CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 128 Final unit shortfall
CLEAN ENERGY ACT 2011 (NO. 131, 2011) - SECT 128
Final unit shortfallScope
(1) This section applies if:
(a) a person is a liable entity for an eligible financial year; and
(b) the eligible financial year is a fixed charge year.
(2) If the number worked out using the formula in subsection (5) exceeds zero:
(a) the person has a unit shortfall under this section for the eligible financial year; and
(b) the number of units in that shortfall is equal to the number worked out using that formula.
Note: Unit shortfall charge is imposed by whichever of the following is applicable:
(a) Part 3 of the Clean Energy (Charges--Excise) Act 2011 ;
(b) Part 3 of the Clean Energy (Charges--Customs) Act 2011 ;
(c) the Clean Energy (Unit Shortfall Charge--General) Act 2011 .
(3) If the number worked out using the formula in subsection (5) is zero, the person does not have a shortfall under this section for the eligible financial year.
Final surplus surrender number
(4) If the number worked out using the formula in subsection (5) (disregarding any surrenders of eligible Australian carbon credit units) is less than zero:
(a) the person has a final surplus surrender number for the eligible financial year; and
(b) the final surplus surrender number is equal to the number worked out using that formula (expressed as a positive).
Formula
(5) The formula is as follows:
where:
"emissions number" means the person's emissions number for the eligible financial year.
number of units surrendered after 15 June and before 1 February means the number of eligible emissions units that the person surrendered, in relation to the eligible financial year, during the period:
(a) beginning immediately after the end of 15 June in the eligible financial year; and
(b) ending at the end of 1 February next following the eligible financial year.
"surplus and estimation error adjustment number" means the surplus and estimation error adjustment number of the person for the eligible financial year worked out under section 131.
"total interim emissions numbers" means the total of the interim emissions numbers of the person for the eligible financial year.
(6) If the number worked out using the formula in subsection (5) is not a whole number, the number is to be rounded to the nearest whole number (with a number ending in .5 being rounded up). For this purpose, zero is taken to be a whole number.
Eligible Australian carbon credit units--surrender limit
(7) If:
(a) during the period:
(i) beginning immediately after the end of 15 June in the eligible financial year; and
(ii) ending at the end of 1 February next following the eligible financial year;
the person surrendered, in relation to the eligible financial year, eligible Australian carbon credit units; and
(b) the number of eligible Australian carbon credit units exceeds:
(i) if at least 50% of the person's emissions number for the relevant eligible financial year is attributable to provisional emissions numbers under Subdivision B of Division 2 of Part 3 (which deals with landfill facilities)--the person's emissions number for the relevant eligible financial year; or
(ii) otherwise--the number worked out using the formula in subsection (8);
then:
(c) this Division has effect as if the person had not surrendered, during that period, the number of eligible Australian carbon credit units that equals the excess; and
(d) this Division has effect as if the person had, during the period:
(i) beginning immediately after the end of 15 June in the next eligible financial year; and
(ii) ending at the end of 1 February next following the next eligible financial year;
surrendered, in relation to the next eligible financial year, the number of eligible Australian carbon credit units that equals the excess.
(8) The formula is as follows:
where:
5% surrender limit means 5% of the emissions number of the person for the eligible financial year.
number of ACCUs surrendered by 15 June means the number of eligible Australian carbon credit units that:
(a) were surrendered by the person, in relation to the eligible financial year, before the end of 15 June in the eligible financial year; and
(b) did not exceed 5% of the total of the interim emissions numbers of the person for the eligible financial year.
(9) If the number worked out using the formula in subsection (8) is not a whole number, the number is to be rounded to the nearest whole number (with a number ending in .5 being rounded up). For this purpose, zero is taken to be a whole number.