Document ID: chunk:federal_register_of_legislation:C2012A00204:clause:1_81:p3
Version: federal_register_of_legislation:C2012A00204
Segment Type: clause
Provision Reference: sch 1 cl 81 (pt 3/3)
Character Range: 83238–85402

1 and the second most recently surrendered unit being ranked 2 and so on);
 (ii) identify the units ranked with a number that is less than, or equal to, the excess mentioned in paragraph (c);
 (iii) the units identified under subparagraph (ii) of this paragraph are the units covered by the situation.
 (7F) For the purposes of this section, if:
 (a) the relevant eligible financial year is:
 (i) the eligible financial year beginning on 1 July 2015; or
 (ii) a later eligible financial year; and
 (b) before the end of 1 February next following the relevant eligible financial year, the person surrendered, in relation to the relevant eligible financial year, eligible international emissions units; and
 (c) some or all of the eligible international emissions units are subject to a particular designated limit for the relevant eligible financial year; and
 (d) the number of units covered by paragraph (c) exceeds the applicable designated percentage of the emissions number of the person for the relevant eligible financial year;
then:
 (e) there is an unacceptable designated limit situation of the person for the relevant financial year; and
 (f) the eligible international emissions units covered by the situation are to be ascertained as follows:
 (i) rank the units covered by paragraph (c) in the reverse consecutive order to the order in which the units were surrendered (that is, with the first most recently surrendered unit being ranked 1 and the second most recently surrendered unit being ranked 2 and so on);
 (ii) identify the units ranked with a number that is less than, or equal to, the excess mentioned in paragraph (d);
 (iii) the units identified under subparagraph (ii) of this paragraph are the units covered by the situation.
 (7G) For the purposes of this section, if 2 or more eligible international emissions units are surrendered at the same time, the units are taken to have been surrendered:
 (a) in the order ascertained in accordance with a legislative instrument made by the Minister; or
 (b) if no instrument is in force under paragraph (a)—in the order that corresponds to the numeric order of the serial numbers of the units.