Document ID: chunk:federal_register_of_legislation:C2024C00464:clause:1_320
Version: federal_register_of_legislation:C2024C00464
Segment Type: clause
Provision Reference: sch 1 cl 320
Character Range: 45322–46691

320  Objects
(1) The main objects of this Part are:
 (a) to provide for the winding‑up of the carbon tax scheme; and
 (b) to ensure that carbon tax liabilities relating to:
 (i) the financial year beginning on 1 July 2012; or
 (ii) the financial year beginning on 1 July 2013;
  can be administered, collected and recovered after the start of 1 July 2014; and
 (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and
 (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and
 (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:
 (i) the financial year beginning on 1 July 2012; or
 (ii) the financial year beginning on 1 July 2013.
(2) The other objects of this Part are:
 (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and
 (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and
 (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.