Commonwealth Numbered Acts Commonwealth Numbered Acts(1) If a person is the registered holder of one or more eligible emissions units, the person may, by electronic notice transmitted to the Regulator during an eligible financial year, surrender any or all of those units.
Note: A liable entity may surrender units to avoid liability for a unit shortfall charge.
(2) A notice under subsection (1) must:
(a) specify the eligible emissions unit or units that are being surrendered; and
(b) specify the eligible financial year to which the surrender relates; and
(c) specify the account number or account numbers of the person's Registry account, or the person's Registry accounts, in which there is an entry or entries for the eligible emissions unit or units that are being surrendered.
(3) The eligible financial year specified under paragraph (2)(b) must be:
(a) the eligible financial year in which the electronic notice was transmitted; or
(b) an earlier eligible financial year.
(4) A carbon unit must not be surrendered in relation to an eligible financial year unless that eligible financial year is:
(a) the vintage year of the unit; or
(b) an eligible financial year later than the vintage year of the unit; or
(c) the eligible financial year immediately preceding the vintage year of the unit.
Note: See also subsection 133(6) (borrowing limit).
(5) A person must not surrender, in relation to an eligible financial year, a carbon unit that has a vintage year that next follows the eligible financial year unless the electronic notice is transmitted after the emissions number publication time of the person for the eligible financial year.
Note: For emissions number publication time , see section 5.
(6) A carbon unit must not be surrendered in relation to an eligible financial year that is a fixed charge year unless the unit has a vintage year of that eligible financial year.
(7) If:
(a) a carbon unit was issued:
(i) in accordance with the Jobs and Competitiveness Program; or
(ii) in accordance with Part 8 (coal-fired electricity generation); and
(b) the unit has a vintage year that is a fixed charge year;
the unit must not be surrendered in relation to an eligible financial year unless that eligible financial year is the vintage year of the unit.
(8) An eligible international emissions unit must not be surrendered in relation to an eligible financial year that is a fixed charge year.
(9) An eligible international emissions unit must not be surrendered if the surrender would breach regulations made for the purposes of subsection 123(1) (surrender restrictions).
(10) If a carbon unit is surrendered by a person:
(a) the unit is cancelled; and
(b) the Regulator must remove the entry for the unit from the person's Registry account in which there is an entry for the unit.
(11) If an eligible international emissions unit is surrendered by a person:
(a) the Regulator must take such action in relation to the unit as is specified in the regulations; and
(b) the Regulator must remove the entry for the unit from the person's Registry account in which there is an entry for the unit.
(12) If an eligible Australian carbon credit unit is surrendered by a person:
(a) the unit is cancelled; and
(b) the Regulator must remove the entry for the unit from the person's Registry account in which there is an entry for the unit.
(13) The Registry must set out a record of each notice under subsection (1).