Commonwealth Numbered Acts Commonwealth Numbered ActsScope
(1) This section applies if:
(a) a person is a liable entity for an eligible financial year (the relevant eligible financial year ); and
(b) the eligible financial year is a fixed charge year.
(2) If the number worked out using the formula in subsection (5) exceeds zero:
(a) the person has a unit shortfall under this section for the relevant eligible financial year; and
(b) the number of units in that shortfall is equal to the number worked out using that formula.
Note: Unit shortfall charge is imposed by whichever of the following is applicable:
(a) Part 3 of the Clean Energy (Charges--Excise) Act 2011 ;
(b) Part 3 of the Clean Energy (Charges--Customs) Act 2011 ;
(c) the Clean Energy (Unit Shortfall Charge--General) Act 2011 .
(3) If the number worked out using the formula in subsection (5) is zero, the person does not have a unit shortfall under this section for the relevant eligible financial year.
Provisional surplus surrender number
(4) If the number worked out using the formula in subsection (5) is less than zero:
(a) the person has a provisional surplus surrender number for the relevant eligible financial year; and
(b) the provisional surplus surrender number is equal to the number worked out using that formula (expressed as a positive).
Formula
(5) The formula is as follows:
where:
number of units surrendered by 15 June means the number of eligible emissions units that were surrendered by the person, in relation to the relevant eligible financial year, before the end of 15 June in the relevant eligible financial year.
"total interim emissions numbers" means the total of the interim emissions numbers of the person for the relevant eligible financial year.
Note: See also section 127.
(6) If the number worked out using the formula in subsection (5) is not a whole number, the number is to be rounded to the nearest whole number (with a number ending in .5 being rounded up). For this purpose, zero is taken to be a whole number.
Eligible Australian carbon credit units--surrender limit
(7) If:
(a) before the end of 15 June in the relevant eligible financial year, the person surrendered, in relation to the relevant eligible financial year, eligible Australian carbon credit units; and
(b) the number of eligible Australian carbon credit units exceeds:
(i) if at least 50% of the total of the interim emissions numbers of the person for the relevant eligible financial year is attributable to, or to estimates of, provisional emissions numbers under Subdivision B of Division 2 of Part 3 (which deals with landfill facilities)--the total of the interim emissions numbers of the person for the relevant eligible financial year; or
(ii) otherwise--5% of the total of the interim emissions numbers of the person for the relevant eligible financial year;
then:
(c) subsection (5) has effect as if the person had not, before the end of 15 June in the relevant eligible financial year, surrendered, in relation to the relevant eligible financial year, the number of eligible Australian carbon credit units that equals the excess; and
(d) section 128 has effect as if the person had, during the period:
(i) beginning immediately after the end of 15 June in the relevant eligible financial year; and
(ii) ending at the end of 1 February next following the relevant eligible financial year;
surrendered, in relation to the relevant eligible financial year, the number of eligible Australian carbon credit units that equals the excess.
