Document ID: chunk:federal_register_of_legislation:C2012A00204:clause:1_81:p1
Version: federal_register_of_legislation:C2012A00204
Segment Type: clause
Provision Reference: sch 1 cl 81 (pt 1/3)
Character Range: 77982–80920

81  Subsection 133(7)
Repeal the subsection, substitute:

Eligible international emissions units—surrender limits
 (7) 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) there is an unacceptable designated limit situation of the person for the relevant eligible financial year;
this section has effect as if:
 (d) the person had not, before the end of 1 February next following the relevant eligible financial year, surrendered, in relation to the relevant eligible financial year, the eligible international emissions units covered by the unacceptable designated limit situation; and
 (e) the person had, before the end of 1 February next following the next eligible financial year, surrendered, in relation to the next eligible financial year, the eligible international emissions units covered by the unacceptable designated limit situation.
Note 1: For unacceptable designated limit situation, see subsection (7F).
Note 2: For a special rule about the order in which units are taken to have been surrendered, see subsection (7G).
 (7A) If:
 (a) the relevant eligible financial year is:
 (i) the eligible financial year beginning on 1 July 2015; or
 (ii) any of the next 4 eligible financial years; 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) there is an unacceptable general limit situation of the person for the relevant eligible financial year;
this section has effect as if:
 (d) the person had not, before the end of 1 February next following the relevant eligible financial year, surrendered, in relation to the relevant eligible financial year, the eligible international emissions units covered by the unacceptable general limit situation; and
 (e) the person had, before the end of 1 February next following the next eligible financial year, surrendered, in relation to the next eligible financial year, the eligible international emissions units covered by the unacceptable general limit situation.
Note 1: For unacceptable general limit situation, see subsection (7E).
Note 2: For a special rule about the order in which units are taken to have been surrendered, see subsection (7G).
 (7B) If there are 2 or more unacceptable designated limit situations of the person for the relevant eligible financial year, subsection (7) is to be applied separately in relation to each of those designated limit situations:
 (a) in the order ascertained in accordance with a legislative instrument made by the Minister; or
 (b) if no instrument is