims for bounty were lodged in respect of that period—approve, in writing, payment of the additional amount; (b) if the CEO is satisfied that there has been an overpayment of bounty by more than $200 in respect of the bountiable yarn in relation to which claims for bounty were lodged in respect of that period—cause to be served on the producer a demand for the repayment of the amount of the overpayment; or (c) if paragraph (a) or (b) does not apply—decline, in writing, to adjust payments of bounty made in respect of claims lodged by the producer in respect of that period. (5) Where, under paragraph (4)(b), a demand for the repayment of an amount is served on a producer of bountiable yarn, the producer is liable to repay that amount to the Commonwealth. (6) Where the CEO makes a decision under subsection (4) in relation to a statement under subsection (1), the CEO shall cause to be served on the producer of bountiable yarn who lodged the statement a notice in writing setting out the decision.