Part 2BPort licence fee

Part 2B—Port licence fee S. 44HAA inserted by No. 10/2016 s. 99. 44HAA Definitions ***annual licence fee*** means the port licence fee payable under section 44H; ***upfront licence fee*** means the port licence fee payable under section 44HA; ***Victorian Transport Fund*** means the Fund established under section 13 of the **Delivering Victorian Infrastructure (Port of Melbourne Lease Transaction) Act 2016**. S. 44H inserted by No. 8/2012 s. 5, substituted by No. 10/2016 s. 99. 44H Liability to pay port licence fee (1) The port licence holder is liable to pay a port licence fee in respect of the port licence the port licence holder holds. (2) The port licence fee is payable for each financial year the port licence is in force on and after 1 July 2015 (an ***annual licence fee***). (3) The amount of the annual licence fee is the amount calculated in accordance with this Part. (4) The amount of the annual licence fee that is payable is not to be adjusted even if the obligation to pay the fee arises after the beginning of the financial year in respect of which the fee is payable. (5) No amount of an annual licence fee that has been paid is to be refunded if the port licence ceases to be in force before the end of the financial year in respect of which that fee has been paid. S. 44HA inserted by No. 10/2016 s. 99. 44HA Treasurer may require a one-off upfront licence fee for a period of up to 15 years instead of annual fees for that period (1) Despite section 44H, the Treasurer, in respect of a period of up to 15 years ending on or before 1 July 2032, may require the port licence holder to pay to the Treasurer, before that period commences, a fee determined by the Treasurer in relation to all of the financial years encompassed by that period in which the port licence will be in force (an ***upfront licence fee***) instead of the annual licence fees that would otherwise be payable under section 44H for those financial years. (2) In determining an upfront licence fee, the Treasurer may have regard to the way section 44J would otherwise apply to determine the annual licence fee for each financial year encompassed by the period to which the upfront licence fee relates. (3) Subsection (2) does not limit how the Treasurer may determine an upfront licence fee. (4) The payment of an upfront licence fee satisfies any obligation a port licence holder has to pay an annual licence fee for a financial year that would otherwise arise under section 44H if that upfront licence fee relates to a period that encompasses that financial year. (5) No upfront licence fee, and no part of an upfront licence fee, that is paid in accordance with this section is to be refunded to the port licence holder except as provided under section 44N. S. 44I inserted by No. 8/2012 s. 5.