GROSS VALUE OF PRODUCTION FOR THE
SUGAR INDUSTRY FOR 2017-18
I, David Littleproud, Minister for Agriculture and Water Resources, in accordance with subsection 7(4) of the Sugar Research and Development Services Act 2013 hereby determine the following amount to be the Gross Value of Production for 2017-18:
INDUSTRY | GVP |
Sugar Cane | $1,347,671,509 |
Dated this 25th day of June 2018
David Littleproud
Overview
The Sugar Research and Development Services Act 2013 was enacted to support and enhance the sugar industry through the provision of research, development, and extension services. The Act was introduced to address the need for a structured approach to improving the productivity and sustainability of the Australian sugar industry. This was achieved by establishing the Sugar Research and Development Levy, which is designed to fund research, development, and extension activities to benefit the industry. The policy objective of the Act is to ensure the provision of high-quality research and development services that contribute to the long-term viability and growth of the sugar industry.
On the 25th of June 2018, David Littleproud, the Minister for Agriculture and Water Resources, exercised his powers under subsection 7(4) of the Act to determine the Gross Value of Production (GVP) for the sugar industry for the financial year 2017-18. The determined GVP for sugar cane was $1,347,671,509. This determination is crucial as it affects the amount of the Sugar Research and Development Levy to be collected and ensures that the industry has the necessary resources to fund research and development initiatives.
Scope and Application
The Gross Value of Production for the Sugar Industry for 2017-18, as determined by the Minister for Agriculture and Water Resources, applies specifically to the sugar industry, which includes all entities and individuals engaged in the production of sugar cane. The Gross Value of Production (GVP) figure of $1,347,671,509 represents the total value of sugar cane produced within the designated timeframe. This figure is used to determine the amount of funds available for sugar research and development services, as stipulated under the Sugar Research and Development Services Act 2013. The application of this Act is confined to the Commonwealth jurisdiction, meaning it applies across the entire nation, including all states and territories. There are no specific exclusions, exemptions, or thresholds mentioned in the Act itself; however, the application may be further refined or detailed through subordinate instruments or regulations as necessary.
Key Provisions
The key operative section of the document, subsection 7(4) of the Sugar Research and Development Services Act 2013, provides the legal basis for determining the Gross Value of Production (GVP) for the sugar industry for the 2017-18 financial year. The Minister for Agriculture and Water Resources, David Littleproud, has exercised his authority under this subsection to specify the GVP for sugar cane, setting it at $1,347,671,509. This determination is crucial for various financial and regulatory purposes within the sugar industry, ensuring that accurate valuation data is used for assessments, levies, and funding allocations.
The obligations imposed by this Act on the sugar industry and relevant stakeholders include compliance with the specified GVP for reporting, financial, and regulatory activities. This value is essential for calculating contributions to research and development services, which are critical for the ongoing improvement and sustainability of the industry. The industry must ensure that financial records, tax filings, and other submissions to government bodies accurately reflect this determined GVP.
Failure to adhere to the provisions of this Act, or misrepresentation of the GVP, can lead to significant consequences. The Act does not specify explicit offences or penalties within this particular gazette; however, any inaccuracies or non-compliance may result in investigations by relevant authorities, potential financial audits, and possibly legal action. The implications of such breaches could include financial penalties, corrective actions, or other administrative measures aimed at ensuring compliance with the Act's requirements.