59ACRemittal or refund of levy—title partly ceases to be in force during year

59AC Remittal or refund of levy—title partly ceases to be in force during year

Remittal of levy (1) For the purposes of subsection 695M(3) of the OPGGS Act, the Titles Administrator must remit an amount of levy, worked out under subsection (3), if: (a) the levy is imposed on a title for a year; and (b) the title partly ceases to be in force at a particular time during the year, other than in the circumstances mentioned in subsection (6); and (c) the levy has not been paid by that time. Refund of levy (2) For the purposes of subsection 695M(3) of the OPGGS Act, the Titles Administrator must refund an amount of levy, worked out under subsection (3), if: (a) the levy is imposed on a title for a year; and (b) the title partly ceases to be in force at a particular time during the year, other than in the circumstances mentioned in subsection (6); and (c) the levy has been paid by that time. Amount to be remitted or refunded (3) The amount to be remitted under subsection (1), or refunded under subsection (2), is the sum of each amount worked out in accordance with subsection (4) or (5) (as applicable). (4) For each block that ceases to be the subject of the title during the year, work out an amount in accordance with the following formula: Start formula start fraction The number of days in the year that the block is not the subject of the title over 365 end fraction times $22,000 end formula (5) For each kilometre (or part of a kilometre) of pipeline that ceases to be covered by the title during the year, work out an amount in accordance with the following formula: Start formula start fraction The number of days in the year that the kilometre (or part of the kilometre) of pipeline is not covered by the title over 365 end fraction times $110 end formula Circumstances in which remittal or refund is not applicable under this section (6) For the purposes of paragraphs (1)(b) and (2)(b), the circumstances are that: (a) the title is partly cancelled under section 275 or 447 of the OPGGS Act during the year; or (b) the title is partly surrendered under section 271 or 443 of the OPGGS Act during the year.

Note: For paragraph (6)(b), see section 59AE for the remittal or refund of levy in the circumstance that a title is partly surrendered during the year and the application for consent to surrender, or to partly surrender, the title is made before the beginning of that year.