34Making an offer for compensation—cancelled transferable access licences

34 Making an offer for compensation—cancelled transferable access licences

For the purposes of regulation 33(b), the compensation payable to the holder of a cancelled transferable access licence must be determined in accordance with the formula—

where—

**A** is a fair and reasonable valuation for the licence, including any quota entitlement issued in respect of the licence, as determined by the valuer-general;

**B** is an income support payment equal to 3 times the average of the 4 highest net incomes before tax expressed in current dollars and returned from the 7 fishing seasons immediately before the cancellation of the licence, and based on catch records held by the Victorian Fisheries Authority;

**C** is a discounted amount determined by the independent negotiator to adjust for the benefit gained from receiving a lump sum in lieu of future income;

**D** is a fair and reasonable sum for any financial loss suffered as a natural and direct consequence of the cancellation of the licence that is not met by A or B;

**E** is a solatium of not more than 10% of the result of ;

**Y** is the total amount of the entitlement of the holders of a registered financial interest in the licence.