Document ID: chunk:federal_register_of_legislation:C2012C00857:clause:1_30p
Version: federal_register_of_legislation:C2012C00857
Segment Type: clause
Provision Reference: sch 1 cl 30P
Character Range: 21516–23607

30P  If there is no certificate on the clearing house transfer list—Regulator to create certificate

Scope
 (1) This section applies if:
 (a) a person (the purchaser) has made an application in accordance with section 30M to purchase a small‑scale technology certificate; and
 (b) there is no small‑scale technology certificate on the clearing house transfer list.

Regulator to create certificate
 (2) The Regulator must create a small‑scale technology certificate for the purchaser.
 (3) If the Regulator creates a certificate under subsection (2):
 (a) the certificate is valid; and
 (b) the Regulator must, as soon as practicable:
 (i) give the purchaser notice in writing of the creation of the certificate; and
 (ii) create an entry for the certificate in the register of small‑scale technology certificates and record the purchaser as the owner of the certificate.

Cancellation of next certificate included on clearing house transfer list
 (4) If a certificate is created under subsection (2), the following provisions apply:
 (a) the next small‑scale technology certificate (the transferred certificate) that is included on the clearing house transfer list is, immediately after being so included, taken to be transferred to the Regulator by the person (the seller) who was its registered owner immediately before it was included on the list;
 (b) the Regulator must, as soon as practicable:
 (i) cancel the transferred certificate; and
 (ii) pay the seller the amount specified in subsection (5); and
 (iii) alter the entry relating to the transferred certificate in the register of small‑scale technology certificates to show that the transferred certificate is no longer valid.
 (5) For the purposes of subparagraph (4)(b)(ii), the amount is:
 (a) if the transfer to the Regulator of the transferred certificate constitutes a taxable supply by the seller to the Regulator—the GST inclusive clearing house price; or
 (b) if the transfer to the Regulator of the transferred certificate does not constitute a taxable supply by the seller to the Regulator—the clearing house price.