27Subsection 66(3)

27  Subsection 66(3)

 (3) The payments made under subsection (1) to the industry research body during a particular financial year are subject to the condition that, if:

 (a) before the end of 31 October next following the financial year, the Secretary determines the amount of the gross value of production of the industry for the financial year; and

 (b) as at the end of 31 October next following the financial year, the sum of the amounts that were paid to the industry research body under subsection (1) during the financial year exceeds 0.5% of the amount of the gross value of production of the industry for the financial year as determined by the Secretary;

the industry research body will pay to the Commonwealth an amount equal to the excess.

Note: This ensures that the sum of the amounts that are retained by the industry research body in relation to the financial year does not exceed 0.5% of the amount of the gross value of production of the industry for the financial year as determined by the Secretary.

 (3A) If:

 (a) before the end of 31 October next following a financial year, the Secretary has not determined under subsection (3) the amount of the gross value of production of the industry for the financial year; and

 (b) the Secretary has determined under subsection (3) the amount of the gross value of production of the industry for the previous financial year;

the Secretary is taken to have made, immediately before the end of that 31 October, a determination under subsection (3) that the amount of the gross value of production of the industry for the financial year is equal to the amount of the gross value of production of the industry determined under subsection (3) for the previous financial year.

 (3B) An amount payable under subsection (3) by the industry research body:

 (3C) A determination made under subsection (3) is not a legislative instrument.