Offshore Minerals (Retention Licence Fees) Act 1994 (Cth)

Offshore Minerals (Retention Licence Fees) Act 1994

No. 30 of 1994

An Act to provide for the payment of fees for retention licences issued under the Offshore Minerals Act 1994

Contents 1 Short title 2 Commencement 3 Interpretation 4 Retention licence fees 5 Holder liable to pay fee 6 Time for payment 7 Penalty if fee overdue 8 Fees and penalties are debts due to Commonwealth 9 Regulations

Offshore Minerals (Retention Licence Fees) Act 1994

No. 30 of 1994

An Act to provide for the payment of fees for retention licences issued under the Offshore Minerals Act 1994

[Assented to 25 February 1994

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Offshore Minerals (Retention Licence Fees) Act 1994.

2 Commencement This Act commences immediately after the Offshore Minerals Act 1994 commences.

3 Interpretation (1) In this Act: year, in relation to the term of a retention licence, means: (a) the period of 12 months commencing on (and including) the day on which the provisional grant of the licence is properly accepted; or (b) a period of 12 months commencing on (and including) an anniversary of that day; or (c) a period of less than 12 months that: (i) commences on (and includes): (A) the day on which the provisional grant of the licence is properly accepted; or (B) an anniversary of that day; and (ii) ends at the end of the term of the licence. (2) Expressions used in the Offshore Minerals Act 1994 have the same meaning in this Act unless the contrary intention appears.

4 Retention licence fees (1) A retention licence holder must pay a fee to the Designated Authority for each year of the licence's term. (2) Subject to subsection (3), the amount of the fee is to be calculated in accordance with the regulations. (3) The amount of the fee for a licence for a year is not to exceed the amount obtained by multiplying $1,000 by the number of blocks covered by the licence at the beginning of the year.