Customs Amendment (Export Controls and Other Measures) Act 2011 (63 of 2011)

Schedule 2   Strengthening of security measures at depots and warehouses

Part 1   Depot licences

Customs Act 1901

20   Subsection 77W(1)

Repeal the subsection, substitute:

(1) If:

(a) a depot licence is cancelled before the end of a financial year; and

(b) the person or partnership (the former holder ) who held the licence before its cancellation has paid the depot licence charge for that financial year;

the former holder is entitled to a refund of an amount worked out using the formula in subsection (1A).

(1A) For the purposes of subsection (1), the formula is:

where:

annual rate means the amount of $4,000, or, if another amount is prescribed under subsection 6(2) of the Customs Depot Licensing Charges Act 1997, that other amount.

days in the year means:

(a) if the financial year in which the licence is in force is not constituted by 365 days - the number of days in that financial year; or

(b) otherwise - 365.

post-cancellation days means the number of days in the financial year during which the depot licence is not in force following the cancellation of the licence.

Note: The heading to section 77W is altered by omitting “ revocation ” and substituting “ cancellation ”.