102AAAgreement to deferral of royalty

102AA Agreement to deferral of royalty

[Section 102AA Inserted by No. 24 of 2013, s. 99, Applied:28 Jun 2013]

(1)  A person may apply to the Treasurer for a deferral of the obligation to pay an amount of royalty that the person would otherwise be liable, or become liable, to pay under this Act to the Crown.

(2)  The Treasurer, after consulting with the Minister in respect of an application made by a person under subsection (1) , may –

(a) agree to defer the person's obligation to pay an amount of royalty that the person would otherwise be liable, or become liable, to pay under this Act; or

(b) refuse to agree to defer the obligation.

(3)  The Treasurer may only agree to defer a person's obligation to pay an amount of royalty under this Act if the relevant criteria for deferral specified in an order under subsection (4) have been satisfied.

(4)  The Treasurer may, by order, specify the criteria for deferral.

(5)  The Treasurer may agree to defer an obligation under subsection (2) unconditionally or on conditions.

(6)  The conditions on which the Treasurer may agree to defer under subsection (2) an obligation of a person to pay an amount of royalty include, but are not limited to including, any one or more of the following conditions:

(a) a condition that the person enter into a payment plan, whereby the amount of the royalty is paid, in instalments, at intervals specified in the plan;

(b) a condition that the person pay, by a date, or dates, specified in the condition, interest, calculated in accordance with the rate specified in the condition, on the amount of royalty;

(c) a condition that the person pay the amount of the royalty by a date specified in the agreement.

(7)  An agreement under subsection (2) is to specify –

(a) the lease or licence to which the agreement relates; and