79Variation of guarantee fee

79 Variation of guarantee fee

(1)  In this section –

original guarantee fee means the guarantee fee calculated under section 78 (2) by the Government Business Enterprise for a financial year;

varied guarantee fee means the guarantee fee as varied under subsection (2) .

(2)  If the Treasurer is satisfied that an original guarantee fee has been calculated incorrectly, the Treasurer may vary it.

(3)  If a Government Business Enterprise has paid the whole or part of an original guarantee fee and that whole or part as paid is greater than the varied guarantee fee –

(a) the difference between the amount so paid and the varied guarantee fee accrues interest at the prescribed rate from the date of that payment; and

(b) the Treasurer –

(i) [Section 79 Subsection (3) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] must offset the difference and any interest accrued on that difference against any other payment that is due, or will become due within 3 months after the determination of the varied guarantee fee, to be paid into the Public Account by the Government Business Enterprise under this Act; or

(ii) if at the end of that 3 month period the whole or part of the difference and interest is unable to be so offset, must pay that remaining whole or part of the difference and interest and any further interest accrued to the Government Business Enterprise.

(4)  If the original guarantee fee is less than a varied guarantee fee –

(a) the difference accrues interest at the prescribed rate from the date on which the original guarantee fee is paid; and

(b) [Section 79 Subsection (4) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] the Government Business Enterprise must pay the difference and any interest accrued on the difference into the Public Account in the manner, and at the times, determined by the Treasurer.