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 5   Transitional provisions commencing on Royal Assent

343A   Carbon units issued as a result of an auction conducted by the Regulator

(1) If:

(a) a carbon unit was issued as a result of an auction conducted by the Regulator; and

(b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;

the Regulator must:

(c) cancel the unit; and

(d) remove the entry for the unit from the person’s Registry account; and

(e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.

(2) The Registry must set out a record of each cancellation under paragraph (1)(c).

(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.

(4) In this item:

business day means a day that is not:

(a) a Saturday; or

(b) a Sunday; or

(c) a public holiday in the Australian Capital Territory.