Document ID: chunk:federal_register_of_legislation:C2023A00014:clause:1_22xni
Version: federal_register_of_legislation:C2023A00014
Segment Type: clause
Provision Reference: sch 1 cl 22XNI
Character Range: 24459–26390

22XNI  Administrative penalty if relinquishment requirements not complied with

Scope
 (1) This section applies if:
 (a) a person is required under section 22XNE or 22XNF to relinquish a particular number of relinquishable units; and
 (b) the person is required to do so by a particular time (the compliance deadline).

No units relinquished
 (2) If, by the compliance deadline, the person has not relinquished any units in order to comply with the requirement, the person is liable to pay to the Commonwealth, by way of penalty, an amount worked out using the formula:
where:
prescribed amount means the greater of the following amounts:
 (a) $20;
 (b) 200% of the market value of a safeguard mechanism credit unit as at the compliance deadline.

Relinquishment of insufficient units
 (3) If, by the compliance deadline:
 (a) the person has relinquished one or more units in order to comply with the requirement; and
 (b) the number of units is less than the number of units required to be relinquished;
the person is liable to pay to the Commonwealth, by way of penalty, an amount worked out using the formula:
where:
prescribed amount means the greater of the following amounts:
 (a) $20;
 (b) 200% of the market value of a safeguard mechanism credit unit as at the compliance deadline.

When penalty becomes due and payable
 (4) An amount payable under this section is due and payable at the end of 30 days after the compliance deadline.

Compliance
 (5) To avoid doubt, a person may be liable to pay a penalty under this section even if:
 (a) the person is not the registered holder of any relinquishable units; or
 (b) the person is not the registered holder of the number of relinquishable units required to be relinquished.

Market value
 (6) The safeguard rules may provide that, for the purposes of this section, the market value of a safeguard mechanism credit unit is to be ascertained in accordance with those rules.