281Certain payments to be made by State to Commonwealth

281 Certain payments to be made by State to Commonwealth

(1) The Treasurer must, not later than the last day of each month, pay to the Commonwealth amounts determined in accordance with the formula—

Image unavailable in extracted text

where—

A is the amount of royalty payable under this Act, together with the amount, if any, payable under this Act by reason of late payment of that royalty, by a permittee, lessee or licensee in respect of petroleum recovered in the offshore area under the permit, lease or licence and received by the Minister during the preceding month; and

B is the percentage rate at which royalty is payable under this Act by the permittee, lessee or licensee in respect of that petroleum.

(2) The Consolidated Fund is appropriated to the necessary extent to enable payments to be made to the Commonwealth in accordance with subsection (1).