34BCommunity contribution

34B Community contribution

34B Community contribution

(1) For the purposes of section 77 of the Act, a community contribution is payable by each shareholder for each fishing period.

(2) The community contribution is payable by a shareholder 2 months after the end of the fishing period, or on such later date as may be determined by the Minister and notified in writing to the shareholder.

(3) The community contribution is calculated as follows—

where—

CC is the community contribution.

RP is the relevant percentage (as defined by subclause (4)).

S is the number of shares in the fishery held by the shareholder on the last day of the fishing period.

TS is the total number of shares in the fishery.

TC is the total catch (in kilograms) of abalone by shareholders in the fishery during the fishing period, determined by the Minister on the basis of records kept by the Secretary.

BP is the average beach price for abalone during the fishing period.

(4) For the purposes of subclause (3), the relevant percentage (RP) is calculated as follows—

(a) if the adjusted beach price for the fishing period is less than $43, the relevant percentage is zero (and no community contribution is payable),

(b) if the adjusted beach price for the fishing period is not less than $43 but is less than $53, the relevant percentage is 0.5% plus another 0.5% for each $1 by which the adjusted beach price exceeds $43,

(c) if the adjusted beach price for the fishing period is not less than $53 but is less than $62, the relevant percentage is 6% plus another 1% for each $1 by which the adjusted beach price exceeds $53,

(d) if the adjusted beach price for the fishing period is not less than $62, the relevant percentage is 15%.

(5) The Secretary is to calculate the community contribution for each shareholder at the end of the fishing period and advise shareholders of the amount that they are liable to pay.

(6) Interest is payable on late payments of the community contribution at the rate payable from time to time in respect of judgments of the Supreme Court.