Commonwealth: Water Amendment (Restoring Our Rivers) Act 2023 (Cth)

Water Amendment (Restoring Our Rivers) Act 2023 No. 111, 2023 An Act to amend the Water Act 2007, and for related purposes Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Water recovery and Basin Plan Delivery Part 1A—Taking into account matters relevant to Indigenous people Water Act 2007 Part 1—Review dates Water Act 2007 Part 2—Water for the Environment Special Account Water Act 2007 Part 2A—450 gigalitres for environmental use Water Act 2007 Part 3—Purchase cap Water Act 2007 Part 3B—Review of Basin Plan to consider certain matters Water Act 2007 Part 4—SDL changes and action plans Division 1—Ensuring that SDL changes pass through to water resource plans Water Act 2007 Division 2—Action plans Water Act 2007 Part 5—Reports about activities relating to Indigenous people Water Act 2007 Part 6—Indigenous members of the Authority Water Act 2007 Part 7—Review of the Act to consider United Nations Declaration on the Rights of Indigenous Peoples Water Act 2007 Schedule 2—Amendment of the Basin Plan 2012 Basin Plan 2012 Schedule 3—Water Markets measures Part 1—Water Markets Intermediaries Code Water Act 2007 Part 2—Water markets decisions and insider trading Water Act 2007 Part 3—Market manipulation and additional insider trading provisions Water Act 2007 Part 4—Data and Systems Measures Water Act 2007 Schedule 4—Amendment of the Basin Plan 2012 relating to various water markets measures Part 1—Amendments relating to tagged water access entitlements Basin Plan 2012 Part 2—Amendments relating to water markets information Basin Plan 2012 Part 3—Amendments of the Basin Plan 2012 relating to water announcements and insider trading Basin Plan 2012 Schedule 5—Technical amendments relating to First Ministers' Council Water Act 2007 Schedule 6—Consequential amendments Part 1—Consequential amendments relating to the Water Markets Intermediaries Code Competition and Consumer Act 2010 Water Act 2007 Part 2—Consequential amendments relating to water announcements and insider trading Competition and Consumer Act 2010 Water Act 2007 Part 3—Consequential amendments relating to water markets information and annual reporting Water Act 2007 Water Amendment (Restoring Our Rivers) Act 2023 No. 111, 2023 An Act to amend the Water Act 2007, and for related purposes [Assented to 7 December 2023] The Parliament of Australia enacts: 1 Short title This Act is the Water Amendment (Restoring Our Rivers) Act 2023. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day this Act receives the Royal Assent. 7 December 2023 2. Schedule 1 The day after this Act receives the Royal Assent. 8 December 2023 3. Schedule 2 The day after this Act receives the Royal Assent. 8 December 2023 4. Schedule 3, Part 1 A day to be fixed by Proclamation. However, if the provisions do not commence before 1 July 2025, they commence on that day. 5. Schedule 3, Part 2 A day to be fixed by Proclamation. However, if the provisions do not commence before 1 July 2026, they commence on that day. 6. Schedule 3, Part 3 A day to be fixed by Proclamation. A Proclamation must not specify a day that occurs before the commencement of the provisions covered by table item 5. However, if the provisions do not commence before 1 July 2026, they commence on that day. If the provisions covered by table item 5 commence on the same day as the provisions covered by this table item, the provisions covered by this table item commence immediately after the commencement of the provisions covered by table item 5. 7. Schedule 3, Part 4 1 July 2024. 1 July 2024 8. Schedule 4, Part 1 1 July 2024. 1 July 2024 9. Schedule 4, Part 2 1 July 2024. 1 July 2024 10. Schedule 4, Part 3 At the same time as the provisions covered by table item 5. 11. Schedule 5 The day after this Act receives the Royal Assent. 8 December 2023 12. Schedule 6, Part 1 At the same time as the provisions covered by table item 4. 13. Schedule 6, Part 2 At the same time as the provisions covered by table item 5. 14. Schedule 6, Part 3 1 July 2024. 1 July 2024 Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act. 3 Schedules Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Note: The provisions of the Basin Plan 2012 amended or inserted by this Act, and any other provisions of that instrument, may be amended or repealed by a legislative instrument prepared and adopted under Division 1 of Part 2 of the Water Act 2007: see subsection 13(5) of the Legislation Act 2003. Schedule 1—Water recovery and Basin Plan Delivery Part 1A—Taking into account matters relevant to Indigenous people Water Act 2007 1A After paragraph 3(f) Insert: (fa) to ensure that the use and management of Basin water resources takes into account spiritual, cultural, environmental, social and economic matters relevant to Indigenous people, including in relation to their knowledge, values, uses, traditions and customs; and 1B After paragraph 20(d) Insert: (da) the use and management of Basin water resources that takes into account spiritual, cultural, environmental, social and economic matters relevant to Indigenous people; and Part 1—Review dates Water Act 2007 1 Subsection 253(1) Omit "2024", substitute "2027". Part 2—Water for the Environment Special Account Water Act 2007 2 Paragraph 86AD(2)(a) Omit "further the object of this Part by", substitute "contribute to the integrated management of the Basin water resources in a way that promotes the objects of this Act and has a substantial aim of furthering the object of this Part, for example by". 3 Paragraph 86AD(2)(b) Omit "furthering the object of this Part", substitute "increasing the volume of the Basin water resources that is available for environmental use by 450 gigalitres". 4 Paragraph 86AD(2)(c) Repeal the paragraph, substitute: (c) making any other payments to address any detrimental social or economic impact on the wellbeing of any community in the Murray‑Darling Basin that is associated with a project or purchase referred to in paragraph (a) or (b) so as to offset any such impact; 5 Subsection 86AD(2) (notes 1 and 2) Repeal the notes. 6 After subsection 86AD(2) Insert: (2A) To avoid doubt, a project mentioned in subsection (2) may contribute to the integrated management of the Basin water resources in a way that promotes the objects of this Act, and has a substantial aim of furthering the object of this Part, whether the project satisfies both, or only one of, paragraphs 86AA(3)(a) and (b). 7 Subsection 86AD(4) (including the note) Repeal the subsection. 8 After subsection 86AG Insert: 86AH Managing surplus money in the Water for the Environment Special Account—transfer to general CRF (1) After the end of 31 December 2027, the Minister may, by notifiable instrument, give a direction that a specified amount is to be debited from the Water for the Environment Special Account on a specified day. (2) The specified day must not be earlier than the commencement of the direction under subsection (1). (3) The Minister must not give a direction under subsection (1) that specifies a day unless: (a) the Minister has estimated that the balance of the Water for the Environment Special Account as at the end of that day is likely to include a surplus amount; and (b) the amount specified in the direction is equal to, or less than, the surplus amount. (4) For the purposes of paragraph (3)(a), an amount is a surplus amount if: (a) it is an amount that does not exceed the amount that stood to the credit of the Water for the Environment Special Account as at the end of the specified day; and (b) it is an amount that is not required for the purposes of meeting obligations or commitments entered into, or arising, on or before the specified day. (5) The Minister may give more than one direction under subsection (1), provided that the requirements of this section are satisfied in relation to each direction. 9 After section 86AD Insert: 86ADA Relationship with the Financial Framework (Supplementary Powers) Act 1997 To avoid doubt, the power of the Commonwealth to make, vary or administer a payment, arrangement or grant under this Part must be disregarded for the purpose of paragraph 32B(1)(a) of the Financial Framework (Supplementary Powers) Act 1997. Note: The effect of this section is to make clear that this Part does not effectively limit the operation of section 32B of the Financial Framework (Supplementary Powers) Act 1997. The Commonwealth has the power to make, vary or administer an arrangement or grant under that section whether the Commonwealth also has the power to do so under this Part. 86ADB Consideration of social and economic impact of proposed water purchases relating to the 450 gigalitre target (1) Before the Minister approves a program (however described) under which water access rights are proposed to be purchased for the purpose of increasing the volume of the Basin water resources that is available for environmental use by 450 gigalitres, the Minister must consider the social and economic impact of the program on communities in the Murray‑Darling Basin. (2) Subsection (1) applies even if the program includes water access rights proposed to be purchased with amounts other than amounts debited from the Water for the Environment Special Account. Note: Water access rights covers temporary water access rights as well as perpetual or ongoing water access rights. 10 Subsection 86AJ(1) Omit "2 independent", substitute "3 independent". 11 Subsection 86AJ(1) Omit "30 June 2024", substitute "31 December 2027". 11A After subsection 86AJ(3) Insert: (3A) In conducting a review under subsection (1), a panel must also consider the effectiveness of the following: (a) payments made, or expected to be made, under paragraph 86AD(2)(c) in relation to a purchase referred to in paragraph 86AD(2)(b); (b) payments made, or expected to be made, from other sources in relation to a purchase referred to in paragraph 86AD(2)(b). 12 After subsection 86AJ(6) Insert: (6A) The report of the third review must be provided to the Minister by 30 September 2025. 13 At the end of subsection 86AJ(8) Add: ; (c) for the third review—the time the Treasurer presents the budget to the Parliament for the 2026‑2027 financial year. Part 2A—450 gigalitres for environmental use Water Act 2007 13A Before Division 5 of Part 2 Insert: Division 4B—Increasing water for environmental use by 450 gigalitres 85AC Minister must increase water for environmental use The Minister must take all reasonable steps to increase the volume of the Basin water resources that is available for environmental use by 450 gigalitres per year before the end of 31 December 2027. Note 1: This obligation does not detract from the Commonwealth's ability to achieve any surface water recovery targets that it has set for itself. Note 2: The Basin Plan refers to the addition of 450 gigalitres per year of environmental water above the 2750 gigalitre benchmark conditions of development (see paragraph 7.09(e) of the Basin Plan). Note 3: The Minister can increase the volume of water available for environmental use, for example, by entering into arrangements on behalf of the Commonwealth to purchase water access rights (see section 86AF). 13B At the end of subsection 86AA(3) Add: Note: The Minister is required to take all reasonable steps to increase the volume of the Basin water resources available for environmental use by 450 gigalitres (see section 85AC). Part 3—Purchase cap Water Act 2007 14 Division 5 of Part 2 Repeal the Division. Part 3B—Review of Basin Plan to consider certain matters Water Act 2007 14B After subsection 50(4) Insert: Reviews to consider certain matters (4A) In reviewing the Basin Plan under subsection (1) or (2), the Authority must consider the following matters and report on them in the report prepared under paragraph (5)(a): (a) matters relevant to Indigenous people in relation to the management of Basin water resources including, but not limited to, the extent to which Basin water resources could be managed so as to improve the spiritual, environmental, cultural, social and economic conditions of Indigenous people; (b) the extent to which the Basin Plan, including requirements relating to water resource plans: (i) recognises and protects the interests of Indigenous people; and (ii) supports opportunities for Indigenous people to participate in determining and developing priorities and strategies for the development or use of Basin water resources, including opportunities for participation that incorporates free, prior and informed consent; (c) the management of climate change risks. Part 4—SDL changes and action plans Division 1—Ensuring that SDL changes pass through to water resource plans Water Act 2007 15A Subsection 4(1) Insert: Upper Murrumbidgee River means the waters of the Murrumbidgee River upstream of the Burrinjuck Dam. 15B At the end of subsection 21(6) Add: Note: The Basin Plan applies to all Basin waters, including the Upper Murrumbidgee River, except to the extent that the Basin Plan is inconsistent with the licence mentioned in this subsection. 15 At the end of section 23B Add: (8) If the long‑term average sustainable diversion limit for an SDL resource unit is amended by a provision of Schedule 2 to the Water Amendment (Restoring Our Rivers) Act 2023 the amendment is taken, for the purposes of this Act and the Basin Plan, to be as a result of an amendment under this section. Division 2—Action plans Water Act 2007 16 Paragraph 71(1)(h) Omit "the actions", substitute "a proposed set of actions (an action plan)". 17 At the end of subsection 71(1) Add: ; (i) details of progress during the water accounting period in taking the proposed set of actions specified in an action plan under paragraph (h) relating to the water accounting period. 18 After subsection 71(1) Insert: (1A) The Basin Plan may specify the requirements for an action plan under paragraph (1)(h), and an action plan must be in accordance with the specified requirements. (1B) The Basin Plan may specify the details that must be provided under paragraph (1)(i) in relation to progress during a water accounting period in taking the proposed set of actions in an action plan, and details in the report must be in accordance with the requirements specified in the Basin Plan. (1C) If, after the commencement of this subsection, a one‑off adjustment is to be made, as required by section 6.08D of the Basin Plan, to the cumulative balance for any surface water SDL resource unit for one or more relevant water accounting periods, a report under subsection (1) must also include the following information: (a) the information mentioned in paragraphs (1)(b) and (c) in relation to each of the relevant water accounting periods; (b) any other information necessary to make the one‑off adjustment. (1D) The information required by subsection (1C) must be given to the Authority: (a) if the register of take for the surface water SDL resource unit has already commenced as at the commencement of this subsection—in the first report given to the Authority under subsection (1) after the commencement of this subsection; or (b) if the register of take for the surface water SDL resource unit has not already commenced as at the commencement of this subsection—in the first report given to the Authority under subsection (1) after the end of the water accounting period in which the register of take commences. (1E) Expressions used in subsections (1C) and (1D) have the same meanings as they have in the Basin Plan. 19 After subsection 75(1) Insert: (1AA) For the purposes of subsection (1), the Basin Plan may specify the amounts in relation to: (a) cumulative reductions (which may include a reduction that is taken to have occurred under subsection 78(3) from the amount specified for the purposes of subsection 78(2)); or (b) reductions resulting from changes to the SDL from time to time. 20 After section 77 Insert: 77A Commonwealth may request information for the purposes of this Division The Commonwealth may request that a Basin State provide information to the Commonwealth for the purposes of this Division, including, but not limited to, information about: (a) the particulars and history of a water access entitlement; (b) decisions about how the Basin States are making changes to water access entitlements, including in relation to the date of effect of changes, the manner in which changes come into operation and how certainty is achieved in relation to these matters; (c) such other information as is relevant to payments to water access entitlement holders. 21 After Division 4 of Part 2 Insert: Division 4A—Annual progress reports relating to water recovery targets and to the Snowy Scheme 85AB Secretary to prepare annual reports (1) The Secretary must prepare an annual report on the activities undertaken for the purpose of making progress towards the following: (a) increasing the volume of the Basin water resources that is available for environmental use by 450 gigalitres; (b) the Commonwealth's water recovery target in relation to SDL resource units (as defined in the Basin Plan); (c) projects that relate to adjustments of long‑term average sustainable diversion limits under section 23A; (d) any other matter specified by the Minister in writing. (1A) If, during a financial year, the Minister approved one or more programs (however described) in relation to which the Minister was required to consider the social and economic impact under section 86ADB, the report under subsection (1) for that financial year must include: (a) a description of the program or programs concerned; and (b) the matters that the Minister took into account in undertaking that consideration. Note: The kinds of matters taken into account by the Minister under paragraph (b) could include any social and economic impacts raised in the course of consultation, and any social and economic impacts of transitional support the Government has provided or is providing. (2) The Secretary must prepare a report under subsection (1) in relation to: (a) the financial year beginning on 1 July 2023; and (b) each subsequent financial year up to and including the financial year beginning on 1 July 2027. (3) The Secretary must provide each report under subsection (1) in relation to a financial year to the Minister by 30 October in the following financial year. (4) The Minister must cause a copy of each report under subsection (1) to be tabled in each House of the Parliament within 15 sitting days of that House after the Minister receives the report. 85ABA Secretary to prepare annual reports about water releases from the Snowy Scheme (1) The Secretary must prepare an annual report on the release of water for environmental use from the Snowy Scheme. (2) A report under subsection (1) must include the details mentioned in subsection (3), in relation to the release of water for environmental use during each period of 12 months beginning on 1 May (a water year), from the following: (a) the Snowy River below Jindabyne Dam; (b) the Snowy River below Guthega Dam via Falls Creek Aqueduct; (c) the Snowy River below Island Bend Dam via Tolbar Creek Aqueduct and Diggers Creek Aqueduct; (d) the Upper Murrumbidgee River below Tantangara Dam; (e) the Goodradigbee River below Goodradigbee Aqueduct; (f) the Geehi River below Geehi Dam via Middle Creek and Strzelecki Creek; (g) the River Murray via the Snowy‑Murray Development and Hume Dam. (3) The report must include the following: (a) targets for releases of water for environmental use; (b) actual releases of water for environmental use; (c) the seasonal timing and volume of releases of water for environmental use; (d) the environmental objectives that the releases of water were intended to achieve; (e) any changes to the governance and regulatory arrangements outlined in the report as required by subsection (4). (4) The first report under subsection (1) must also include a general outline of the governance and regulatory arrangements relating to the Snowy Scheme. (5) The Secretary must prepare a report under subsection (1) in relation to: (a) the water year beginning on 1 May 2023; and (b) each subsequent water year. (6) The Secretary must provide each report under subsection (1) in relation to a water year by 30 October in the following water year. (7) The Minister must cause a copy of each report under subsection (1) to be tabled in each House of the Parliament within 15 sitting days of that House after the Minister receives the report. (8) In this section, Snowy Scheme has the same meaning as in the Murray‑Darling Basin Agreement. Part 5—Reports about activities relating to Indigenous people Water Act 2007 22 At the end of Part 2 Add: Division 6—Reports about activities relating to Indigenous people 85E Authority must prepare annual information on consideration of Indigenous matters (1) The Authority must prepare information in relation to each financial year on how, when planning for environmental watering in the Murray‑Darling Basin, holders of held environmental water: (a) considered Indigenous values and Indigenous uses (as defined in the Basin Plan); and (b) involved Indigenous people. (2) The Authority must prepare information under subsection (1) in relation to: (a) the financial year beginning on 1 July 2023; and (b) each subsequent financial year. (3) The Authority must give the information to the Secretary in sufficient time for the information to be included in the Secretary's report under section 85F. 85F Secretary to prepare annual reports about activities relating to Indigenous people (1) The Secretary must prepare an annual report that includes: (a) the information provided to the Secretary by the Authority under section 85E; and (b) information about engagement and other activities undertaken for the purpose of ensuring that the management of Basin water resources takes into account spiritual, cultural, environmental, social and economic matters relevant to Indigenous people; and (c) any other matter specified by the Minister in writing. (2) In preparing a report under subsection (1), the Secretary: (a) must consult the Authority and the Commonwealth Environmental Water Holder; and (b) may consult any other person or body the Secretary considers appropriate. (3) The Secretary must prepare a report under subsection (1) in relation to: (a) the financial year beginning on 1 July 2023; and (b) each subsequent financial year. (4) The Secretary must provide each report under subsection (1) in relation to a financial year to the Minister no later than 6 months after the end of that financial year. (5) The Minister must cause a copy of each report under subsection (1) to be tabled in each House of the Parliament within 15 sitting days of that House after the Minister receives the report. Part 6—Indigenous members of the Authority Water Act 2007 22A Paragraph 177(b) Repeal the paragraph, substitute: (b) 2 Indigenous persons recognised in the Indigenous community as having a high level of expertise in Indigenous matters relevant to Basin water resources, each of whom is a standing Indigenous Authority member for the purposes of this Subdivision; 22B Subsection 178(2) Omit "the standing", substitute "as a standing". 22C Subsection 178(2A) Omit "the standing", substitute "a standing". 22D Subsection 180(3) Omit "the standing", substitute "a standing". 22E Subsection 180(3A) Omit "the standing Indigenous Authority member unless the individual is an Indigenous person who has", substitute "a standing Indigenous Authority member unless the individual is recognised in the Indigenous community as having". 22F In the appropriate position in Schedule 10 Insert: Part 3—Application provision relating to the Water Amendment (Restoring Our Rivers) Act 2023 1 Application of amendments The amendments of sections 177, 178 and 180 made by Part 6 of Schedule 1 to the Water Amendment (Restoring Our Rivers) Act 2023 apply in relation to appointments made on or after the commencement of that Schedule. Part 7—Review of the Act to consider United Nations Declaration on the Rights of Indigenous Peoples Water Act 2007 23 After subsection 253(1) Insert: (1A) The review must also identify opportunities under this Act to promote the principles set out in the United Nations Declaration on the Rights of Indigenous Peoples, being the Resolution adopted by the General Assembly of the United Nations on 13 September 2007. Note: The text of United Nations General Assembly resolutions could in 2023 be accessed through the United Nations' website (https://www.un.org). Schedule 2—Amendment of the Basin Plan 2012 Basin Plan 2012 1AA Subsection 1.07(1) Insert: relevant water accounting period, in Division 1A of Part 4 of Chapter 6, has the meaning given by subsection 6.08E(4). 1A At the end of section 1.08 Add: Note: The Basin Plan applies to all Basin waters, including the Upper Murrumbidgee River, except to the extent that the Basin Plan is inconsistent with the licence mentioned in this section. 1 Division 1 of Part 4 of Chapter 6 (heading) Repeal the heading, substitute: Division 1—Preliminary 2 After section 6.08 Insert: 6.08A Content of action plan (1) This section applies in relation to an action plan for the purposes of the following provisions: (a) subsection 71(1A) of the Act; (b) subsection 6.12(5); (c) subsection 6.12C(5). (2) The Inspector‑General may issue and publish guidelines under subsection 215V(1) in relation to the action plans, and the Basin States must have regard to the guidelines in preparing action plans. Note: The Inspector‑General must consult the Basin States, and have regard to any submissions made by the Basin States, in preparing guidelines under section 215V: see section 215VB. Amendment or replacement of action plan (3) An amendment or replacement of an action plan must explain the reasons for the amendment or replacement. 6.08B Reporting on action plan under the Basin Plan After the end of a water accounting period, a Basin State must, at the same time as it provides the Authority with a report under section 71 in relation to the period, provide the Authority and the Inspector‑General with a report that includes details of progress during the period in taking the proposed set of actions specified in an action plan provided by the Basin State as required by subsection 6.12(5) or 6.12C(5). 6.08C Content of report (1) This section applies in relation to a report on the progress of an action plan for the purposes of: (a) subsection 71(1B) of the Act; or (b) section 6.08B. (2) The Inspector‑General may issue and publish guidelines under subsection 215V(1) in relation to the reports, and the Basin States must have regard to the guidelines in preparing the reports. Note: The Inspector‑General must consult the Basin States, and have regard to any submissions made by the Basin States, in preparing guidelines under section 215V: see section 215VB. Division 1A—One‑off adjustment to cumulative balances for surface water SDL resource units 6.08D Determining one‑off adjustment to cumulative balances from 1 July 2019 (1) The Authority must make a one‑off adjustment, in accordance with this Division, to the cumulative balance for each surface water SDL resource unit, unless the register of take for the surface water SDL resource unit had already commenced as at 1 July 2019. Register of take has already commenced (2) If the register of take for a surface water SDL resource unit for which the Authority must make a one‑off adjustment has already commenced as at the commencement of this section, the Authority must make a one‑off adjustment in relation to the surface water SDL resource unit as soon as practicable after the beginning of the first water accounting period after that commencement. Register of take has not already commenced (3) If the register of take for a surface water SDL resource unit for which the Authority must make a one‑off adjustment has not already commenced as at the commencement of this section, the Authority must make a one‑off adjustment in relation to the surface water SDL resource unit as soon as practicable after the end of the water accounting period in which the register of take commences. 6.08E Step 1—Calculation of annual permitted take and annual actual take for one‑off adjustment (1) This section and sections 6.08F and 6.08G set out how to calculate the one‑off adjustment to the cumulative balance of a surface water SDL resource unit. (2) For each relevant water accounting period for the surface water SDL resource unit, sum the maximum quantity of water permitted to be taken by each form of take for consumptive use from the surface water SDL resource unit (annual permitted take) in accordance with section 6.08G. (3) For the same relevant water accounting period, sum the quantity of water actually taken by each form of take for consumptive use from the surface water SDL resource unit (annual actual take) in accordance with section 6.08G. (4) For the purposes of calculating the one‑off adjustment to the cumulative balance of a surface water SDL unit, a relevant water accounting period, for the surface water SDL resource unit, means a water accounting period that begins on or after 1 July 2019, other than the water accounting period in which the register of take for the surface water SDL resource unit commences or any later water accounting period. 6.08F Step 2—Calculate and record the one‑off adjustment (1) For each relevant water accounting period, if the annual actual take is greater than the annual permitted take, the difference is a debit. (2) For each relevant water accounting period, if the annual actual take is less than the annual permitted take, the difference is a credit. (3) For each relevant water accounting period, if there is no difference between the annual actual take and the annual permitted take, the difference is zero. (4) As a result of the calculations made under subsections (1) to (3), determine the one‑off adjustment to the cumulative balance by summing the total differences between annual permitted take and annual actual take for each relevant water accounting period for the surface water SDL resource unit. (5) If, in a relevant water accounting period, the circumstances mentioned in the example in paragraph 6.12(4)(b) apply, the one‑off adjustment for the surface water SDL resource unit is to be adjusted by including the amount attributable to those circumstances as a credit, and subsection 6.11(5) does not apply to the relevant water accounting period. (6) The one‑off adjustment for the surface water SDL resource unit is to be adjusted to account for any disposal or acquisition of held environmental water for each relevant water accounting period. (7) Record the one‑off adjustment on the register of take as either a debit, a credit or zero. (8) For the water accounting period in which the one‑off adjustment is recorded, the cumulative balance determined under subsection 6.11(4) is to include the effect of the one‑off adjustment. 6.08G How to calculate the annual permitted take and the annual actual take (1) Subject to this section, the annual permitted take and the annual actual take are to be worked out using the method set out in the water resource plan for the surface water SDL resource unit for the purposes of sections 10.10 and 10.15. Note 1: Section 10.10 requires a water resource plan to set out a method for determining the maximum quantity of water permitted to be taken by each form of take for consumptive use from the surface water SDL resource unit in each water accounting period. Note 2: Section 10.15 requires a water resource plan to set out how the quantity of water actually taken for consumptive use by each form of take from each SDL resource unit will be determined after the end of a water accounting period using the best information available at the time. (2) If the annual permitted take or the annual actual take cannot be worked out in accordance with subsection (1) because the data is not available for a form of take, the annual permitted take and the annual actual take are to be: (a) the long‑term annual average take for that form of take; or (b) worked out in accordance with an alternative method determined by the Authority in consultation with the relevant Basin State before whichever of the following applies: (i) if the water resource plan for the surface water SDL resource unit is accredited as at the commencement of this section—on or before the first 30 June after that commencement; (ii) if the water resource plan for the surface water SDL resource unit is not accredited as at the commencement of this section—on or before 30 June of the water accounting period in which the register of take commences. (3) The Authority must publish the method used on its website. 3 Subsection 6.12(1) Omit "unitin", substitute "unit in". 4 Subsection 6.12(3) Repeal the subsection, substitute: (3) A Basin State may not rely on a claim that there is a reasonable excuse for an excess unless: (a) it has provided a report to the Authority and to the Inspector‑General setting out the reasons for the excess, with evidence for the claim; and (b) the Inspector‑General is satisfied that the Basin State has a reasonable excuse as claimed. Note 1: If the Inspector‑General is not satisfied that there is a reasonable excuse, there will be non‑compliance on the part of the Basin State requiring an action plan under subsection 71(1A) of the Act. Note 2: It is open to the Inspector‑General to consult with the Authority and other bodies as appropriate. 5 Subsection 6.12(5) Omit "the steps", substitute "a proposed set of actions (an action plan) that". 6 Subsection 6.12C(3) Repeal the subsection, substitute: (3) A Basin State may not rely on a claim that there is a reasonable excuse for an excess unless: (a) it has provided a report to the Authority and to the Inspector‑General setting out the reasons for the excess, with evidence for the claim; and (b) the Inspector‑General is satisfied that the Basin State has a reasonable excuse as claimed. Note 1: If the Inspector‑General is not satisfied that there is a reasonable excuse, there will be non‑compliance on the part of the Basin State requiring an action plan under subsection 71(1A) of the Act. Note 2: It is open to the Inspector‑General to consult with the Authority and other bodies as appropriate. 7 Subsection 6.12C(5) Omit "the steps", substitute "a proposed set of actions (an action plan) that". 8 After section 6.13 (heading) Insert: Note: If the SDL for an SDL resource unit is reduced, section 75 of the Act requires the Basin Plan to specify the reduction, and the proportions of the reduction attributable to various categories. Section 78 of the Act required the original Basin Plan to specify the limits that applied, immediately before the SDLs imposed by the Basin Plan took effect, to the long‑term average amount of water that could be taken for each SDL resource unit under the applicable transitional or interim water resource plans. This is done in subsection (2) below, and the specified limit is used as the baseline from which the reductions are measured. 9 After subsection 6.13(2) Insert: (2A) For subsection 75(1) of the Act, the reduction is any reduction in the SDL for a SDL resource unit, compared with the limit specified for subsection (2), that results from the application of the SDL set by the Basin Plan from time to time. 10 Subsection 6.13(6) (note) Repeal the note. 11 Chapter 7 (note to heading) Repeal the paragraph beginning "Under Part 2", substitute: Under Part 2, the Authority can propose adjustments to surface water SDLs to take account of: (a) supply measures and efficiency measures that are notified by a process set out in section 7.12 and will come into operation by 31 December 2026; and (b) additional HEW entitlements that are acquired from time to time and specified by the Minister under section 7.08B. 12 Chapter 7 (note to heading) Repeal the last paragraph, insert: An 'additional HEW entitlement' is a water access right, water delivery right or irrigation right that was previously used for consumptive purposes, but will now be used for environmental purposes. An adjustment made because of an additional HEW entitlement will decrease the SDL (increase the reduction amount). 13 After paragraph 7.01(2)(a) Insert: ; (b) new acquisitions of held environmental water that was previously used for consumptive purposes (Part 2); or 13A Section 7.02 Omit "In", substitute "(1) In". 14 Section 7.02 (paragraph (c) of the definition of additional efficiency entitlement) After "is acquired", insert "before 1 January 2027". 15 Section 7.02 (definition of additional efficiency measure) Omit "a measure", substitute "an efficiency measure". 16 Section 7.02 Insert: additional HEW contribution has the meaning given by Division 4 of Part 2 (in particular section 7.16A). additional HEW entitlement means a water access right, a water delivery right or an irrigation right, or part of such a right, specified by the Minister under section 7.08B to be an additional HEW entitlement. 17 Section 7.02 Insert: additional supply measure means a supply measure that has been notified under subsection 7.12(2A). 18 Section 7.02 (paragraph (c) of the definition of efficiency entitlement) After "is acquired", insert "before 1 January 2027". 19 Section 7.02 Insert: varying HEW contribution has the meaning given by section 7.21. 19A At the end of section 7.02 Add: (2) A reference in this Chapter and in Schedule 6A to a water access right, a water delivery right, an irrigation right or a water access entitlement includes a reference to a part of such a right or entitlement. 20 Subsection 7.08(3) Repeal the subsection. 21 After section 7.08 Insert: 7.08A Constraints relaxation implementation roadmap (1) The object of this section is to assist the Commonwealth and Basin States to identify measures to relax constraints, and develop and implement them in a way that: (a) maximises the benefits of the constraint measures to deliver environmental outcomes, including but not limited to enhanced environmental outcomes and outcomes identified by the Constraints Management Strategy; and (b) provides, as far as practicable, a common approach across river systems and jurisdictions including, but not limited to, in relation to: (i) reporting, transparency and public accountability; and (ii) program implementation and governance including regulatory approvals; and (iii) supporting the acceleration of constraint measures by 31 December 2026; and (iv) managing impacts on third parties. (2) The Authority must prepare a roadmap for the purpose of achieving the object of this section by 31 December 2024. (3) The roadmap, and any substantive amendments to the roadmap, must be prepared in consultation with the Basin States, the Commonwealth and the public. (4) The Authority must publish the roadmap on its website. 7.08B Minister may specify additional HEW entitlements (1) The Minister may specify in a written instrument given to the Authority, in accordance with this section, that a water access right, a water delivery right, or an irrigation right, for a surface water SDL resource unit, or part of such a right, is an additional HEW entitlement. Note: Under subsection 33(3) of the Acts Interpretation Act 1901, such a specification may be revoked, amended or varied in the same way. (2) The right, or the part of the right, must: (a) be sourced from the unit; and (b) be held environmental water; and (c) if specified after 31 December 2027—have become, or been contracted to become, held environmental water before that date; and (d) not have become held environmental water as a result of notified efficiency measures or additional efficiency measures, except as provided in subsection (4). Note: Water access rights, water delivery rights and irrigation rights are types of rights that fall within the definition of held environmental water (see subsection 4(1) of the Act). (3) The Minister must be satisfied that the right or the part of the right: (a) decreases the amount of water taken for consumptive use relative to the benchmark conditions of development; and (b) increases the volume of the Basin water resources that is available for environmental use; and (c) will contribute to enhancing environmental outcomes as mentioned in subsection 86AA(1) of the Act, including the outcomes set out in Schedule 5 to the Basin Plan. (4) For paragraph (2)(d), the exception is that: (a) the right, or the part of the right, is specified after 31 December 2026; and (b) it was not included in the determination for paragraph 7.21(2)(a) (whether or not it was on the register mentioned in section 7.13 on 31 December 2026). (5) If a right, or a part of a right, specified in reliance on subsection (4) was an efficiency entitlement or additional efficiency entitlement, it ceases to be an entitlement of that kind. 22 Part 2 of Chapter 7 (heading) Omit "for notified measures". 23 Section 7.09 Omit all the words before paragraph (a), substitute: The objective for this Part is to allow surface water SDLs to be adjusted to reflect the effects of: (aa) measures that increase the supply of water or the efficiency of water use, and are notified under this Part; and (ab) additional HEW entitlements specified under section 7.08B; so that: 24 Section 7.09 (note 2) Repeal the note, substitute: Note 2: The Commonwealth's program referred to in paragraph (e) includes the program that is expected to spend $1.77 billion by 31 December 2027 under the Water for the Environment Special Account. 25 Section 7.11 (heading) Omit "2024", substitute "2026". 26 Subsection 7.11(1) Repeal the subsection, substitute: (1) If it appears to the Authority that a new determination of the appropriate adjustment amounts, made in accordance with Division 4, resulting from the effects, as at 31 December 2026, of the following: (a) notified measures; (b) additional supply measures; (c) additional efficiency measures; (d) additional HEW entitlements; would produce adjusted SDLs for one or more SDL resource units different from those that resulted from the determination made for the purpose of section 7.10, the Authority must, by that date: (e) determine those adjustment amounts for each affected unit; and (f) propose accordingly, under section 23A of the Act: (i) an adjustment of the SDL for each affected unit; and (ii) an adjustment of the SDL for the Basin water resources equal to the net effect of the adjustments for all the affected units. Note 1: Since the adjustments to the SDLs proposed under section 7.10 were made to the Basin Plan, there has been a further set of adjustments made by the Water Amendment (Restoring Our Rivers) Act 2023, as well as changes to Division 4. Note 2: Under section 23B of the Act, the Authority is then required to prepare appropriate amendments of the Basin Plan, for adoption by the Minister. Note 3: This section might apply if, for example, a notified measure has been withdrawn or an additional supply or efficiency measure has been notified, or an additional HEW entitlement has been registered. 27 Subsection 7.12(2) Omit "31 December 2023", substitute "30 June 2025". 28 After subsection 7.12(2) Insert: Notification of additional supply measures (2A) The Basin Officials Committee may, on or before 30 June 2025, notify the Authority of 1 or more supply measures that, in the view of the Committee, should be taken into account in proposing adjustments under section 7.11. 29 Paragraph 7.12(3)(a) Omit "30 June 2024", substitute "31 December 2026". 30 Subsections 7.12(5), (6) and (7) Repeal the subsections, substitute: (5) A notification must be amended by 30 June 2026 if any information under subsection (4) has changed. (6) A notification must be amended by 30 June 2026 to withdraw a measure if it appears that the measure will not enter into operation by 31 December 2026. (6A) A notification may be amended to withdraw the measure under subsection (6) by the person who notified the measure or by the Commonwealth. (7) Subsections (5), (6) and (6A) do not apply after 30 June 2026. 31 Section 7.13 Repeal the section, substitute: 7.13 Register of measures (1) The Authority must maintain a register that includes the following: (a) each measure of the following kinds, with the information mentioned in section 7.12: (i) the notified efficiency measures; (ii) the notified supply measures; (iii) the additional efficiency measures; (iv) the additional supply measures; (b) for each surface water SDL resource unit—each entitlement of the following kinds as it applies from time to time: (i) the efficiency entitlements; (ii) the additional efficiency entitlements; (iii) the additional HEW entitlements; (c) for each kind of entitlement for a surface water SDL resource unit—the long‑term average quantity of water, in GL per year, that is available under the entitlements of that kind from time to time. (2) Until an adjustment is proposed under section 7.11, the register must include, for each surface water SDL resource unit, estimates of the likely: (a) efficiency contribution; and (b) supply contribution; and (c) additional HEW contribution; as at 31 December 2026, and (d) to the extent practicable, the likely SDL adjustment amount for the unit for the purposes of section 7.21. (3) The Authority must publish the register on its website. (4) Subparagraphs (1)(b)(i) and (ii) apply to a water access entitlement whether it became held environmental water before or after the relevant measure was notified. 32 Section 7.14 Omit "and additional efficiency measures", substitute ", the additional efficiency measures, the additional supply measures and the additional HEW entitlements". 33 Subsection 7.14A(3) (note 1) Omit "2024", substitute "2026". 34 Subsection 7.15(1) After "supply measures", insert "or additional supply measures". 35 Subparagraph 7.15(1)(b)(i) After "supply measures", insert "and additional supply measures". 36 Subsection 7.15(1) (note) After "section 7.12", insert "The additional supply measures were not included in this provision at the time adjustments were proposed under section 7.10.". 37 Paragraph 7.15(2)(b) Repeal the paragraph, substitute: (b) if the Authority, having consulted the Basin Officials Committee, decides that another method is preferable—that method. 38 Subsection 7.16(2) (heading) Omit "2024", substitute "2026". 39 Subsection 7.16(2) Repeal the subsection, substitute: (2) For a determination for the purpose of section 7.11, and subject to this Division, the efficiency contribution of the notified measures and additional efficiency measures for each affected unit at a particular time is a decrease in the SDL for the unit equal to the quantity of water, in GL per year, that is registered as being available under the efficiency entitlements and additional efficiency entitlements for the unit. Note: Efficiency contributions will end on 31 December 2026. Under section 7.08B, the Minister may specify efficiency entitlements and additional efficiency entitlements acquired after 31 December 2026 as additional HEW entitlements. 40 After section 7.16 Insert: 7.16A Contribution to adjustments from additional HEW entitlements (1) For a determination for the purpose of section 7.11, and subject to this Division, the additional HEW contribution of the additional HEW entitlements for each affected unit at a particular time is a decrease in the SDL for the unit equal to the quantity of water, in GL per year, that is registered as being available under additional HEW entitlements for the unit. Note 1: The additional HEW contributions are expected to vary over time as relevant water access rights, water delivery rights or irrigation rights are acquired. Note 2: The Authority will use long‑term diversion limit equivalent factors to convert water access rights, water delivery rights and irrigation rights into a common unit for the purpose of the determinations. (2) In this section, registered means shown on the register maintained under section 7.13. 41 Subsection 7.17(1) Omit "those amounts can", substitute "those amounts, disregarding the additional HEW entitlements mentioned in paragraph 7.11(1)(d), could". 42 Subsection 7.17(1) Omit "such a determination can", substitute "such a determination could". 43 Section 7.18 Omit "notified measures", substitute "notified supply measures and additional supply measures". 44 Section 7.19 After "at a particular time", insert "before the commencement of any adjustments proposed under section 7.11". 45 Section 7.19 Omit "and the total efficiency contribution", substitute ", the total efficiency contribution and the total additional HEW contribution". 46 Section 7.19 Omit "and the efficiency contribution", substitute ", the efficiency contribution and the additional HEW contribution". 47 Section 7.19 (note) Omit "or an efficiency contribution", substitute ", an efficiency contribution or an additional HEW contribution". 48 Section 7.21 Repeal the section, substitute: 7.21 Final determination of amounts in 2026 (1) For the purpose of section 7.11, the Authority may make a determination of the proposed adjustments only if: (a) it has considered any advice from the Basin Officials Committee and submissions from members of the public; and (b) it is satisfied that the proposed adjustments meet the criteria under section 7.17. (2) The Authority must determine the following as they are expected to be on 31 December 2026: (a) the efficiency contributions; (b) the supply contributions; (c) the additional HEW contributions. (3) The Authority must: (a) determine the adjustments (the overall adjustments) that would be appropriate to: (i) reflect: (A) the notified measures, the additional supply measures, the additional efficiency measures and the additional HEW entitlements as determined for subsection (2); and (B) the varying HEW contribution; and (ii) comply with the limit on the size of proposed adjustments under subsection 23A(4) of the Act; (b) calculate, for each affected unit, the difference between the 2017 SDLs as they would be if adjusted by the overall adjustments, and the current SDLs (the difference for the unit); and (c) determine the amounts of the proposed adjustments as: (i) an adjustment of the SDL for each affected unit equal to the difference for the unit; and (ii) an adjustment of the SDL for the Basin water resources equal to the net effect of the adjustments for all the affected units. (4) An amendment to give effect to the proposed adjustments must be in the form of an amendment to the Basin Plan that would result in the SDL for each affected unit being expressed as: (a) a fixed element; and (b) the varying HEW contribution, in the form of a formula as a function of time, either varying continuously or changing at specified times from 31 December 2026 onward. (5) In this section: 2017 SDL, for a SDL resource unit, means the SDL that applied immediately before the adjustments made as a result of a proposal under section 7.10. Note: Those adjustments commenced on 13 January 2018. current SDLs means the SDLs in the Basin Plan as amended by the Water Amendment (Restoring Our Rivers) Act 2023. register means the register maintained under section 7.13. varying HEW contribution for an SDL resource unit, at any time after 31 December 2026, is the difference between the additional HEW contributions shown on the register as being available for the unit at that time, and the additional HEW contributions determined for paragraph (2)(c). 49A After subsection 7.27(1) Insert: (1A) The Inspector‑General may: (a) audit calculations made by the Authority for the purposes of Parts 2 and 4; or (b) appoint or establish a person or body that is independent of the Authority to audit calculations made by the Authority for the purposes of Parts 2 and 4. 50 Paragraph 7.27(2)(b) After "the Authority,", insert "the Inspector‑General (unless the Inspector‑General is conducting the audit),". 51 Paragraph 10.10(5)(c) Repeal the paragraph, substitute: (c) for a water accounting period beginning on or after 1 July 2024—the SDL as it stood on the day before the beginning of the relevant water accounting period. 52 Section S6A.01 of Schedule 6A (first dot point) After "notified efficiency measures", insert "and additional efficiency measures". 53 Section S6A.01 of Schedule 6A (after the first dot point) Insert:  additional water access rights, water delivery rights and irrigation rights are progressively acquired. Such acquisitions will be additional HEW entitlements in different surface water SDL resource units, increasing the additional HEW contributions in affected units; and 54 Section S6A.01 of Schedule 6A (third paragraph) Omit "and the total efficiency contribution", substitute ", the total efficiency contribution and the total additional HEW contribution". 55 Section S6A.01 of Schedule 6A (fourth paragraph) After "2017", insert "and any additional efficiency measures notified under section 7.12 or additional HEW entitlements specified under section 7.08B". 56 Section S6A.01 of Schedule 6A (fourth paragraph) After "contributions", insert "and additional HEW contributions". 57 Section S6A.01 of Schedule 6A (fifth paragraph) After "As efficiency contributions", insert "and additional HEW contributions". 58 Section S6A.01 of Schedule 6A (last paragraph) Omit "in accordance with paragraph 7.20(4)(b),". 59 Section S6A.01 of Schedule 6A (last paragraph) Omit "up until 30 June 2024 of the relevant efficiency contributions", substitute "to the efficiency contributions and additional HEW contributions over time". 60 Subsection S6A.02(1) of Schedule 6A Insert: current additional HEW contribution for a particular surface water SDL resource unit and for a particular water accounting period, means the unit's additional HEW contribution as at the end of the first day of the water accounting period. Note: The current additional HEW contribution for a surface water SDL resource unit might vary between water accounting periods, as relevant water access rights, water delivery rights or irrigation rights are acquired 61 Subsection S6A.02(1) of Schedule 6A (definition of current efficiency contribution) Omit "subsection 7.16(1)", substitute "subsection 7.16(2)". 62 Subsection S6A.02(1) of Schedule 6A (definition of current efficiency contribution) Omit ", disregarding any efficiency entitlement that might be registered on the register maintained under section 7.13 after 30 June 2024". 63 Subsection S6A.02(1) of Schedule 6A (note 1 to the definition of net effect) Omit "and the total efficiency contribution", substitute "on the one hand, and the total efficiency contribution and total current additional HEW contribution on the other". 64 Subsection S6A.02(1) (note 2 to the definition of net effect) Omit "changes", substitute "and total current additional HEW contribution change". 65 Subsection S6A.02(1) of Schedule 6A Insert: total current additional HEW contribution for a particular water accounting period, is equal to the sum of the current additional HEW contributions of all surface water SDL resource units. 66 Subsection S6A.04(2) of Schedule 6A (formula) Repeal the formula, substitute: 67 Subsection S6A.04(2) of Schedule 6A (after the definition of total current efficiency contribution) Insert: total current additional HEW contribution has the meaning given by subsection S6A.02(1). 68 Subsection S6A.05(1) of Schedule 6A (note) Omit "total current efficiency contribution", substitute "sum of the total current efficiency contribution and the total current additional HEW contribution". 69 Subsection S6A.05(2) of Schedule 6A (formula) Repeal the formula, substitute: 70 Subsection S6A.05(2) of Schedule 6A (after the definition of current efficiency contribution) Insert: current additional HEW contribution, for the surface water SDL resource unit and the water accounting period, has the meaning given by subsection S6A.02(1). 71 Subsection S6A.05(3) of Schedule 6A (formula) Repeal the formula, substitute: 72 Subsection S6A.05(3) of Schedule 6A (after the definition of total current efficiency contribution) Insert: total current additional HEW contribution has the meaning given by subsection S6A.02(1). 73 Subsection S6A.06(2) of Schedule 6A (formula) Repeal the formula, substitute: 74 Subsection S6A.06(2) of Schedule 6A (after the definition of current efficiency contribution) Insert: current additional HEW contribution, for the surface water SDL resource unit and the water accounting period, has the meaning given by subsection S6A.02(1). Note: The current additional HEW contribution for a surface water SDL resource unit might vary between water accounting periods, as relevant water access rights, water delivery rights or irrigation rights are acquired. Schedule 3—Water Markets measures Part 1—Water Markets Intermediaries Code Water Act 2007 1 Subsection 4(1) Insert: Water Markets Intermediaries Code means the code (if any) prescribed by the regulations made under Division 3 of Part 5. water markets intermediary services means services referred to in paragraph (a), (b), (c), (d), (e) or (f) of the definition of eligible water markets intermediary. 2 After Part 4A Insert: Part 5—Water Markets Intermediaries Code and trust accounting framework Division 1—Simplified outline of Part 100E Simplified outline This Part provides for a Water Markets Intermediaries Code to regulate the conduct of eligible water markets intermediaries towards participants and potential participants in the water market. Eligible water markets intermediaries must not contravene the code. The ACCC has powers under this Part to issue public warning notices, seek orders to redress loss or damage, and require the giving of information and the production of documents. Division 2—Application of Part 100F Constitutional operation (1) This Part, and any other provision of this Act or any other Act that relates to this Part, applies to the provision of services by an eligible water markets intermediary that is a constitutional corporation. (2) This Part, and any other provision of this Act or any other Act that relates to this Part, applies to the provision of services by an eligible water markets intermediary if: (a) the person to whom the service is provided is a constitutional corporation or is engaging in trade with a constitutional corporation; or (b) the service is provided in the course of trade and commerce: (i) between the States; or (ii) between a State and a Territory or between 2 Territories; or (iii) between Australia and places outside Australia; or (c) the service is provided to a person in a Territory, or in relation to a water resource in a Territory. Division 3—Water Markets Intermediaries Code 100G Regulations may prescribe Water Markets Intermediaries Code Water Markets Intermediaries Code (1) The regulations may prescribe a code, to be known as the Water Markets Intermediaries Code, for the purposes of regulating the conduct of eligible water markets intermediaries towards participants and potential participants in the water market. (2) Without limiting the matters for which the Water Markets Intermediaries Code may make provision, the code may make provision for requirements in relation to the following: (a) imposing an obligation upon eligible water markets intermediaries to act in the best interests of clients, and in accordance with clients' instructions; (b) provision of information to clients, including in relation to the interests of eligible water markets intermediaries; (c) provide for the keeping and retention of records for the purposes of the Code or for the purposes of Division 5 relating to trust accounting including, but not limited to the following: (i) the kind of records that must be kept; (ii) specific details that must be recorded including, but not l