Clean Energy Legislation (Carbon Tax Repeal) Act 2014 (83 of 2014)

Schedule 1   Repeal of the carbon tax

Part 3   Application and transitional provisions

Division 2   Provisions relating to the Clean Energy Act 2011 and associated charge Acts

328   Surrender of eligible Australian carbon credit units

(1) If:

(a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and

(b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and

(c) the person has a Registry account;

then:

(d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:

(i) during that period; and

(ii) in relation to the financial year beginning on 1 July 2013;

are restored units for the purposes of this item; and

(e) a restored unit is taken never to have been surrendered or cancelled; and

(f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.

(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).

(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.

(4) A determination under paragraph (1)(d) is not a legislative instrument.