Commonwealth Consolidated Acts

ACIS ADMINISTRATION ACT 1999 - SECT 40

             (1)  If a participant, in providing a return for a quarter ending after registration other than the final quarter for an ACIS Stage, fails to cover:

                     (a)  any particular MVP production achieved (in the case of an MVP); or

                     (b)  any particular investment undertaken;

by that participant in that quarter, that production or investment may be covered in the return for the quarter next following that quarter or, if 2 or more quarters for the same ACIS Stage follow that quarter, in either of the 2 quarters next following that quarter.

             (2)  If production achieved or investment undertaken by a participant is covered in a later return as provided for in subsection (1), it is to be treated, for all purposes of this Act, as if it were production achieved or investment undertaken in the quarter in which it is reported and not in the quarter in which it was actually achieved or undertaken.

             (3)  If production achieved or investment undertaken by a participant is not covered in a later return as provided for in subsection (1), it is to be treated, for all purposes of this Act, as if it had never been achieved or undertaken.

             (4)  If a participant, in providing a return in respect of the final quarter for an ACIS Stage, fails to cover any particular:

                     (a)  MVP production achieved (in the case of an MVP); or

                     (b)  investment undertaken;

by that participant in that quarter, that production or investment is to be treated, for all purposes of this Act, as if it had never been achieved or undertaken.

             (5)  If a participant makes a return in respect of a particular quarter then, for the purposes of that return:

                     (a)  the person is treated as having been in existence for each of the relevant quarters in respect of that quarter whether or not the person was in existence; but

                     (b)  the person is treated as having undertaken no eligible investments in each such relevant quarter unless the person in fact undertook such investments in that relevant quarter.