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ACIS Administration Amendment (Unearned Credit Liability) Act 2007


No. 25, 2007





An Act to amend the ACIS Administration Act 1999, and for related purposes


Contents
           1     Short title 1
           2     Commencement     2
           3     Schedule(s) 2

Schedule 1-Amendments  3
       ACIS Administration Act 1999     3

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ACIS Administration Amendment (Unearned Credit Liability) Act 2007

No. 25, 2007





An Act to amend the ACIS Administration Act 1999, and for related purposes

[Assented to 15 March 2007]

The Parliament of Australia enacts:

1  Short title

            This Act may be cited as the ACIS Administration Amendment
         (Unearned Credit Liability) Act 2007.

2  Commencement

            This Act commences on the day on which it receives the Royal
         Assent.

3  Schedule(s)

            Each Act that is specified in a Schedule to this Act is amended
         or repealed as set out in the applicable items in the Schedule
         concerned, and any other item in a Schedule to this Act has effect
         according to its terms.

Schedule 1-Amendments


ACIS Administration Act 1999

1  After subsection 94(1)
      Insert:

      (1A)  A person who has or had duty credit is not entitled to the
         credit if the credit was issued in respect of an investment that
         was not an eligible investment.

2  Section 95
      Repeal the section, substitute:

95  Unearned credit liability

            If:
      (a)   a person has received duty credit; and
      (b)   the person is not entitled to the credit (for a reason set out
             in section 94 or any other reason);
         the person is liable to pay to the Commonwealth an unearned credit
         liability.

3  Paragraphs 114(j) and (k)
      Repeal the paragraphs, substitute:
      (j)   a decision by the Secretary under section 102 that a person is
             liable to pay an amount of unearned credit liability;

4  Application
      The amendments made by this Schedule apply in relation to duty credits
      issued in respect of a quarter after the final quarter for ACIS Stage
      1.




 [Minister's second reading speech made in-
House of Representatives on 7 February 2007
Senate on 26 February 2007]
(2/07)