Industry, Tourism and Resources Legislation Amendment Act 2003 (21 of 2003)

Schedule 1   Miscellaneous amendments and repeals

Bounty (Ships) Act 1989

12F   Treatment of past payments purporting to be advances on account of eligible research and development expenditure bounty

 

(1) A payment that:

(a) purported to be an advance under subsection 12(1) of the Bounty (Ships) Act 1989 (the Bounty Act ) on account of eligible research and development expenditure bounty; and

(b) was made during the period that started on 9 April 1999 and ended on the commencement of this item;

may, to the extent that it has not already been repaid to the Commonwealth by that commencement, be recovered by the Commonwealth from the person as a debt due to the Commonwealth.

      

(2) A person to whom a payment referred to in subitem (1) was made is entitled, on the commencement of this item, to be paid, by the Commonwealth, an amount equal to the amount of the debt due to it by the person under subitem (1).

      

(3) The Consolidated Revenue Fund is appropriated for the purpose of payments under subitem (2).

      

(4) The Commonwealth may set-off the amount of a debt due to it by a person under subitem (1) against an amount that is payable to that person under subitem (2).

      

(5) Despite subitems (1) and (2), in applying subsection 12(2) or (3) of the Bounty Act after the commencement of this item to the construction or modification of a vessel, any payment made before that commencement in respect of the construction or modification that purported to be an advance on account of eligible research and development expenditure bounty is to be counted as though it had been validly made under subsection 12(1) of that Act.

Note: A person will therefore be liable to repay to the Commonwealth the amount of any excess of the purported advances over the amount of eligible research and development bounty payable to the person.

      

(6) This item does not, by implication, affect the recovery or set-off of other overpayments purporting to be made under the Bounty Act.