27Premiums under the SRC Act

27 Premiums under the SRC Act

(1) Comcare must, as soon as practicable after the conversion time, determine the amount (if any) by which the premium for ADC and DRDC for the transitional financial year should be reduced. (2) If: (a) an amount equal to the premium for ADC or DRDC for the transitional financial year has been paid under Division 4A of Part VII of the SRC Act; and (b) the amount of the premium is reduced as a result of a determination under subsection (1); the Secretary of the Department may, in writing, direct that an amount equal to the refund amount, or amounts that together add up to the refund amount, be paid to Dairy Australia Limited in accordance with the direction. (3) A direction by the Secretary of the Department may be given subject to such conditions (if any) about the use or expenditure of the amount or amounts to which it relates as are set out in the direction. (4) If the Secretary of the Department gives a direction, the amount or amounts to which it relates are payable to Dairy Australia Limited out of the Consolidated Revenue Fund, which is appropriated accordingly. (5) The payment of an amount under subsection (4) must be made in accordance with the direction, and is subject to the conditions (if any) set out in the direction. (6) A copy of each direction must be published in the Gazette within 14 days after the direction is given. (7) The direction is not invalid merely because it has not been published as required under subsection (6). (8) In this section:

refund amount means the amount equal to the difference between the amount of premium for ADC or DRDC for the transitional financial year and the amount of that premium as reduced because of a determination under subsection (1).

transitional financial year means the financial year in which the conversion time occurs.