Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-50 - CLIMATE CHANGE  

Division 421 - Hydrogen production tax incentive  

Subdivision 421-A - Tax offset for hydrogen produced in Australia  

SECTION 421-30   Offset period  
Notice of offset start date

421-30(1)    
The * holder of a * registered production profile may, by notice given to the Commissioner in the * approved form, specify for the purposes of this section a date (the offset start date ) in relation to the production of hydrogen:

(a) at a particular facility specified in the profile; and

(b) in accordance with a particular * production pathway specified in the profile.

421-30(2)    
The offset start date specified in the notice:

(a) must be the first day of an income year for the * holder of the * registered production profile; and

(b) must not be earlier than the first day of the income year for the holder of the registered production profile in which the notice is given; and

(c) must be:

(i) on or after 1 July 2027; and

(ii) before 1 July 2040.

421-30(3)    
A notice given under subsection (1) cannot be varied or revoked.

421-30(4)    
If a notice has been given under subsection (1) in relation to a facility and a * production pathway, then no further notice may be given under that subsection in relation to the facility and the production pathway.

Offset period

421-30(5)    
If a notice has been given under subsection (1) in relation to a facility and a * production pathway, the offset period for the facility and the production pathway is the period that:

(a) starts at the beginning of the offset start date specified in the notice; and

(b) ends at the earlier of the following:

(i) the end of the period of 10 years starting on the offset start date;

(ii) the end of 30 June 2040.

Exception - where production pathways at same facility are not substantially different

421-30(6)    
However, if:

(a) two or more notices are given under subsection (1) in relation to the same facility (whether the notices are given at the same time or at different times); and

(b) the Clean Energy Regulator determines under subsection (7) that a group consisting of 2 or more of those notices should be treated together for the purposes of subsection (5) ;

then subsection (5) applies in relation to each notice in the group as if the offset start date specified in the notice was the earliest of the offset start dates specified in any of the notices in the group.

Note:

If this subsection applies, the effect is that there will be a single, common offset period for the facility and each of the production pathways specified in the notices in the group.

Determination by Clean Energy Regulator

421-30(7)    
If 2 or more notices are given as mentioned in paragraph (6)(a) , the Clean Energy Regulator may, in writing, determine that a group consisting of 2 or more of those notices should be treated together for the purposes of subsection (5) .

421-30(8)    
The Clean Energy Regulator may do so only if it is satisfied that production at the facility in accordance with the * production pathway specified in any one of the notices in the group is not substantially different from production at the facility in accordance with a production pathway specified in any other notice in the group.

421-30(9)    
In deciding whether to make a determination under subsection (7) , the Clean Energy Regulator may have regard to any matters that the Clean Energy Regulator considers relevant, including:

(a) the nature of the facility; and

(b) the nature of the * production pathways specified in the notices; and

(c) if some of the notices are given at different times - the nature of any changes to the facility made between those times.