sec.48CAmount of compensation that may be decided

### sec.48C Amount of compensation that may be decided The amount of compensation decided may only be for— either— if the eligible authority continued in force after the relevant commencement—the difference between its market value immediately before the relevant commencement and its market value immediately after the relevant commencement; or if, under the relevant amendment, the eligible authority ended—its market value immediately before the relevant commencement; and the loss, for no more than 3 years from the relevant commencement, of probable taxable income from fishing lost or reduced because of the lost or reduced entitlement to take fisheries resources the subject of the claim. In working out the market value immediately before the relevant commencement, any reduction in the value of the eligible authority caused by the making, or the prospect of the making, of the relevant amendment must be disregarded. In working out the lost or reduced fishing income, regard may be had only to income from fishing under the eligible authority as stated in taxation returns lodged by the claimant and relevant notices of assessment accompanying the claim or given to the chief executive by or for the claimant. Subsection (5) applies if the chief executive considers— a ground on which the claim is made was not the sole cause of the loss or reduction claimed; and the other cause or causes of the loss or reduction were not causes for which compensation may be claimed under subdivision 1 . The chief executive may reduce the amount worked out under subsection (1) to reflect the other cause or causes. In this section— relevant commencement means when the relevant amendment commenced. taxable income means taxable income under the Income Tax Assessment Act 1997 (Cwlth) . s 48C ins 2019 No. 6 s 33 (sec.48C-ssec.1) The amount of compensation decided may only be for— either— if the eligible authority continued in force after the relevant commencement—the difference between its market value immediately before the relevant commencement and its market value immediately after the relevant commencement; or if, under the relevant amendment, the eligible authority ended—its market value immediately before the relevant commencement; and the loss, for no more than 3 years from the relevant commencement, of probable taxable income from fishing lost or reduced because of the lost or reduced entitlement to take fisheries resources the subject of the claim. (sec.48C-ssec.2) In working out the market value immediately before the relevant commencement, any reduction in the value of the eligible authority caused by the making, or the prospect of the making, of the relevant amendment must be disregarded. (sec.48C-ssec.3) In working out the lost or reduced fishing income, regard may be had only to income from fishing under the eligible authority as stated in taxation returns lodged by the claimant and relevant notices of assessment accompanying the claim or given to the chief executive by or for the claimant. (sec.48C-ssec.4) Subsection (5) applies if the chief executive considers— a ground on which the claim is made was not the sole cause of the loss or reduction claimed; and the other cause or causes of the loss or reduction were not causes for which compensation may be claimed under subdivision 1 . (sec.48C-ssec.5) The chief executive may reduce the amount worked out under subsection (1) to reflect the other cause or causes. (sec.48C-ssec.6) In this section— relevant commencement means when the relevant amendment commenced. taxable income means taxable income under the Income Tax Assessment Act 1997 (Cwlth) . - (a) either— (i) if the eligible authority continued in force after the relevant commencement—the difference between its market value immediately before the relevant commencement and its market value immediately after the relevant commencement; or (ii) if, under the relevant amendment, the eligible authority ended—its market value immediately before the relevant commencement; and - (i) if the eligible authority continued in force after the relevant commencement—the difference between its market value immediately before the relevant commencement and its market value immediately after the relevant commencement; or - (ii) if, under the relevant amendment, the eligible authority ended—its market value immediately before the relevant commencement; and - (b) the loss, for no more than 3 years from the relevant commencement, of probable taxable income from fishing lost or reduced because of the lost or reduced entitlement to take fisheries resources the subject of the claim. - (i) if the eligible authority continued in force after the relevant commencement—the difference between its market value immediately before the relevant commencement and its market value immediately after the relevant commencement; or - (ii) if, under the relevant amendment, the eligible authority ended—its market value immediately before the relevant commencement; and - (a) a ground on which the claim is made was not the sole cause of the loss or reduction claimed; and - (b) the other cause or causes of the loss or reduction were not causes for which compensation may be claimed under subdivision 1 .