Part 7ARental

Part 7A—Rental 45A—Rental payable for utilising natural reservoir for storage (1) This section applies to the holder of a licence who utilises a natural reservoir to store a regulated substance. (2) Subject to this section, the holder of a licence to whom this section applies must pay to the Minister, by way of rental, a prescribed amount to be calculated in accordance with the regulations. (3) The holder of a licence to whom this section applies is not liable to pay an amount by way of rental under this section to the extent that the licensee utilises a natural reservoir to store— (a) a regulated substance that is to be used in the course of productive operations, or for purposes incidental to productive operations, that the producer carries out in the State and are associated with the production of a regulated substance in the State; or (b) carbon dioxide that has been produced or sourced within Australia and is not imported. (4) The Minister may reduce or waive rental payable by a licensee under this section— (a) in respect of a regulated substance or a regulated resource prescribed by the regulations; or (b) in prescribed circumstances. (5) The Minister must, on the tenth anniversary of the commencement of subsection (3)(b), cause a review of the operation of that subsection to be conducted and a report on the review to be prepared and submitted to the Minister. (6) The Minister must cause a copy of the report submitted under subsection (5) to be laid before both Houses of Parliament within 6 sitting days after receiving the report. 45B—Rental return (1) The holder of a licence to whom section 45A applies must, at the end of each prescribed period, provide the Minister with a return for the relevant period setting out— (a) the quantity of natural reservoir used for storage for which the licensee is liable to pay rental under section 45A; and (b) any matter prescribed by the regulations; and (c) any other relevant information required by the Minister. (2) A return must be accompanied by the rental payable by the licensee in respect of the prescribed period to which the return relates. (3) The Minister may— (a) determine that a requirement of subsection (1) or (2) will not apply to a particular licensee or class of licensee; and (b) impose, by notice to the particular licensee or by notice in the Gazette, such other requirements on the licensee or those licensees as may be appropriate in the circumstances. (4) The Minister may, by further notice, vary or revoke requirements imposed under subsection (3), or impose new requirements. 45C—Penalty for late payment If a licensee fails to pay rental as and when required by or under this Part— (a) the amount in arrears will, unless the Minister determines otherwise, be increased by penalty interest at the prescribed rate; and (b) the Minister may impose on the licensee a fine of an amount fixed by the Treasurer up to a limit of $1 000 or 10% of the outstanding rental, whichever is the greater. 45D—Recovery of rental Rental payable by a licensee under this Part, and any penalty interest or fine imposed by the Minister under this Part, may be recovered as a debt due to the Crown.