Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if, under this Act:
(a) a person is required to relinquish a particular number of Australian carbon credit units; and
(b) the person is required to do so by a particular time (the compliance deadline ).
No units relinquished
(2) If, by the compliance deadline, the person has not relinquished any Australian carbon credit units in order to comply with the requirement, the person is liable to pay to the Commonwealth, by way of penalty, an amount worked out using the formula:
where:
"prescribed amount" means the greater of the following amounts:
(a) $20;
(b) 200% of the market value of an Australian carbon credit unit as at the compliance deadline.
Relinquishment of insufficient units
(3) If, by the compliance deadline:
(a) the person has relinquished one or more Australian carbon credit units in order to comply with the requirement; and
(b) the number of relinquished units is less than the number of units required to be relinquished;
the person is liable to pay to the Commonwealth, by way of penalty, an amount worked out using the formula:
where:
"prescribed amount" means the greater of the following amounts:
(a) $20;
(b) 200% of the market value of an Australian carbon credit unit as at the compliance deadline.
When penalty becomes due and payable
(4) An amount payable under this section is due and payable at the end of 30 days after the compliance deadline.
Compliance
(5) To avoid doubt, a person may be liable to pay a penalty under this section even if:
(a) the person is not the registered holder of any Australian carbon credit units; or
(b) the person is not the registered holder of the number of Australian carbon credit units required to be relinquished.
Market value
(6) The regulations may provide that, for the purposes of this section, the market value of an Australian carbon credit unit is to be ascertained in accordance with the regulations.
(7) The legislative rules may provide that, for the purposes of this section, the market value of an Australian carbon credit unit is to be ascertained in accordance with the legislative rules.