Annual Catch Entitlement
Page last updated: 4th October 2022.
ACE is the catch right, which gives the holder the right to take a certain weight of a fishstock during a fishing year. Scroll down to find out more, or select a topic from the list below.
Contents
- How ACE is generated
- Transferring ACE
- ACE balancing
- ACE balance review
- Catch in excess of your ACE holdings - Deemed Values
- Catch in excess of your ACE holdings - Purchasing ACE
- Catch in excess of your ACE holdings - Permit Prohibitions
- Tolerance levels
- Catching less than your ACE holdings - Underfishing
- Caveats over ACE or Quota shares
- Frequently asked questions
How ACE is generated
Quota shares generate an amount of ACE at the beginning of each fishing year. This means that each person who owns quota shares will be allocated an amount of ACE at the beginning of each fishing year. The amount of ACE that is allocated for a fishstock will be determined by the TACC (Total Allowable Commercial Catch) for that Fishstock. There are 100 million quota shares for each quota stock, and ACE is allocated as a proportion of that.
For example: If the TACC for SNA1 is 4,500,000kg, then the value of one quota share will be 0.045kg. This is calculated by dividing the TACC by 100,000,000. If a person owns 10,000 SNA1 quota shares at the beginning of the fishing year, they will be allocated 450kg of SNA1 ACE.
4,500,000kg / 100,000,000 = 0.045kgs
QWE x shares owned = ACE
0.045kgs x 10,000 = 450kgs of ACE
You can also use our Quota Share/ACE Converter to calculate the amount of ACE your Quota shares will generate or the number of quota shares you need to own in order to generate a specific amount of ACE.
ACE can only be obtained in the following ways:
- By owning quota shares at the beginning of the fishing year and those shares generating ACE
- By owning quota shares at the time of an in-season TAC increase
- As a result of a pre-season TACC increase
- By purchasing ACE from another ACE owner
There are two different types of ACE, "Regular" and "TAC". Regular ACE is allocated for all stocks at the start of the fishing year. Regular ACE can be transferred and may have underfishing rights.
In-season TAC ACE is allocated for those stocks that are "highly variable" (e.g. flatfish, red cod, freshwater eel, southern scallops and squid). This is allocated to clients owning quota at the time of the TAC increase. In-season TAC ACE can be transferred but has no underfishing rights.
Pre-season TACC increases for OYU5
OYU5 quota owners can have an additional amount of Regular ACE allocated as a result of a special type of TACC increase which occurs after the start of the fishing year and before the commencement of the Foveaux Strait Oyster season.
For pre-season TACC increases, ACE will be allocated to those clients who owned quota at the beginning of the fishing year. The allocation is based on the number of shares owned as at the first day of that fishing year. OYU5 owners will be notified of any pre-season TACC increases.
Transferring ACE
ACE may be transferred to other people. If ACE is transferred, the new owner is entitled to take the amount of ACE that was transferred. This means that the previous owner's catch right is reduced by the amount that was transferred.
ACE can be transferred up to 15 days after the end of a fishing year. This allows for transfers to take place to cover overfishing. Transfer applications must be presented to FishServe by the 15th day following the end of the fishing year in order to be processed.
It is possible to enter into a forward transfer that will automatically apply at the start of the following fishing year. However, these can only be presented up to one year in advance.
To transfer ACE you can either complete an Application to register a Transfer of ACE form or submit an ACE transfer via the website. ACE transfers are effective from the time they are entered on the register.
ACE Balancing
ACE Balancing is a comparison of the amount of ACE that you own at the 15th of the month and the amount of catch that you have reported for the year to date. This calculation is used to determine how much catch has been taken against your ACE. The ACE balance calculation occurs on the midnight of the 15th for the previous months return and immediately for an amendment or a return that is submitted late.
An ACE balance is calculated for any permit holder who:
- owns ACE, or
- has reported catch.
If an ACE balance calculation identifies that you have reported more catch than your ACE holdings, you will be issued with a deemed value invoice.
ACE Balance Notifications
On the 16th of each month each permit holder is sent a Monthly Balance Notification. This is posted or emailed to you. You will receive one report that outlines the details of all stocks where you either own ACE or have reported catch. At the end of the fishing year, all ACE owners are sent an end of year balance report.
The following is an example from a Monthly Balance Notification.
| Stock | Catch for April | ACE Holdings - | Total Catch for Year = | Balance |
|---|---|---|---|---|
| SNA1 | 1,000 | 3,000 | 3,300 | -300 |
Catch for April
This is the amount of reported catch for the month being balanced, as reported by you on the MHR for the month.
ACE Holdings
This is the total amount of ACE held for the fishing year concerned, held as at the time that ACE balancing was run.
Total Catch for Year
This is the total amount of catch that has been reported for the current fishing year. It is calculated by summing the catch for months of the current fishing year and includes any adjustments.
Balance
This balance is the "ACE Holdings" amount less the "Total Catch for Year" amount. If the balance is positive, this is the amount of ACE against which fish can be taken without incurring any deemed values. If the balance is negative, your catch is greater than your ACE, you will shortly receive a deemed value invoice.
Outstanding MHRs
A list of months for which MHRs have not been filed during the current fishing year and the immediate preceding fishing year is provided at the top of the page.
ACE Balance Reviews
Once you have received your ACE Balance Report you have 20 days to request a review of the matters specified in the notification. Requests must be made on the approved form.
Catch in Excess of Your ACE Holdings — Deemed Values
When the amount of your reported catch is more than the amount of ACE that you own you will be issued with a deemed value invoice. Deemed value invoices must be paid within 20 days of the date on the invoice. If you do not pay your deemed value invoice on time, and the amount of the deemed values that you owe is $1000 or more, your fishing permit will be suspended.
There are two types of deemed values, interim and annual deemed values. The Ministry for Primary Industries sets both interim and annual deemed value rates for each quota management stock. The annual deemed value rate for a stock will always be higher than the interim deemed value rate.
Interim deemed values — If your reported catch for the month is more than your ACE as at the 15th day of the following month, then you will be charged an interim deemed value. Interim deemed values will be charged each month for all quota stocks, for the first eleven months of the fishing year for that stock. If you subsequently purchase ACE to reduce or eliminate your overfishing, you will be issued a deemed value credit for the amount of the reduction. You can then request FishServe to refund this credit or apply the credit to other deemed values that you may have incurred.
Annual deemed values — If your reported catch for the fishing year for a stock is more than your ACE on the 15th day of the month following the end of the fishing year, you will be charged an annual deemed value. The annual deemed value is calculated by multiplying the total amount overfished for the year, by the annual deemed value rate for that stock. For some stocks a differential annual deemed value will be used. Any interim deemed values that have already been paid will be deducted from this figure and this will leave the annual deemed value that will be charged.
Deemed Value invoices include GST.
You can also use our Deemed Value Calculator to calculate your deemed values or you can use the examples below in conjunction with our deemed value rate tables.
Example 1 - Interim Deemed Value
Each month a comparison is made of the ACE that you own, and the catch that you have reported since the beginning of the fishing year. This is notified to you on a Monthly Balance Notification. When the amount of reported catch for a stock is more than the amount of ACE that you own, the amount of overfishing will appear in the 'Balance' column as a negative.
| Stock | Catch for April | ACE Holdings - | Total Catch for Year = | Balance |
|---|---|---|---|---|
| SNA1 | 1,000 | 3,000 | 3,300 | -300 |
To calculate the Interim deemed value you need to:
300 x 7.2 = $2,160.00
If you then purchase 100kg of ACE, you will receive a credit of $720 (100kg x 7.2)
Example 2 - Annual Deemed Values
If differential rates do not apply to a stock, the annual deemed value is calculated in the same manner as the interim deemed value except the annual rate is used in place of the interim rate. If differential deemed value rates have been set for a stock, staggered rates will be used in the calculation.
| Stock | Catch for April | ACE Holdings - | Total Catch for Year = | Balance |
|---|---|---|---|---|
| SNA1 | 1,000 | 3,000 | 6,300 | -3,300 |
Step 1: To work out the amount of differential annual deemed values that you will be charged, you first need to know the percentage that you are overfished by.
To do this you need to do the following calculation:
e.g. 6300 / 3000 x 100 = 210%
In the above example, the client had 6,300kgs of 'Catch YTD' and 3,000kgs of 'Closing ACE'. This means that they caught 210% of their ACE. In other words, they caught 110% more ACE than they had available, so they are 110% overfished.
Step 2: If differential rates apply to a stock, a different rate will apply to each portion of your overfishing. The way that the rates apply is illustrated below with SNA1:
| Amount Overfished | Deemed Value Rate |
|---|---|
| 0 to 5% overfished | $8.00 per kg |
| More than 5% to 10% overfished | $10.00 per kg |
| More than 10% to 20% overfished | $12.00 per kg |
| More than 20% to 30% overfished | $14.00 per kg |
| More than 30% to 40% overfished | $16.00 per kg |
| More than 40% to 50% overfished | $18.00 per kg |
| More than 50% to 60% overfished | $20.00 per kg |
| More than 60% overfished | $22.00 per kg |
Step 3: To work out the dollar value of your overfishing, you will need to do the following calculation:
The following example shows the amount in dollars that will be charged if a client was 110% (3300kg) overfished in SNA1:
| Amount of Overfishing | Deemed Value Rate | $ Amount |
|---|---|---|
| The first 165kg | $8.00 per kg | $1,200.00 |
| The next 150kg | $10.00 per kg | $1,500.00 |
| The next 300kg | $12.00 per kg | $3,600.00 |
| The next 300kg | $14.00 per kg | $4,200.00 |
| The next 300kg | $16.00 per kg | $4,800.00 |
| The next 300kg | $18.00 per kg | $5,400.00 |
| The next 300kg | $20.00 per kg | $6,000.00 |
| The last 1500kg | $22.00 per kg | $33,000.00 |
| Total Overfishing 3,300kg | Total deemed value amount | $59,700.00 |
If you have been invoiced for interim deemed value amounts during the fishing year, these will be credited when the annual deemed value is invoiced.
For example, if you were charged the interim rate of $7.20 for 3,300kgs of overfishing for SNA1, you would have already been invoiced $23,760. This means that you will receive an interim deemed value credit for $23,760 and further annual deemed value invoice for $59,700. If you have paid your interim deemed values during the year, the amount due will be the difference (e.g. $59,700 minus $23,760 paid = $35,940 due).
Chatham Island Deemed Value Rate
The Chatham Island deemed value rates (both annual and interim) will apply to fish, aquatic life, or seaweed landed to and received by a Licensed Fish Receiver in the Chatham Islands.
In order to qualify for this rate, you will have to apply to FishServe on the approved form. Contact us for a "Declaration that stocks will be landed and received by a Licensed Fish Receiver (LFR) on the Chatham Islands" form to be sent out to you. You will need to state the stocks that you will be landing to a Licensed Fish Receiver in the Chatham Islands. Once the application is accepted, the Chatham Island rate will apply to the specific stocks from that date forward. FishServe is not permitted to apply the Chatham Island rates for fish that has been landed previously in the Chatham Islands.
The Ministry for Primary Industries require FishServe to check that the fish, aquatic life, or seaweed was actually landed on the Chatham Islands. If we find that the catch was not landed to and received by a Licensed Fish Receiver on the Chatham Islands, we are required to reverse the charge, and apply the full rate. We also have to advise the Ministry for Primary Industries of such cases. Therefore it is important for you to advise FishServe if you do not land, or are no longer landing, fish in the Chatham Islands. This will ensure the correct deemed value rate will be applied to any catch in excess of your ACE.
Catch in Excess of Your ACE Holdings - Purchasing ACE
If you have been issued with an interim deemed value invoice for catch in excess of your ACE, you can purchase ACE to reduce or eliminate your over fishing. You have until 15 days after the end of the fishing year to purchase ACE. If you have not purchased any ACE, you will be issued a final deemed value invoice, which will be significantly higher than the interim deemed values charged during the year. If you do purchase ACE to reduce or eliminate your over fishing, you will be issued a deemed value credit for the amount of the reduction. You can then request FishServe to refund this credit or apply the credit to other deemed values that you may have incurred.
Catch in Excess of Your ACE Holdings - Permit Prohibitions
If your ACE balance for any stock exceeds the overfishing threshold and tolerance level (if any) for that stock a prohibition will be placed on your permit. This prohibition prevents the taking of any fish, aquatic life, or seaweed in the geographical area applying to that stock. Not all stocks have an overfishing threshold. All permit prohibitions cease to apply when the permit holder has purchased sufficient ACE to cover all of the overfishing, or at the close of the relevant fishing year.
The Minister can set overfishing thresholds for certain stocks. Overfishing thresholds are set as a percentage of catch in excess of your ACE holdings.
For example, if you are fishing CRA1 and you catch more than the specified percentage, your permit will be deemed to contain a prohibition. This means that you will be prohibited from fishing for any stock within the quota management area that relates to CRA1.
The following table shows an example of a fisher exceeding an overfishing threshold. The overfishing threshold in this case is 5% of 3,000 kgs which equals 150 kgs.
| Stock | Catch for April | ACE Holdings - | Total Catch for Year = | Balance |
|---|---|---|---|---|
| CRA1 | 1,000 | 3,000 | 3,400 | -400 |
As you can see, the Balance column shows that there has been 400 kgs of catch taken in excess of ACE. This means that the fisher has exceeded the overfishing threshold by 250 kgs.
Because the overfishing threshold has been exceeded, a permit prohibition will be placed. This means that the fisher cannot take any fish in the CRA1 geographical area. Any 'associated persons' will also be prohibited from taking any fish in the same area.
If you have not obtained sufficient ACE to cover your overfishing, the permit prohibition will automatically commence at the close of the month in which the calculation is done.
Tolerance Levels
As well as the overfishing threshold the Minister may apply tolerance levels for particular stocks. This is an amount of overfishing that may be tolerated. It is possible to catch more than the overfishing threshold but still be under the tolerance level (see below).
Example:
The following is an example of a fisher exceeding an overfishing threshold but not exceeding the tolerance level. The overfishing threshold in this case is 5% (of 300 kgs which equals 15 kgs) and the tolerance level is 25 kgs.
| Stock | Catch for April | ACE Holdings - | Total Catch for Year = | Balance |
|---|---|---|---|---|
| CRA1 | 100 | 300 | 320 | -20 |
As you can see the client has taken more than the overfishing threshold of 5% but less than the tolerance level of 25 kgs. In this case a permit prohibition will not be placed.
The following is a table of current overfishing thresholds and tolerance levels.
| Stock Code | Overfishing Threshold | Tolerance Level | Effective Date |
|---|---|---|---|
| ANG11 | 5% | 25kg | 01/10/2001 |
| ANG12 | 5% | 25kg | 01/10/2001 |
| ANG13 | 5% | 25kg | 01/10/2001 |
| ANG14 | 5% | 25kg | 01/10/2001 |
| ANG15 | 5% | 25kg | 01/10/2001 |
| ANG16 | 5% | 25kg | 01/10/2001 |
| COC1A | 5% | 25kg | 01/10/2002 |
| COC7A | 5% | 25kg | 01/10/2003 |
| COC7B | 5% | 25kg | 01/10/2003 |
| CRA1 | 5% | 25kg | 01/04/2002 |
| CRA2 | 5% | 25kg | 01/04/2002 |
| CRA3 | 5% | 25kg | 01/04/2002 |
| CRA4 | 5% | 25kg | 01/04/2002 |
| CRA5 | 5% | 25kg | 01/04/2002 |
| CRA6 | 5% | 25kg | 01/04/2002 |
| CRA7 | 5% | 25kg | 01/04/2002 |
| CRA8 | 5% | 25kg | 01/04/2002 |
| CRA9 | 5% | 25kg | 01/04/2002 |
| CRA10 | 5% | 25kg | 01/04/2002 |
| LFE17 | 5% | 25kg | 01/10/2003 |
| LFE20 | 5% | 25kg | 01/10/2004 |
| LFE21 | 5% | 25kg | 01/10/2004 |
| LFE22 | 5% | 25kg | 01/10/2004 |
| LFE23 | 5% | 25kg | 01/10/2004 |
| OYS7 | 5% | 25kg | 01/10/2001 |
| OYU5 | 5% | 25 units | 01/10/2001 |
| PAU1 | 5% | 25kg | 01/10/2001 |
| PAU2 | 5% | 25kg | 01/10/2001 |
| PAU3A | 5% | 25kg | 01/10/2021 |
| PAU3B | 5% | 25kg | 01/10/2021 |
| PAU4 | 5% | 25kg | 01/10/2001 |
| PAU5A | 5% | 25kg | 01/10/2001 |
| PAU5B | 5% | 25kg | 01/10/2001 |
| PAU5D | 5% | 25kg | 01/10/2001 |
| PAU6 | 5% | 25kg | 01/10/2001 |
| PAU6A | 5% | 25kg | 01/10/2001 |
| PAU7 | 5% | 25kg | 01/10/2001 |
| PHC1 | 5% | 25kg | 01/04/2002 |
| PZL1 | 5% | 25kg | 01/10/2006 |
| PZL2 | 5% | 25kg | 01/10/2006 |
| PZL3 | 5% | 25kg | 01/10/2006 |
| PZL4 | 5% | 25kg | 01/10/2006 |
| PZL5 | 5% | 25kg | 01/10/2006 |
| PZL6 | 5% | 25kg | 01/10/2006 |
| PZL7 | 5% | 25kg | 01/10/2006 |
| PZL8 | 5% | 25kg | 01/10/2006 |
| PZL9 | 5% | 25kg | 01/10/2006 |
| QSC3 | 5% | 25kg | 01/10/2002 |
| SCA1 | 5% | 25kg | 01/04/2002 |
| SCA4 | 5% | 25kg | 01/04/2003 |
| SCA7 | 5% | 25kg | 01/04/2002 |
| SFE17 | 5% | 25kg | 01/10/2003 |
| SFE20 | 5% | 25kg | 01/10/2004 |
| SFE21 | 5% | 25kg | 01/10/2004 |
| SFE22 | 5% | 25kg | 01/10/2004 |
| SFE23 | 5% | 25kg | 01/10/2004 |
| SUR10 | 5% | 25kg | 01/10/2003 |
| SUR1A | 5% | 25kg | 01/10/2003 |
| SUR1B | 5% | 25kg | 01/10/2003 |
| SUR2A | 5% | 25kg | 01/10/2003 |
| SUR2B | 5% | 25kg | 01/10/2003 |
| SUR3 | 5% | 25kg | 01/10/2002 |
| SUR4 | 5% | 25kg | 01/10/2002 |
| SUR5 | 5% | 25kg | 01/10/2002 |
| SUR7A | 5% | 25kg | 01/10/2002 |
| SUR7B | 5% | 25kg | 01/10/2002 |
| SUR8 | 5% | 25kg | 01/10/2003 |
| SUR9 | 5% | 25kg | 01/10/2003 |
Catching Less Than Your ACE Holdings - Underfishing
For all ACE holders, if their catch is less than their ACE holding, they are then entitled to an underfishing allocation.
Note that these transactions apply at an individual ACE holder level. So even if there is still uncaught ACE available in the market, deemed value invoices will be issued to those permit holders who do not balance their catch with ACE.
Where underfishing rights apply, ACE holders are allocated up to a maximum of 10% of the ACE they held at the end of the fishing year. The actual amount is either 10% of their ACE holdings or the difference between their ACE and the reported catch for that year whichever is the lesser. These underfishing rights are allocated in the following fishing year.
If an ACE holder owns 10,000kgs of ACE and does not fish it, he gets 1,000kgs of underfishing rights to be used in the next fishing year. If he catches 9,100kgs he will be allocated 900kgs of underfishing rights
Underfishing ACE is allocated after you have satisfied the reporting requirements and after balancing for that fishing year has been completed.
Underfishing is not allocated to any eligible stock[1] which has had a TACC reduction.
In a fishing year it is entirely possible that the ‘available ACE’ for a fish stock could exceed the TACC once underfishing has been allocated. This does not mean that the stock has been overfished.
[1] All stocks other than those listed on Schedule 5A of the Fisheries Act 1996 are eligible for underfishing ACE
Here are some examples of the underfishing calculation:
- For the 2022/23 fishing year on 1 October 2022 you own 5,500kgs of ACE and still own that amount as at 15 October 2023. During that year you report catch of 5,000kgs. Your uncaught ACE is 500kgs. The calculation is as follows: 10% of 5,500 is 550kgs. Your underfishing allocation is the lesser of these two amounts and is therefore 500kgs. This will be allocated at the start of the 2023/24 fishing year, meaning that in 2023/24 you can catch a total of 6,000kgs for that stock.
- For the 2022/23 fishing year on 1 October 2022 you own 3,000kgs of ACE. During that year you report catch of 2,000kgs. As you cannot catch the remaining 1,000kgs you decide to sell the 1,000kgs. As at 15 October 2023 for the 2023/24 fishing year you therefore own 2,000kgs. You therefore have no underfishing entitlement. Your ACE for the 2023/24 fishing year is now 2,000kgs. If you want to catch more than 2,000kgs in the following year, you must obtain more ACE or risk paying deemed values if you overcatch your entitlement.
- For the 2022/23 fishing year on 1 October 2022 you own 3,000kgs of ACE. During that year you report catch of 2,000kgs. On 1 October 2023, this stock had a TACC reduction. You therefore have no underfishing entitlement.
- For the 2022/23 fishing year on 1 October 2022 you own 3,000kgs of ACE. During that year you catch of 2,000kgs. As you cannot catch the remaining 1,000kgs you decide to sell the 500kgs and therefore own 2,500kgs as at 15 October 2023 for the 2022/23 fishing year. The calculation is as follows: 10% of 2,500kgs is 250kgs. Your uncaught ACE is 500kgs. Your underfishing allocation is the lesser of these two amounts and is therefore 250kgs. This will be allocated at the start of the 2023/24 fishing year, and in 2023/24 you will be able to catch a total of 2,750kgs for that stock.
Caveats over ACE or Quota Shares
A caveat over your shares will restrict your ability to transfer or mortgage the shares, while a caveat over your ACE will restrict your ability to transfer your ACE.
There are 3 types of caveats that can be registered over quota shares or ACE.
- A consensual caveat that can be registered by any person with the consent of the owner of the shares or ACE.
- A court may order a caveat be lodged upon application to the court.
- A Crown caveat can be registered over quota shares or ACE by the Ministry for Primary Industries for either:
- an alleged breach of foreign ownership provisions;
- an alleged breach of aggregation limit provisions;
- failure to pay cost recovery levies; or
- an alleged commission of an offence for which one of the penalties is forfeiture of quota.
FishServe will notify you if a caveat is registered over your quota shares or ACE. All caveats, including the name and address of the person who registered the caveat will appear on the Quota register.
While a caveat is registered over your shares this does not prevent a mortgagee exercising a power of sale or the crown forfeiting your shares.
Frequently Asked Questions
Q. Can I be exempt from a permit prohibition?
A. If a permit prohibition is placed on your permit, you can apply to the Chief Executive for an exemption. If an exemption is granted, the Chief Executive may include conditions. These conditions could relate to stocks, areas, quantities, methods, the use or non use of vessels, the specific vessel or types of vessels that may be used and the types and amounts of fishing gear etc.
Q. When are deemed values set?
A. The Ministry for Primary Industries usually sets deemed values during September.
Q. How long do I have to cover my overfishing?
A. To avoid receiving a deemed value invoice you need to ensure that you purchase ACE by the 15th day after the end of the month in which the fish was taken. That is, if you have overfished in the month of June, you will need to buy ACE by the 15th of July.
Q. What happens if, throughout the fishing year, you can't find any ACE to cover your overfishing?
A. If you can't find any ACE by the 15th of the month following fishing, you will be sent a deemed value invoice which will be calculated using the interim deemed value rate.
Q. By when do I have to pay my deemed value invoice?
A. Deemed value invoices must be paid within 20 days of the date on the invoice. For example, if your invoice is dated 30 June, then you must pay your deemed values by the 20th of July.
Q. What happens if I don't pay my deemed value invoice?
A. If you don't pay your deemed value invoice on time, and the amount of deemed values that you owe is $1,000 or more, your fishing permit will be suspended.
Q. Do I still have to find ACE if I pay my deemed value invoices during the year?
A. If you pay your deemed value invoices during the year, but do not find enough ACE to cover the total amount of overfishing by the 15th day after the end of the fishing year, you will still be sent an annual deemed value invoice for all of your overfishing. This deemed value invoice will be calculated at the annual and differential deemed value rates, and will take into account the amount you have already paid at the interim rate. Remember that the annual rates are always higher than the interim rates.
Q. What is the difference between the Interim, Annual and Differential Deemed Value Rate?
A. The interim deemed value rate is the deemed value rate and is charged for any overfishing that occurs during the first 11 months of the fishing year.
The annual deemed value rate is higher and is charged for overfishing that remains after the end of the fishing year.
The differential deemed value rate (if one exists for a stock) is the percentage that the annual rate is charged at after the end of the fishing year, depending on how much you are overfished. For example, if your reported catch is more than your ACE by 20% or less, that portion of your overfishing will be calculated at the annual deemed value rate. If your reported catch is greater than your ACE by more than 20% but less than 40%, that portion of your overfishing will be calculated at 120% of the annual deemed value rate. If your reported catch is greater than your ACE by more than 40% but less than 60%, that portion of your overfishing will be calculated at 140% of the annual deemed value rate.
The differential rates increase in this way to a maximum of 200% of the annual rate.
Q. What happens if you don't own any ACE for a stock you have caught?
A. If you can't find any ACE by the 15th day after the end of the fishing year, your deemed values will be calculated as if you own 1kg of ACE. Your deemed values will be charged at the annual and differential rates.
Q. What happens if I buy enough ACE to cover my overfishing?
A. Any interim deemed values you have already paid may be refunded to you. If you cover any overfishing by the 15th day of the month after the end of the fishing year, for which you have been charged interim deemed values, you will receive a deemed value remission. A remission is like a credit note, stating that the interim deemed value previously charged has been credited. If you have paid the interim deemed value that this remission relates to, you are entitled to a refund.
Q. Why do I have to write on an ACE or Quota transfer application the total amount of ACE or quota shares that I am transferring?
A. The 'Transfer Total' section records the total amount of ACE or quota shares that are being transferred in the application. Its purpose is to reduce the risk of errors made when completing the form, and errors being introduced at the point of data entry. When this information is data-entered, the system will perform a check to ensure the sum of all the lines entered equals the total transfer amount on the form.
Q. Why is the 'Total Price' collected on the ACE and quota share transfer forms?
A. The ACE transfer and quota share transfer forms have a 'Total Price Per Line' column. This is required by the Ministry for Primary Industries and is used to calculate average market prices for ACE and quota shares of each stock.
Q. Why don't both parties have to sign the ACE and quota share transfer forms?
A. ACE and quota share transfers require only the signature of the person that is selling the ACE or quota shares. This is because ACE and quota transfer applications are not designed to be a contract between the two parties to the transaction, but are simply an application to have a transfer placed on the appropriate register.
Q. Do deemed value invoices include GST?
A. Yes, deemed value invoices include GST.