Victorian Current Acts Victorian Current ActsS. 12A(1) amended by No. 64/2012 s. 15(1).
(1) This section applies to the holder of a mining licence or prospecting licence if the holder mines lignite in accordance with the licence and has effect despite anything to the contrary specified in the licence or the regulations (other than regulations made for the purposes of subsection (2)).
S. 12A(2) amended by No. 64/2012 s. 15(2).
(2) The holder of the mining licence or prospecting licence must pay royalties for the lignite in accordance with the prescribed rate.
(3) For the purposes of subsection (2), the prescribed rate is—
(a) the base amount per gigajoule unit of lignite produced; or
(b) if a different rate is prescribed in the regulations, that rate.
S. 12A(4) amended by Nos. 64/2012 s. 15(3), 68/2014, s. 17.
(4) Without limiting subsection (2), the holder of a mining licence or prospecting licence must, unless the Minister decides otherwise, pay royalties in respect of the disposal under section 14(2)(b) or 14B(2A) (as the case requires) of tailings resulting from work under a licence over Crown land in accordance with the rate or method of assessment and at the times prescribed.
(5) In this section—
S. 12A(5) def. of
base amount amended by No. 44/2014 s. 33(Sch. item 16(1)),
substituted by No. 40/2016 s. 31.
"base amount" means—
(a) for the period commencing on 1 July 2016 and ending on 31 December 2016, the amount determined in accordance with the following formula—
where—
A is the consumer price index number for the reference period ending on 30 June 2016;
B is the consumer price index number for the financial year ending on 30 June 2005; and
(b) for the period commencing on 1 January 2017 and ending on 30 June 2017, the amount determined in accordance with the following formula—
where—
C is the consumer price index number for the financial year ending on 30 June 2016; and
(c) for the financial year ending on 30 June 2018 and each subsequent financial year, the amount determined in accordance with the following formula—
where—
D is the amount calculated under paragraph (b);
E is the consumer price index number for the reference period ending on 30 June immediately preceding the financial year for which the determined amount is being calculated;
F is the consumer price index number for the financial year ending on 30 June 2016;
S. 12A(5) def. of
consumer price index number substituted as consumer price index by No.
44/2014 s. 33(Sch. item 16(2)), substituted as
consumer price index number by No. 40/2016 s. 31.
"consumer price index number "means the all groups consumer price index number for Melbourne in original terms published by the Australian Bureau of Statistics;
S. 12A(5) def. of gigajoule unit of lignite substituted by No. 59/2010 s. 33.
"gigajoule unit of lignite" means a quantity of lignite which, when mined and
measured at a prescribed time and in the prescribed manner, has a net wet
specific energy content of 1 gigajoule.
Pt 2 (Heading) amended by No. 59/2010 s. 6.
Part 2—Exploration licences, mining, prospecting and retention licences
Pt 2 Div. 1 (Heading) inserted by No. 63/2006 s. 7.
Division 1—General licence provisions