110Paragraph 108(1)(b)

110  Paragraph 108(1)(b)

Omit “paragraph 112(1)(d)”, substitute “paragraphs 112(1)(ca) and (d)”.

111  Section 110 (heading)

110  Retention limit for Commonwealth’s matching payments

112  Subsection 110(1)

 (1) For the purposes of this section, gross value of production, in relation to a levy for a financial year, means the gross value of production, for that financial year, of the goods that are the produce of the primary industry, or class of primary industries, to which the levy relates.

 (1A) If:

 (a) a levy is attached to an R&D Fund; and

 (b) before the end of 31 October next following a financial year, the Minister determines the amount of the gross value of production in relation to the levy for the financial year; and

 (c) as at the end of 31 October next following the financial year, the sum of the amounts that were paid into the R&D Fund during the financial year under paragraph 108(1)(b) exceeds 0.5% of the amount of the gross value of production in relation to the levy for the financial year as determined by the Minister;

the RIR&D Corporation must pay to the Commonwealth, out of the R&D Fund, an amount equal to the excess.

 (1B) If:

 (a) before the end of 31 October next following a financial year, the Minister has not determined under subsection (1A) the amount of the gross value of production in relation to the levy for the financial year; and

 (b) the Minister has determined under subsection (1A) the amount of the gross value of production in relation to the levy for the previous financial year;

the Minister is taken to have made, immediately before the end of that 31 October, a determination under subsection (1A) that the amount of the gross value of production in relation to the levy for the financial year is equal to the amount of the gross value of production in relation to the levy determined under subsection (1A) for the previous financial year.

 (1C) The Minister may, on behalf of the Commonwealth, set off an amount payable out of an R&D Fund under subsection (1A) against an amount that is payable into the R&D Fund under paragraph 108(1)(b).

 (1D) A determination made under subsection (1A) is not a legislative instrument.