Period in which licence Formula for determining cancelled compensation Initial election period An amount (A) = $385 000 + (3×T) Election period commencing An amount (B) 1 April 2016 = A × 9/10 Election period commencing An amount (C) 1 April 2017 = B × 9/10 Election period commencing An amount (D) 1 April 2018 = C × 9/10 Election period commencing An amount (E) 1 April 2019 = D × 9/10 Election period commencing An amount (F) 1 April 2020 = E × 9/10 After 1 April 2021 An amount (G) = F × 9/10 the purposes of subclause (1), the annual average catch value taken under a licence over the survey period (T) is determined as follows— each species specified in column 1 of Table 2— (i) the total catch, in kilograms, of that species is determined based on the catch history of the licence over the survey period indicated in the records held by the Secretary; and
Period in which licence cancelled Formula for determining compensation Initial election period An amount (A) = $385 000 + (3×T) Election period commencing 1 April 2016 An amount (B) = A × 9/10 Election period commencing 1 April 2017 An amount (C) = B × 9/10 Election period commencing 1 April 2018 An amount (D) = C × 9/10 Election period commencing 1 April 2019 An amount (E) = D × 9/10 Election period commencing 1 April 2020 An amount (F) = E × 9/10 After 1 April 2021 An amount (G) = F × 9/10 the purposes of subclause (1), the annual average catch value taken under a licence over the survey period (T) is determined as follows— each species specified in column 1 of Table 2— (i) the total catch, in kilograms, of that species is determined based on the catch history of the licence over the survey period indicated in the records held by the Secretary; and
15-064a.docx