Commonwealth Consolidated Acts Commonwealth Consolidated ActsScope
(1) This section applies if:
(a) a person (the purchaser ) has made an application in accordance with section 30M to purchase a small - scale technology certificate; and
(b) there is no small - scale technology certificate on the clearing house transfer list.
Regulator to create certificate
(2) The Regulator must create a small - scale technology certificate for the purchaser.
(3) If the Regulator creates a certificate under subsection (2):
(a) the certificate is valid; and
(b) the Regulator must, as soon as practicable:
(i) give the purchaser notice in writing of the creation of the certificate; and
(ii) create an entry for the certificate in the register of small - scale technology certificates and record the purchaser as the owner of the certificate.
Cancellation of next certificate included on clearing house transfer list
(4) If a certificate is created under subsection (2), the following provisions apply:
(a) the next small - scale technology certificate (the transferred certificate ) that is included on the clearing house transfer list is, immediately after being so included, taken to be transferred to the Regulator by the person (the seller ) who was its registered owner immediately before it was included on the list;
(b) the Regulator must, as soon as practicable:
(i) cancel the transferred certificate; and
(ii) pay the seller the amount specified in subsection (5); and
(iii) alter the entry relating to the transferred certificate in the register of small - scale technology certificates to show that the transferred certificate is no longer valid.
(5) For the purposes of subparagraph (4)(b)(ii), the amount is:
(a) if the transfer to the Regulator of the transferred certificate constitutes a taxable supply by the seller to the Regulator--the GST inclusive clearing house price; or
(b) if the transfer to the Regulator of the transferred certificate does not constitute a taxable supply by the seller to the Regulator--the clearing house price.