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Primary Industries Legislation Amendment (Vegetable Levy) Bill 2000
Schedule  1 Amendments

   

Primary Industries Levies and Charges Collection (Vegetable) Regulations

1  Regulation 7

Repeal the regulation, substitute:

7   Rate of levy for the Horticultural Research and Development Corporation

             (1)  For the purposes of section 9 of the Levy Act, the rate of levy for vegetables is 0.5% of the amount paid for the vegetables at the first point of sale.

             (2)  However, if the vegetables are first sold after being processed, the rate of levy is 0.5% of the amount that would have been paid for the vegetables if the vegetables had first been sold before processing.

             (3)  For the purposes of subregulation (2), the amount that would have been paid for the vegetables is:

                     (a)  if unprocessed vegetables of the same kind are sold on the same day—the market price for those vegetables on that day; or

                     (b)  in any other case—the value of the vegetables immediately before processing.

             (4)  For the purposes of paragraph (3)(b), the value of the vegetables immediately before processing must be substantiated by the producer’s financial records in accordance with:

                     (a)  Australian Accounting Standard 2 ( Management and Presentation of Inventories in the Context of the Historical Cost System ), issued by the Australian Accounting Research Foundation, as in force immediately before the vegetables were processed; and

                     (b)  Accounting Standard AASB 1019 ( Management and Presentation of Inventories in the Context of the Historical Cost System ), issued by the Australian Accounting Standards Board, as in force immediately before the vegetables were processed.

 

 

[ Minister’s second reading speech made in—

House of Representatives on 21 June 2000

Senate on 29 June 2000 ]

 

(103/00)