would otherwise apply to determine the annual licence fee for each financial year encompassed by the period to which the upfront licence fee relates. (3) Subsection (2) does not limit how the Treasurer may determine an upfront licence fee. (4) The payment of an upfront licence fee satisfies any obligation a port licence holder has to pay an annual licence fee for a financial year that would otherwise arise under section 44H if that upfront licence fee relates to a period that encompasses that financial year. (5) No upfront licence fee, and no part of an upfront licence fee, that is paid in accordance with this section is to be refunded to the port licence holder except as provided under section 44N. S. 44I 44I Amount of port licence fee inserted by No. 8/2012 (1) The amount of the port licence fee payable in s. 5. respect of the financial year commencing on 1 July 2012 is $75 million. (2) The amount of the port licence fee payable in respect of each subsequent financial year is the amount calculated under section 44J. S. 44J 44J Calculation of port licence fee inserted by No. 8/2012 s. 5. (1) For the purposes of section 44I(2), the amount is S. 44J(1) amended by calculated in accordance with the formula— No. 44/2014 s. 33(Sch. item 21(1)). where— A is the amount of the fee for the financial year immediately preceding the financial year in respect of which the fee is payable;
would otherwise apply to determine the annual licence fee for each financial year encompassed by the period to which the upfront licence fee relates. (3) Subsection (2) does not limit how the Treasurer may determine an upfront licence fee. (4) The payment of an upfront licence fee satisfies any obligation a port licence holder has to pay an annual licence fee for a financial year that would otherwise arise under section 44H if that upfront licence fee relates to a period that encompasses that financial year. (5) No upfront licence fee, and no part of an upfront licence fee, that is paid in accordance with this section is to be refunded to the port licence holder except as provided under section 44N. S. 44I inserted by No. 8/2012 s. 5. 44I Amount of port licence fee (1) The amount of the port licence fee payable in respect of the financial year commencing on 1 July 2012 is $75 million. (2) The amount of the port licence fee payable in respect of each subsequent financial year is the amount calculated under section 44J. S. 44J inserted by No. 8/2012 s. 5. 44J Calculation of port licence fee S. 44J(1) amended by No. 44/2014 s. 33(Sch. item 21(1)). (1) For the purposes of section 44I(2), the amount is calculated in accordance with the formula— where— A is the amount of the fee for the financial year immediately preceding the financial year in respect of which the fee is payable;
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