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Brief
The Offshore Minerals (Retention Licence Fees) Act 1994 (No. 30 of 1994) is an Act to provide for the payment of fees for retention licences issued under the Offshore Minerals Act 1994. The Act outlines the calculation of the fee, the holder liable to pay the fee, time for payment, penalty for overdue payment, and the recovery of fees and penalties as debts due to the Commonwealth.
Key points:
The Act aims to provide for the payment of fees for retention licences issued under the Offshore Minerals Act 1994.
The fee is calculated in accordance with the regulations and is payable one month after the start of the year.
The licence holder is liable to pay the fee, and if the licence has multiple holders, they are jointly and severally liable.
A penalty is payable for overdue payment, calculated at 0.33% per day of the amount remaining unpaid.
The Commonwealth may recover fees and penalties as debts due to the Commonwealth.
Regulations may be made to prescribe matters necessary or convenient for carrying out or giving effect to the Act.
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