Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies to an eligible offsets project if the project became an eligible offsets project after the commencement of this Part.
Sequestration offsets project or designated savanna project
(2) If the project is a sequestration offsets project or a designated savanna project, then, for the purposes of this Act, the crediting period for the project is:
(a) the period of 25 years; or
(b) if another period is specified in the applicable methodology determination for the project--that other period;
that began at the start time worked out under subsection (4).
Emissions avoidance offsets project
(3) If the project is an emissions avoidance offsets project (other than a designated savanna project), then, for the purposes of this Act, the crediting period for the project is:
(a) the period of 7 years; or
(b) if another period is specified in the applicable methodology determination for the project--that other period;
that began at the start time worked out under subsection (4).
Start time
(4) For the purposes of this section, the start time is:
(a) if:
(i) the application for the declaration of the project under section 27 included a statement to the effect that the crediting period for the project should begin at a specified time; and
(ii) the specified time occurs after the declaration takes effect; and
(iii) the specified time complies with subsection (5); and
(iv) the specified time was not varied under paragraph (b);
the specified time; or
(b) if:
(i) the application for the declaration of the project under section 27 included a statement to the effect that the crediting period for the project should begin at a specified time; and
(ii) after the project became an eligible offsets project, the project proponent, by written notice given to the Regulator, varied the specified time; and
(iii) the varied time complies with subsection (5); and
(iv) the project proponent has not previously varied the specified time; and
(v) the notice was given at or before the time when the offsets report for the project was given under subsection 76(1);
the varied time; or
(c) otherwise--the time when the declaration of the project under section 27 took effect.
Limit on deferral of start of crediting period
(5) A time complies with this subsection if:
(a) the time is not later than 18 months after the declaration of the project under section 27 took effect; or
(b) if:
(i) another number of months is specified in the legislative rules in relation to a particular kind of project; and
(ii) the project is of that kind;
the time is not later than that other number of months after the declaration of the project under section 27 took effect.
No subsequent crediting periods
(6) The project cannot have more than one crediting period.
Other matters
(7) A notice under subparagraph (4)(b)(ii) may be included in the offsets report for the project given under subsection 76(1).
(8) Paragraph (5)(b) does not, by implication, affect the application of subsection 13(3) of the Legislation Act 2003 to another instrument under this Act.