Commonwealth Numbered Acts

ACIS ADMINISTRATION AMENDMENT (UNEARNED CREDIT LIABILITY) ACT 2007 (NO. 25, 2007) - SCHEDULE 1

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.