29Definition of average total main fishing industry GVP amount

29 Definition of average total main fishing industry GVP amount

(1) The average total main fishing industry GVP amount, for a financial year (the relevant financial year), is the amount determined under subsection (2) for the relevant financial year. (2) For the purposes of subsection (1), the Secretary must, by notifiable instrument, determine an amount for the relevant financial year. The Secretary must do so as soon as practicable after the start of that year. Calculation is to be an average (3) That amount is to be the average of the total main fishing industry GVP amounts for each of the last 3 financial years before the relevant financial year. (4) The Secretary must specify in the instrument under subsection (2) each total main fishing industry GVP amount the Secretary used to determine that average. (5) The total main fishing industry GVP amount, for a financial year, is the amount provided to the Secretary by the head of the agricultural statistics body as being the gross value of production in that year of all of the goods that: (a) are prescribed by the rules for the purposes of this paragraph; and (b) are the produce of the main fishing industry, whether it is managed by or on behalf of the Commonwealth, a State or a Territory.

Note: For agricultural statistics body, see section 4.

Effect of substituted amounts (6) Once the Secretary has determined an amount under subsection (2) for the relevant financial year: (a) the Secretary must, for the relevant financial year, disregard any amount provided to the Secretary by the head of the agricultural statistics body in substitution for a total main fishing industry GVP amount; and (b) the Secretary must take the substituted amount into account in determining an amount under subsection (2) for each of the next 2 financial years after the relevant financial year.