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

Schedule 1   Repeal of the carbon tax

Part 4   Jobs and Competitiveness Program

Division 4   True-up shortfalls

355   True-up shortfall

(1) For the purposes of this Part, if:

(a) a person has an over-allocation of free carbon units; and

(b) the number worked out using the formula in subitem (2) exceeds zero;

then:

(c) the person has a true-up shortfall ; and

(d) the number of units in that shortfall is equal to the number worked out using that formula.

Note: Levy is imposed on a true-up shortfall by whichever of the following is applicable:

(a) the True-up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;

(b) the True-up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.

(2) The formula is as follows:

where:

number of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.