129Certain payments to be made by State to Commonwealth

129 Certain payments to be made by State to Commonwealth

129 Certain payments to be made by State to Commonwealth

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

where—

A is the amount of royalty payable under this Act, together with the amount, if any, payable by reason of late payment of that royalty, by a permittee, lessee or licensee in respect of petroleum recovered in the adjacent 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 extent necessary for the purposes of this section.

s 129: Am 1986 No 59, Sch 7 (27); GG No 131 of 15.8.1986, p 3967; 2014 No 37, Sch 4.5 [3].