Contents (2016 - 63)Skip to content
Biodiversity Conservation Act 2016 No 63
Current version for 1 July 2019 to date (accessed 12 November 2019 at 10:19)
Payment into Biodiversity Conservation Fund as alternative to retirement of biodiversity credits
Payment as alternative to retirement of biodiversity credits
A person who is required under this or any other Act (including under an instrument, approval or agreement) to retire biodiversity credits may satisfy that requirement by instead paying an amount into the Biodiversity Conservation Fund determined in accordance with the offsets payment calculator established under this Division.If that amount is paid into the Fund, the requirement to retire biodiversity credits is satisfied.
Corresponding obligation to secure required biodiversity offsets
The Biodiversity Conservation Trust is to apply the amount paid into the Biodiversity Conservation Fund under this Division towards securing biodiversity offsets determined in accordance with the regulations in substitution for the relevant number and class of biodiversity credits otherwise required to be retired.Those biodiversity offsets include:the acquisition and retirement of biodiversity credits, andpayment for other biodiversity conservation measures or actions that may be required under this Act as an alternative or in addition to the retirement of biodiversity credits.
Calculation of amount payable as alternative to retiring credits
The Minister is to establish an offsets payment calculator for the purpose of determining the amount that may be paid into the Biodiversity Conservation Fund under this Division.The calculator is to be established by order published on the NSW legislation website and may be varied or replaced from time to time by similar order.The calculator may include provision for:the adoption of datasets and other information or rules published from time to time by the Biodiversity Conservation Trust or other specified person or body, andthe use of specified computer programs and databases for determining the amount to be paid by the application of the calculator, andcost recovery by the Biodiversity Conservation Trust in connection with securing biodiversity offsets (including risk management costs).The regulations may make provision for or with respect to the updating of datasets and other information adopted by the calculator (including with respect to the scheduling of updates).
Trust may verify payment
The Biodiversity Conservation Trust may issue a statement confirming that the required amount has been paid into the Biodiversity Conservation Fund under this Division to satisfy an obligation to retire biodiversity credits.The statement may be issued at the request of the person who imposed the requirement to retire the biodiversity credits or in any other circumstances the Biodiversity Conservation Trust considers appropriate.