23Commonwealth to make matching payments

23 Commonwealth to make matching payments

(1) The Commonwealth must pay to a recipient body, in relation to a financial year (the relevant financial year), amounts that in total are equal to the lesser of the following: (a) the amount (the expenditure limit) equal to 50% of the body’s qualifying expenditure amount for the relevant financial year; (b) the amount (the GVP limit) equal to 0.5% of the average gross value of production amount, in relation to the body, for the relevant financial year.

Note 1: For qualifying expenditure amount, see section 24 and for average gross value of production amount, see section 25.

Note 2: For spending requirements for amounts paid under subsection (1), see sections 33 and 34.

Note: Example 1: Assume for the 2025‑26 financial year a recipient body’s qualifying expenditure amount is $2 million. The expenditure limit is $1 million. Assume the GVP limit is $1.2 million.

Note: Since the expenditure limit is less than the GVP limit, for the 2025‑26 financial year the Commonwealth must pay the body $1 million.

Note: Example 2: Assume for the 2025‑26 financial year a recipient body’s qualifying expenditure amount is $2 million. The expenditure limit is $1 million. Assume the GVP limit is $800,000.

Note: Since the GVP limit is less than the expenditure limit, for the 2025‑26 financial year the Commonwealth must pay the body $800,000, but there is a carry‑over amount for the 2026‑27 financial year under subsection (5).

(2) Subsection (1) does not apply to the following: (a) the Fisheries Research and Development Corporation; (b) the declared livestock export body, unless the rules prescribe that subsection (1) does apply to that body; (c) the declared meat processor body, unless the rules prescribe that subsection (1) does apply to that body.

Note: See Subdivision B for matching payments to the Fisheries Research and Development Corporation.

(3) An amount worked out under paragraph (1)(a) or (b) must be rounded to the nearest whole cent and rounding up in the case of 0.5 cents. Making payments (4) The Commonwealth must make the payments under subsection (1) in the amounts, and at the times, that the Commonwealth determines. Those times may be after the end of the relevant financial year. Carry‑over amounts (5) If, for the relevant financial year, the expenditure limit exceeds the GVP limit, an amount equal to the excess is a carry‑over amount for the body for the next financial year after the relevant financial year.