29Transfer of market milk delivery rights

29 Transfer of market milk delivery rights

(1) This section applies to an entity with an eligible interest in a dairy farm enterprise if, between 1 July 1998 and 28 September 1999 (inclusive) (the relevant dates), the entity:

(a) transferred quota to another entity; or

(b) surrendered quota; or

(c) acquired quota by transfer from another entity; or

(d) received a grant of quota from the dairy industry authority (however described) of a State or Territory.

(2) If this section applies, the enterprise is taken to have delivered, using quota provided by the entity, during the base year:

(a) an amount of market milk equal to the amount the enterprise actually delivered using quota provided by the entity, plus any adjusted net change in the entity’s delivery rights between the relevant dates; and

(b) an amount of manufacturing milk equal to the amount the enterprise actually delivered, less any adjusted net change in the entity’s delivery rights between the relevant dates.

(3) In subsection (2):

adjusted net change in the entity’s delivery rights means an amount worked out in accordance with the following formula:

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Image unavailable in extracted text where:

A means the volume of quota the entity acquired by transfer from another entity.

ANCDR means the adjusted net change in the entity’s delivery rights.

R means the volume of quota granted to the entity between the relevant dates.

S means the volume of quota the entity surrendered between the relevant dates.

T means the volume of quota the entity transferred to another entity between the relevant dates.

Total deliveries, for a State or Territory, means the total volume of deliveries of market milk made by all entities in the State or Territory during the base year.

Total rights, for a State or Territory, means the total volume of quota held by all entities in the State or Territory during the base year.