Federal Register of Legislation - Australian Government

Primary content

SR 1994 No. 50 Regulations as made
Principal Regulations
Administered by: Industry, Innovation and Science
General Comments: This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003
Registered 01 Jan 2005
Tabling HistoryDate
Tabled Senate17-Mar-1994
Tabled HR22-Mar-1994
Gazetted 11 Mar 1994
Date of repeal 01 Sep 2018
Repealed by Offshore Minerals (Retention Licence Fees) Regulations 2018

Offshore Minerals (Retention Licence Fees) Regulations 1994 No. 50

EXPLANATORY STATEMENT

STATUTORY RULES 1994 No. 50

Issued by the Authority of the Minister for Resources

OFFSHORE MINERALS (RETENTION LICENCE FEES) ACT 1994

OFFSHORE MINERALS (RETENTION LICENCE FEES) REGULATIONS

Section 9 of the Offshore Minerals (Retention Licence Fees) Act 1994 (the Act) provides that the Governor- General may make regulations prescribing matters either required, permitted, necessary or convenient for the purposes of the Act.

Subsection 4(1) of the Act provides that a retention licence holder must pay a fee to the Designated Authority for each year of the licence's term. Subsection 4(2) provides that the amount of the fee is to be calculated in accordance with the regulations. Subsection 4(3) provides that the amount of the fee is not to exceed $1,000 for each block covered by the licence.

The purpose of the fee is to recover the costs of administering the Offshore Minerals legislation. In accordance with the Offshore Constitutional Settlement agreed to by the Commonwealth and the States at the Premiers' Conference in June 1979 the money collected from the fee will be paid by the Commonwealth to the States and the Northern Territory to recompense them for administering the legislation on behalf of the Commonwealth.

The proposed Regulations prescribe the amount of the fee.

Regulation 1 provides a reference name for the Regulations.

Regulation 2 defines the terms used in the Regulations.

Regulation 3 provides that the annual fee will be $200 for each block covered by the licence.