Victorian Numbered Regulations Victorian Numbered Regulations(1) If an access licence is cancelled as a result of a direction under section 61 of the Act, the Secretary must in respect of a claim for compensation made under section 63(3) of the Act—
(a) accept in full the claim; or
(b) make an offer for compensation.
(2) For the purposes of subregulation (1)(b), the compensation payable to the holder of a cancelled transferable access licence must be determined in accordance with the formula—
where—
A is a fair and reasonable valuation for the licence, including any quota entitlement issued in respect of the licence, as determined by the valuer-general;
B is an income support payment equal to 3 times the average of the 4 highest net incomes before tax expressed in current dollars and returned from the 7 fishing seasons immediately before the cancellation of the licence, and based on catch records held by the Secretary;
C is a discounted amount determined by the independent negotiator to adjust for the benefit gained from receiving a lump sum in lieu of future income;
D is a fair and reasonable sum for any financial loss suffered as a natural and direct consequence of the cancellation of the licence that is not met by A or B;
E is a solatium of not more than 10% of the result
of 
Y is the total amount of the entitlement of the holders of a registered financial interest in the licence.
(3) For the purposes of subregulation (1)(b), the compensation payable to the holder of a cancelled non-transferable access licence must be determined in accordance with the formula—
where—
B is an income support payment equal to 3 times the average of the 4 highest net incomes before tax expressed in current dollars and returned from the 7 fishing seasons immediately before the cancellation of the licence, and based on catch records held by the Secretary;
C is a discounted amount determined by the independent negotiator to adjust for the benefit gained from receiving a lump sum in lieu of future income;
D is a fair and reasonable sum for any financial loss suffered as a natural and direct consequence of the cancellation of the licence that is not met by B;
E is a solatium of not more than 10% of the result
of 
Y is the total amount of the entitlement of the holders of a registered financial interest in the licence.
(4) For the purposes of subregulation (1)(b), the compensation payable to the holder of a registered financial interest in an access licence must be—
(a) determined in accordance with the financial interest expressed as a dollar amount and declared by the holder of the financial interest and agreed to by the holder of the access licence on the application for compensation form; and
(b) assessed as a component of item Y in the formula set out in subregulation (2) or subregulation (3), as the case may be.
(5) The Secretary must provide to the holder of a cancelled licence and the holder of a registered financial interest in respect of a cancelled licence—
(a) notification of the direction issued under section 61 of the Act; and
(b) an application form for compensation.
(6) An application for compensation submitted to the Secretary must—
(a) specify in respect of a claim made by—
(i) the holder of a transferable access licence, the amounts claimed for each item in the formula set out in subregulation (2) except items C and E;
(ii) the holder of a registered financial interest in a transferable access licence, the entitlement held in respect of item Y in the formula set out in subregulation (2);
(iii) the holder of a non-transferable access licence, the amount claimed for each item in the formula set out in subregulation (3) except items C and E;
(iv) the holder of a registered financial interest in a non-transferable access licence, the entitlement held in respect of item Y in the formula set out in subregulation (3); and
(b) be supported by financial documentation to substantiate those items in the relevant formula that must be specified in accordance with paragraph (a).
(7) The Secretary may appoint an independent negotiator who, in the opinion of the Secretary, has extensive knowledge of financial matters and asset valuation to provide the Secretary with advice on the compensation payable in respect of a cancelled access licence by a direction under section 61 of the Act.
(8) The independent negotiator may provide advice to the Secretary on the financial documentation referred to in subregulation (6)(b).
(9) An application for compensation must be submitted by a date specified in writing by the Secretary, being a date not less than 6 months after the date on which the direction under section 61 of the Act is published in the Government Gazette.
(10) In this regulation—
"financial documentation" means for the purposes of subregulation (6)—
(a) in the case of item A, a copy of the written determination of the valuer-general;
(b) in the case of item B—
(i) a statement endorsed by a certified practising accountant, being a member of CPA Australia, the Institute of Chartered Accountants in Australia or the National Institute of Accountants; or
(ii) a personal taxation statement issued by the Australian Taxation Office;
(c) in the case of item D, any documentation that the Secretary determines is relevant in determining the claim;
(d) in the case of item Y—
(i) a certified copy of a written agreement between the holder of the cancelled access licence and the holder of a registered financial interest in the licence and a statement signed by the holder of the licence and the holder of the registered financial interest that states the terms of the agreement and any dollar amount outstanding at the time the agreement was entered into; or
(ii) if a written agreement was not entered into at the time an arrangement or understanding was made between the holder of the cancelled access licence and the holder of a registered financial interest in the licence, a statement signed by the holder of the licence and the holder of the registered financial interest that states the terms of the agreement and any dollar amount then outstanding;
"independent negotiator" means a person appointed under subregulation (7);
"valuer-general" has the same meaning as in Part I of the Valuation of Land Act 1960 .