Document ID: chunk:federal_register_of_legislation:C2012A00204:clause:1_66f:p1
Version: federal_register_of_legislation:C2012A00204
Segment Type: clause
Provision Reference: sch 1 cl 66F (pt 1/2)
Character Range: 22825–25586

66F  Compliance with relinquishment requirements

Scope
 (1) This section applies if, under this Act:
 (a) a person is required to relinquish a particular number of Australian‑issued international 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 Australian‑issued international 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 for the financial year in which the compliance deadline occurs means:
 (a) if the requirement arose before the end of 31 July 2013—$46; or
 (b) if the requirement arose during the period beginning at the start of 1 August 2013 and ending at the end of 31 July 2014—$48.30; or
 (c) if the requirement arose during the period beginning at the start of 1 August 2014 and ending at the end of 31 July 2015—$50.80; or
 (d) in any other case:
 (i) if an amount is specified in the corresponding regulations for the financial year in which the compliance deadline occurs—that amount; or
 (ii) otherwise—an amount equal to 200% of the benchmark average auction charge for the previous financial year.
 (3) In subsection (2), corresponding regulations means regulations made for the purposes of subparagraph (d)(i) of the definition of prescribed amount for the financial year in which the compliance deadline occurs in subsection 212(2) of the Clean Energy Act 2011.

Relinquishment of insufficient units
 (4) If, by the compliance deadline:
 (a) the person has relinquished one or more Australian‑issued international units in order to comply with the requirement; and
 (b) the number of relinquished 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 for the financial year in which the compliance deadline occurs means:
 (a) if the requirement arose before the end of 31 July 2013—$46; or
 (b) if the requirement arose during the period beginning at the start of 1 August 2013 and ending at the end of 31 July 2014—$48.30; or
 (c) if the requirement arose during the period beginning at the start of 1 August 2014 and ending at the end of 31 July 2015—$50.80; or
 (d) in any other case:
 (i) if an amount is specified in the corresponding regulations for the financial year in which the compliance deadline occurs—that amount; or
 (ii) otherwise—an amount equal to 200% of the benchmark average auction charge for the previous financial year.
 (5) In subsection (4), corresponding regulations means regulations made