37Refund of warehouse licence charge

37 Refund of warehouse licence charge

Warehouse licence charge paid in full (1) For section 87A of the Act, if the warehouse licence charge for the licence was paid in full, the amount of the refund is worked out using the formula: Start formula Amount of the charge that was paid times Start fraction Number of days in the financial year during which the licence is not in force following the cancellation of the licence over Number of days in the financial year End fraction End formula Warehouse licence charge paid in instalments (2) For section 87A of the Act, if the warehouse licence charge for the licence was paid in instalments, the amount of the refund is worked out using the formula: Start formula Amount of the instalment that was paid for the relevant instalment period times Start fraction Number of days remaining in the relevant instalment period starting on the day after the licence is cancelled over Number of days in the relevant instalment period End fraction End formula Definitions (3) In this instrument:

instalment period means a period, in a financial year, that:

(a) starts on the day on which an instalment is due to be paid; and
(b) ends on the day immediately before:
(i) the day on which the next instalment for the financial year is due to be paid; or
(ii) if no more instalments are due to be paid for the financial year—the start of the next financial year.

relevant instalment period means the instalment period during which the licence is cancelled.