{"id":"C2014A00083","name":"Clean Energy Legislation (Carbon Tax Repeal) Act 2014","slug":"clean-energy-legislation-carbon-tax-repeal-act-2014","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"83 of 2014","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":8507,"registerId":"commonwealth-C2014A00083-current","compilationNumber":null,"startDate":"2026-03-30","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n This Act may be cited as the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 July 2014

2. Schedule 1, Parts 1 and 2

1 July 2014.

1 July 2014

3. Schedule 1, Part 3, Divisions 1 to 4

1 July 2014.

1 July 2014

4. Schedule 1, Part 3, Division 5

The day this Act receives the Royal Assent.

17 July 2014

5. Schedule 1, Part 4

The day after this Act receives the Royal Assent.

However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.

18 July 2014

6. Schedule 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 January 2014.

18 July 2014

(paragraph (a) applies)

7. Schedule 3

The day after this Act receives the Royal Assent.

18 July 2014

8. Schedule 4

1 July 2014.

1 July 2014

9. Schedule 5

The day this Act receives the Royal Assent.

17 July 2014

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Schedule(s)","content":"#### 3 Schedule(s)\n\n Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\nSchedule 1—Repeal of the carbon tax\n\nPart 1—Repeal of Acts\n\nClean Energy Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Customs) Act 2011\n\n2 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Excise) Act 2011\n\n3 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Auctions) Act 2011\n\n4 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Fixed Charge) Act 2011\n\n5 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Shortfall Charge—General) Act 2011\n\n6 The whole of the Act\n\nRepeal the Act.\n\nPart 2—Amendments\n\nA New Tax System (Goods and Services Tax) Act 1999\n\n7 Section 195‑1\n\nInsert:\n\n> eligible Australian carbon credit unit means:\n\n (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or\n (b) a non‑Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:\n (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non‑Kyoto Australian carbon credit unit; and\n (ii) the non‑Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or\n (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.\n Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.\n\n8 Section 195‑1 (definition of eligible emissions unit)\n\nRepeal the definition, substitute:\n\n> eligible emissions unit means:\n\n (a) an \\*eligible international emissions unit; or\n (b) an \\*eligible Australian carbon credit unit.\n\n9 Section 195‑1\n\nInsert:\n\n> eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nAnti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n10 Section 5 (definition of carbon unit)\n\nRepeal the definition.\n\n11 Subsection 6(2) (paragraph (baa) of the cell at table item 33, column headed “Provision of a designated service”)\n\nRepeal the paragraph.\n\n12 Subsection 6(2) (paragraph (d) of the cell at table item 33, column headed “Provision of a designated service”)\n\nOmit “carbon units,”.\n\nAustralian National Registry of Emissions Units Act 2011\n\n13 Section 3\n\nOmit:\n\n• Entries may be made in Registry accounts for:\n\n(a) carbon units; and\n\n(b) Australian carbon credit units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\n• This Act sets out rules about dealings with:\n\n(a) Kyoto units; and\n\n(b) prescribed international units.\n\nsubstitute:\n\n• Entries may be made in Registry accounts for:\n\n(a) Australian carbon credit units; and\n\n(b) Kyoto units.\n\n• This Act sets out rules about dealings with Kyoto units.\n\n14 Section 4 (definition of Australian‑issued international unit)\n\nRepeal the definition.\n\n15 Section 4 (definition of benchmark average auction charge)\n\nRepeal the definition.\n\n16 Section 4 (definition of carbon unit)\n\nRepeal the definition.\n\n17 Section 4 (definition of Commonwealth foreign registry account)\n\nRepeal the definition.\n\n18 Section 4 (paragraph (d) of the definition of eligible international emissions unit)\n\nOmit “rules; or”, substitute “rules.”.\n\n19 Section 4 (paragraph (e) of the definition of eligible international emissions unit)\n\nRepeal the paragraph.\n\n20 Section 4 (definition of European allowance unit)\n\nRepeal the definition.\n\n21 Section 4 (definition of European Union Greenhouse Gas Emission Allowance Trading Directive)\n\nRepeal the definition.\n\n22 Section 4 (definition of fixed charge year)\n\nRepeal the definition.\n\n23 Section 4 (definition of foreign account)\n\nRepeal the definition, substitute:\n\n> foreign account, when used in relation to a Kyoto unit, means an account kept within a foreign Kyoto registry.\n\n24 Section 4 (definition of foreign government body)\n\nRepeal the definition.\n\n25 Section 4 (definition of hold)\n\nOmit “a carbon unit or”.\n\n26 Section 4 (definition of Information Database)\n\nRepeal the definition.\n\n27 Section 4 (definition of international arrangement)\n\nRepeal the definition.\n\n28 Section 4 (definition of international organisation)\n\nRepeal the definition.\n\n29 Section 4 (definition of issue)\n\nRepeal the definition, substitute:\n\n> issue, in relation to an Australian carbon credit unit, has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n30 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n31 Section 4 (definition of quarter)\n\nRepeal the definition.\n\n32 Section 4 (paragraph (aa) of the definition of registered holder)\n\nRepeal the paragraph.\n\n33 Section 4 (paragraph (b) of the definition of registered holder)\n\nOmit “unit; or”, substitute “unit.”.\n\n34 Section 4 (paragraph (c) of the definition of registered holder)\n\nRepeal the paragraph.\n\n35 Section 4 (definition of relinquish)\n\nRepeal the definition.\n\n36 Section 4 (definition of transfer)\n\nRepeal the definition, substitute:\n\n> transfer, in relation to a Kyoto unit, has the meaning given by section 33.\n\n37 Section 4 (definition of vintage year)\n\nRepeal the definition.\n\n38 Paragraph 9(4)(a)\n\nOmit “carbon units, Australian carbon credit units and prescribed international units”, substitute “Australian carbon credit units”.\n\n39 Paragraph 11(5)(a)\n\nOmit “carbon units or”.\n\n40 Section 14A\n\nRepeal the section.\n\n41 Paragraph 15(2)(aa)\n\nRepeal the paragraph.\n\n42 Paragraph 15(2)(c)\n\nOmit “account; and”, substitute “account.”.\n\n43 Paragraph 15(2)(d)\n\nRepeal the paragraph.\n\n44 Subparagraph 16(2)(b)(ii)\n\nOmit “(4), (5) and (6)”, substitute “(4) and (6)”.\n\n45 Subsection 16(2A)\n\nRepeal the subsection (not including the heading).\n\n46 Subsection 16(5)\n\nRepeal the subsection.\n\n47 Paragraph 16(7)(b)\n\nOmit “or (5)”.\n\n48 Subsection 17(1A)\n\nRepeal the subsection.\n\n49 Subsection 17(3)\n\nRepeal the subsection.\n\n50 Paragraph 19(3A)(a)\n\nOmit “or 49A”.\n\n51 Subsection 19(3B)\n\nRepeal the subsection.\n\n52 Section 21\n\nRepeal the section.\n\n53 Paragraph 22(4A)(a)\n\nOmit “or 49A”.\n\n54 Subsection 22(4B)\n\nRepeal the subsection.\n\n55 Subparagraph 26(3)(a)(ia)\n\nRepeal the subparagraph.\n\n56 Subparagraph 26(3)(a)(ii)\n\nOmit “or”.\n\n57 Subparagraph 26(3)(a)(iii)\n\nRepeal the subparagraph.\n\n58 Paragraph 27(3B)(b)\n\nOmit “account; or”, substitute “account.”.\n\n59 Paragraph 27(3B)(c)\n\nRepeal the paragraph.\n\n60 Paragraph 28A(1)(aa)\n\nRepeal the paragraph.\n\n61 Paragraph 28A(1)(b)\n\nOmit “or”.\n\n62 Paragraph 28A(1)(c)\n\nRepeal the paragraph.\n\n63 Paragraph 28A(4)(aa)\n\nRepeal the paragraph.\n\n64 Paragraph 28B(1)(aa)\n\nRepeal the paragraph.\n\n65 Paragraph 28B(1)(b)\n\nOmit “or”.\n\n66 Paragraph 28B(1)(c)\n\nRepeal the paragraph.\n\n67 Paragraph 28B(11)(aa)\n\nRepeal the paragraph.\n\n68 Subsection 28B(11) (paragraph (c) of the note)\n\nOmit “Act; and”, substitute “Act.”.\n\n69 Subsection 28B(11) (paragraphs (d) and (e) of the note)\n\nRepeal the paragraphs.\n\n70 Paragraph 28C(17)(aa)\n\nRepeal the paragraph.\n\n71 Subparagraph 28D(5)(a)(ii)\n\nOmit “carbon units or”.\n\n72 Paragraph 28D(5)(b)\n\nRepeal the paragraph, substitute:\n\n (b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.\n\n73 Paragraph 28D(16)(aa)\n\nRepeal the paragraph.\n\n74 Part 4\n\nRepeal the Part.\n\n75 Section 58\n\nOmit:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) carbon units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\nsubstitute:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) Kyoto units.\n\n76 Section 59A\n\nRepeal the section.\n\n77 Subsections 61(3) to (6)\n\nRepeal the subsections.\n\n78 Section 61A\n\nRepeal the section.\n\n79 Sections 63 to 63G\n\nRepeal the sections.\n\n80 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more carbon units, the person may request the Regulator to cancel any or all of those units. However, this rule does not apply to a unit that was issued for a fixed charge and has a vintage year that is a fixed charge year.\n\n81 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more prescribed international units, the person may request the Regulator to cancel any or all of those units.\n\n82 Section 64A\n\nRepeal the section.\n\n83 Section 66\n\nRepeal the section.\n\n84 Parts 6A and 6B\n\nRepeal the Parts.\n\n85 Paragraph 79(1)(c)\n\nOmit “27(4);”, substitute “27(4).”.\n\n86 Paragraph 79(1)(d)\n\nRepeal the paragraph.\n\n87 Section 82 (table item 2)\n\nOmit “or 53”.\n\n88 Section 82 (table item 3)\n\nRepeal the item.\n\n89 Section 82 (table items 8 and 9)\n\nOmit “or 21”.\n\n90 Section 82 (table items 15 and 16)\n\nRepeal the items.\n\n91 Section 86A\n\nRepeal the section.\n\nAustralian Securities and Investments Commission Act 2001\n\n92 Paragraph 12BAA(7)(ka)\n\nRepeal the paragraph.\n\n93 Paragraph 12BAB(1)(g)\n\nOmit “a carbon unit,”.\n\n94 At the end of the Act\n\nAdd:","sortOrder":2},{"sectionNumber":"Part 20","sectionType":"part","heading":"Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014","content":"## Part 20—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014","sortOrder":3},{"sectionNumber":"295","sectionType":"section","heading":"Definition","content":"#### 295 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.","sortOrder":4},{"sectionNumber":"296","sectionType":"section","heading":"Transitional—carbon units issued before the designated carbon unit day","content":"#### 296 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\nClean Energy Regulator Act 2011\n\n95 Section 3\n\nOmit:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Clean Energy Act 2011; and\n\n(b) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(c) the National Greenhouse and Energy Reporting Act 2007; and\n\n(d) the Renewable Energy (Electricity) Act 2000; and\n\n(e) the Australian National Registry of Emissions Units Act 2011.\n\nsubstitute:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(b) the National Greenhouse and Energy Reporting Act 2007; and\n\n(c) the Renewable Energy (Electricity) Act 2000; and\n\n(d) the Australian National Registry of Emissions Units Act 2011.\n\n96 Section 4\n\nInsert:\n\n> Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.\n\n> Note: The text of the Convention is set out in Australian Treaty Series 1994 No. 2 (\\[1994\\] ATS 2). In 2013, the text of a Convention in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).\n\n97 Section 4 (paragraphs (b) to (h) of the definition of climate change law)\n\nRepeal the paragraphs.\n\n98 Section 4\n\nInsert:\n\n> greenhouse gas has the same meaning as in the National Greenhouse and Energy Reporting Act 2007.\n\n99 Section 4 (definition of international agreement)\n\nRepeal the definition, substitute:\n\n> international agreement means an agreement whose parties are:\n\n (a) Australia and a foreign country; or\n (b) Australia and 2 or more foreign countries.\n\n100 Section 4 (definition of international climate change agreement)\n\nRepeal the definition, substitute:\n\n> international climate change agreement means:\n\n (a) the Climate Change Convention; or\n (b) any other international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) imposes obligations on Australia to take action to reduce greenhouse gas emissions; or\n (c) an international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) is specified in a legislative instrument made by the Minister for the purposes of this definition.\n\n101 Section 4 (paragraph (a) of the definition of objectives of the Regulator)\n\nRepeal the paragraph.\n\n102 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n103 Paragraph 41(3)(a)\n\nRepeal the paragraph.\n\n104 Paragraph 49(1)(z)\n\nRepeal the paragraph, substitute:\n\n (z) a person or body responsible for the administration of a scheme that involves the issue or registration of prescribed eligible carbon units;\n\nCorporations Act 2001\n\n105 Section 9 (definition of carbon unit)\n\nRepeal the definition.\n\n106 Paragraph 764A(1)(kaa)\n\nRepeal the paragraph.\n\n107 At the end Chapter 10\n\nAdd:","sortOrder":5},{"sectionNumber":"Part 10.23","sectionType":"part","heading":"—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014","content":"## Part 10.23—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014","sortOrder":6},{"sectionNumber":"1542","sectionType":"section","heading":"Definition","content":"#### 1542 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.","sortOrder":7},{"sectionNumber":"1543","sectionType":"section","heading":"Transitional—carbon units issued before the designated carbon unit day","content":"#### 1543 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.","sortOrder":8},{"sectionNumber":"1544","sectionType":"section","heading":"Transitional—variation of conditions on Australian financial services licences","content":"#### 1544 Transitional—variation of conditions on Australian financial services licences\n\n Scope\n (1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.\n Variation\n (2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.","sortOrder":9},{"sectionNumber":"1545","sectionType":"section","heading":"Transitional—immediate cancellation of Australian financial services licences","content":"#### 1545 Transitional—immediate cancellation of Australian financial services licences\n\n Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:\n Licence relating to carbon units\n (5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.","sortOrder":10},{"sectionNumber":"1546","sectionType":"section","heading":"Transitional—statements of reasons for cancellation of Australian financial services licences","content":"#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences\n\n Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).\n\nFuel Tax Act 2006\n\n108 Section 2‑1\n\nOmit:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n For fuel that is not \\*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced.\n Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax.\n Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n\n109 Subsection 40‑5(2)\n\nAfter “reduce”, insert “or remove”.\n\n110 Subsections 40‑5(3) and (4)\n\nRepeal the subsections.\n\n111 Section 41‑1\n\nOmit:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme.\n\nsubstitute:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft.\n\n112 Paragraph 41‑5(3)(b)\n\nOmit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”.\n\n113 Subsection 41‑15(1)\n\nOmit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”.\n\n114 Subparagraph 41‑25(2)(a)(ii)\n\nOmit “\\*agricultural property”, substitute “agricultural property”.\n\n115 Section 41‑30 (heading)\n\nRepeal the heading, substitute:","sortOrder":11},{"sectionNumber":"41‑30 No fuel tax credit for fuel to be ","sectionType":"section","heading":"41‑30 No fuel tax credit for fuel to be used in an aircraft","content":"#### 41‑30 No fuel tax credit for fuel to be used in an aircraft\n\n116 Subsection 41‑30(1)\n\nOmit “(1)”.\n\n117 Subsection 41‑30(2)\n\nRepeal the subsection.\n\n118 Section 41‑35\n\nRepeal the section.\n\n119 Division 42A\n\nRepeal the Division.\n\n120 Section 43‑1\n\nOmit:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:\n\n(a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and\n\n(b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).\n\nFor fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.\n\nFor gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).\n\n121 Subsection 43‑5(1)\n\nRepeal the subsection, substitute:\n\n (1) The \\*amount of your tax fuel credit for taxable fuel is the amount of \\*effective fuel tax that is payable on the fuel.\n\n> Note: The amount of the credit may be reduced under section 43‑10.\n\n122 Subsections 43‑5(4) and (5)\n\nRepeal the subsections.\n\n123 Section 43‑8\n\nRepeal the section.\n\n124 Section 43‑10 (heading)\n\nRepeal the heading, substitute:","sortOrder":12},{"sectionNumber":"43‑10 Reducing the amount of your fuel t","sectionType":"section","heading":"43‑10 Reducing the amount of your fuel tax credit","content":"#### 43‑10 Reducing the amount of your fuel tax credit\n\n125 Subsection 43‑10(1A)\n\nRepeal the subsection.\n\n126 Section 43‑11\n\nRepeal the section.\n\n127 Subdivision 43‑B\n\nRepeal the Subdivision.\n\n128 Section 110‑5 (definition of agricultural activity)\n\nRepeal the definition.\n\n129 Section 110‑5 (definition of agricultural construction activity)\n\nRepeal the definition.\n\n130 Section 110‑5 (definition of agricultural property)\n\nRepeal the definition.\n\n131 Section 110‑5 (definition of agricultural soil/water activity)\n\nRepeal the definition.\n\n132 Section 110‑5 (definition of agricultural waste activity)\n\nRepeal the definition.\n\n133 Section 110‑5 (definition of agriculture)\n\nRepeal the definition.\n\n134 Section 110‑5 (definition of approved catchment area)\n\nRepeal the definition.\n\n135 Section 110‑5 (definition of carbon reduction)\n\nRepeal the definition.\n\n136 Section 110‑5 (definition of CNG)\n\nRepeal the definition.\n\n137 Section 110‑5 (definition of core agricultural activity)\n\nRepeal the definition.\n\n138 Section 110‑5 (definition of covered by the Opt‑in Scheme)\n\nRepeal the definition.\n\n139 Section 110‑5 (definition of earthworks)\n\nRepeal the definition.\n\n140 Section 110‑5 (definition of fish)\n\nRepeal the definition.\n\n141 Section 110‑5 (definition of fishing operations)\n\nRepeal the definition.\n\n142 Section 110‑5 (definition of forestry)\n\nRepeal the definition.\n\n143 Section 110‑5 (definition of half‑year)\n\nRepeal the definition.\n\n144 Section 110‑5 (definition of horticulture)\n\nRepeal the definition.\n\n145 Section 110‑5 (definition of livestock)\n\nRepeal the definition.\n\n146 Section 110‑5 (definition of livestock activity)\n\nRepeal the definition.\n\n147 Section 110‑5 (definition of LNG)\n\nRepeal the definition.\n\n148 Section 110‑5 (definition of pearling operations)\n\nRepeal the definition.\n\n149 Section 110‑5 (definition of port)\n\nRepeal the definition.\n\n150 Section 110‑5 (definition of processing of fish)\n\nRepeal the definition.\n\n151 Section 110‑5 (definition of public authority)\n\nRepeal the definition.\n\n152 Section 110‑5 (definition of renewable diesel)\n\nRepeal the definition.\n\n153 Section 110‑5 (definition of sundry agricultural activity)\n\nRepeal the definition.\n\n154 Section 110‑5 (definition of taxable fuel)\n\nRepeal the definition, substitute:\n\n> taxable fuel means fuel in respect of which duty is payable under:\n\n (a) the Excise Act 1901 and the Excise Tariff Act 1921; or\n (b) the Customs Act 1901 and the Customs Tariff Act 1995;\n but does not include fuel covered by:\n (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921; or\n (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921, if the goods had been manufactured in Australia.\n\n> Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate.\n\nFuel Tax (Consequential and Transitional Provisions) Act 2006\n\n155 Subitem 12(2A) of Schedule 3\n\nRepeal the subitem.\n\nIncome Tax Assessment Act 1997\n\n156 Section 12‑5 (table item headed “clean energy”)\n\nRepeal the item.\n\n157 Section 26‑18\n\nRepeal the section.\n\n158 Section 104‑5 (table item relating to CGT event K1, column headed “Event number and description”)\n\nOmit “\\*carbon unit, an \\*international emissions unit”, substitute “\\*Kyoto unit”.\n\n159 Subparagraphs 104‑205(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n160 Subparagraph 104‑205(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n161 Subparagraph 104‑205(1)(a)(iv)\n\nOmit “an \\*international emissions unit”, substitute “a Kyoto unit”.\n\n162 Section 112‑97 (table item 18A, column headed “In this situation”)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n163 Subsection 118‑15(2)\n\nRepeal the subsection.\n\n164 Paragraph 420‑10(a)\n\nRepeal the paragraph.\n\n165 Paragraph 420‑10(c)\n\nRepeal the paragraph.\n\n166 Subsection 420‑15(1) (note)\n\nRepeal the note.\n\n167 Subsection 420‑15(3)\n\nRepeal the subsection.\n\n168 Subsection 420‑20(3)\n\nRepeal the subsection (not including the note), substitute:\n\n (3) This section does not apply to the issue of an \\*Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n169 Subparagraphs 420‑21(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n170 Subparagraph 420‑21(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n171 Subparagraph 420‑21(1)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n172 Subsection 420‑21(1) (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n173 Subparagraphs 420‑21(2)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n174 Subparagraph 420‑21(2)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n175 Subparagraph 420‑21(2)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n176 Subparagraph 420‑35(b)(i)\n\nRepeal the subparagraph.\n\n177 Subparagraph 420‑35(b)(ii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n178 Section 420‑35 (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n179 Section 420‑43\n\nRepeal the section.\n\n180 Subsection 420‑51(1)\n\nOmit “(1)”.\n\n181 Subsection 420‑51(2)\n\nRepeal the subsection.\n\n182 Subparagraph 420‑52(a)(i)\n\nRepeal the subparagraph.\n\n183 Paragraph 420‑52(b)\n\nRepeal the paragraph.\n\n184 Subsection 420‑55(6)\n\nRepeal the subsection.\n\n185 Subsection 420‑57(9)\n\nRepeal the subsection.\n\n186 Section 420‑58\n\nRepeal the section.\n\n187 Subsections 420‑60(1) and (2)\n\nRepeal the subsections.\n\n188 Subsection 420‑60(4)\n\nOmit all the words from and including “If a \\*registered” to and including “cost of the unit”, substitute “The cost of a \\*registered emissions unit (other than an \\*Australian carbon credit unit)”.\n\n189 Subsection 420‑65(3)\n\nRepeal the subsection.\n\n190 Subsection 420‑70(3)\n\nRepeal the subsection.\n\n191 Subsection 995‑1(1) (definition of carbon unit)\n\nRepeal the definition.\n\n192 Subsection 995‑1(1) (definition of free carbon unit)\n\nRepeal the definition.\n\n193 Subsection 995‑1(1) (definition of international emissions unit)\n\nRepeal the definition.\n\n194 Subsection 995‑1(1) (definition of prescribed international unit)\n\nRepeal the definition.\n\n195 Subsection 995‑1(1) (definition of vintage year)\n\nRepeal the definition.\n\nNational Greenhouse and Energy Reporting Act 2007\n\n196 Section 3 (heading)\n\nRepeal the heading, substitute:","sortOrder":13},{"sectionNumber":"10","sectionType":"section","heading":"Emissions, energy production, energy consumption etc.","content":"#### 10 Emissions, energy production, energy consumption etc.\n\n239 Subsection 10(1)\n\nOmit “or the Clean Energy Act 2011”.\n\n240 Subsection 10(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n241 Subsections 10(4) to (9)\n\nRepeal the subsections.\n\n242 Subsection 11(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n243 Subsection 11(1)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n244 Paragraph 11(1)(b)\n\nOmit “or 55A”.\n\n245 Subsection 11(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n246 Subsection 11(3)\n\nOmit “person”, substitute “group entity”.\n\n247 Subsection 11(4)\n\nOmit “11A, 11B and 11C”, substitute “11A and 11B”.\n\n248 Section 11A (heading)\n\nRepeal the heading, substitute:","sortOrder":15},{"sectionNumber":"11A","sectionType":"section","heading":"Operational control—group entity with greatest authority","content":"#### 11A Operational control—group entity with greatest authority\n\n249 Subsection 11A(1)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n250 Paragraph 11A(1)(a)\n\nOmit “persons”, substitute “group entities”.\n\n251 Paragraph 11A(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n252 Paragraph 11A(1)(c)\n\nOmit “or 55A”.\n\n253 Subsection 11A(2)\n\nOmit “person”, substitute “group entity”.\n\n254 Subsection 11A(2)\n\nOmit “and the Clean Energy Act 2011”.\n\n255 Section 11B (heading)\n\nRepeal the heading, substitute:","sortOrder":16},{"sectionNumber":"11B","sectionType":"section","heading":"Operational control—nominated group entity","content":"#### 11B Operational control—nominated group entity\n\n256 Paragraph 11B(1)(a)\n\nOmit “more persons”, substitute “more group entities”.\n\n257 Paragraph 11B(1)(a)\n\nOmit “relevant persons”, substitute “relevant group entities”.\n\n258 Paragraph 11B(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n259 Paragraph 11B(1)(c)\n\nOmit “or 55A”.\n\n260 Paragraph 11B(1)(d)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n261 Subsection 11B(2)\n\nOmit “persons”, substitute “group entities”.\n\n262 Subsection 11B(2)\n\nOmit “person”, substitute “group entity”.\n\n263 Paragraph 11B(4)(a)\n\nOmit “persons is a foreign person”, substitute “group entities is a foreign corporation”.\n\n264 Paragraph 11B(4)(b)\n\nOmit “persons is not a foreign person”, substitute “group entities is not a foreign corporation”.\n\n265 Subsection 11B(4)\n\nOmit “foreign person cannot”, substitute “foreign corporation cannot”.\n\n266 Paragraph 11B(5)(b)\n\nOmit “persons”, substitute “group entities”.\n\n267 Subsection 11B(7)\n\nRepeal the subsection.\n\n268 Subsection 11B(8)\n\nOmit “eligible financial year” (wherever occurring), substitute “designated financial year”.\n\n269 Subsection 11B(10)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n270 Paragraph 11B(15)(b)\n\nOmit “and”.\n\n271 Paragraph 11B(15)(c)\n\nRepeal the paragraph.\n\n272 Subsection 11B(15)\n\nOmit “person”, substitute “group entity”.\n\n273 Subsection 11B(16)\n\nRepeal the subsection.\n\n274 Paragraph 11B(17)(b)\n\nOmit “and”.\n\n275 Paragraph 11B(17)(c)\n\nRepeal the paragraph.\n\n276 Subsection 11B(17)\n\nOmit “persons”, substitute “group entities”.\n\n277 Subsections 11B(18) and (19)\n\nRepeal the subsections.\n\n278 Subsection 11B(21)\n\nRepeal the subsection, substitute:\n\n Exceptions\n (21) A group entity is not required to comply with subsection (20) if the question of who has operational control of the facility is not relevant (whether directly or indirectly) to a requirement under this Act.\n\n279 Subsection 11B(22)\n\nOmit “person”, substitute “group entity”.\n\n280 Subsection 11B(22)\n\nOmit “or 55A”.\n\n281 Section 11C\n\nRepeal the section.\n\n282 Paragraph 11D(1)(c)\n\nRepeal the paragraph.\n\n283 Paragraphs 11D(1)(e) and (f)\n\nRepeal the paragraphs, substitute:\n\n (e) at any time during the preceding 5 years, the person has breached a civil penalty provision of this Act; or\n (f) if the person is a body corporate—at any time during the preceding 5 years, an executive officer of the body corporate has breached a civil penalty provision of this Act; or\n\n284 Paragraphs 11D(1)(i) and (j)\n\nRepeal the paragraphs, substitute:\n\n (i) the person has been convicted of an offence against this Act; or\n (j) if the person is a body corporate—an executive officer of the body corporate has been convicted of an offence against this Act.\n\n285 Subdivision A of Division 1 of Part 2 (heading)\n\nRepeal the heading.\n\n286 Subsections 13(2) and (3)\n\nOmit “member of a controlling corporation’s group”, substitute “group entity”.\n\n287 Subsection 13(4)\n\nRepeal the subsection.\n\n288 Subdivision B of Division 1 of Part 2\n\nRepeal the Subdivision.\n\n289 Division 4 of Part 2\n\nRepeal the Division.\n\n290 Paragraph 18B(3)(b)\n\nRepeal the paragraph.\n\n291 Subsection 19(1) (note 4)\n\nRepeal the note.\n\n292 Subsection 19(4)\n\nRepeal the subsection.\n\n293 Paragraphs 22(1)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n294 Paragraphs 22(2)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n295 Parts 3A and 3D\n\nRepeal the Parts.\n\n296 Paragraph 22X(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a facility is under the operational control of a member (the responsible member) of a controlling corporation’s group during the whole or a part of a financial year; and\n\n297 Subsection 24(1AA)\n\nRepeal the subsection.\n\n298 Subsection 24(1AD)\n\nOmit “22E or”.\n\n299 Paragraph 24(1AE)(a)\n\nOmit “22E(2)(b) or”.\n\n300 Subsection 24(1H)\n\nOmit “22E or”.\n\n301 Subsection 24(1J)\n\nOmit “or financial control liability transfer certificate”.\n\n302 Subsection 24(8)\n\nOmit “22E or”.\n\n303 Subsection 25(1)\n\nOmit “22G, a person required to provide information under section 20, or a person required to provide a report under section 22A, 22AA, 22E or 22X”, substitute “22G or 22X, or a person required to provide information under section 20,”.\n\n304 Subsection 30(2A)\n\nOmit “11C, 15A, 15AA, 22A, 22AA, 22E, 22X, 74AA”, substitute “22X”.\n\n305 Section 54A\n\nRepeal the section.\n\n306 Section 55A\n\nRepeal the section.\n\n307 Paragraphs 56(aab), (aa), (ga) and (gb)\n\nRepeal the paragraphs.\n\n308 Paragraph 56(j)\n\nOmit “75A;”, substitute “75A.”\n\n309 Paragraphs 56(k) and (l)\n\nRepeal the paragraphs.\n\n310 Section 74AA\n\nRepeal the section.\n\n311 Subsection 74B(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if:\n (a) the person is the responsible member mentioned in subsection 22X(1); and\n (b) the person is not a registered corporation; and\n (c) the Regulator has reasonable grounds to suspect that the person has contravened, is contravening, or is proposing to contravene, this Act or the regulations.\n\n312 Subsection 74C(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if the person:\n (a) is the responsible member mentioned in subsection 22X(1); and\n (b) is not a registered corporation.\n\nOzone Protection and Synthetic Greenhouse Gas Management Act 1989\n\n313 Paragraphs 65C(1)(aa), (ab) and (ac)\n\nOmit “equal to the prescribed rate component of an amount of levy”.\n\n314 Subsections 65C(4), (5) and (6)\n\nRepeal the subsections.\n\n315 Sections 69AA to 69AD\n\nRepeal the sections.\n\nPetroleum Resource Rent Tax Assessment Act 1987\n\n316 Subparagraph 28(1)(b)(iii)\n\nOmit “expenditure;”, substitute “expenditure.”.\n\n317 Paragraph 28(1)(c)\n\nRepeal the paragraph.\n\n318 Paragraph 44(1)(ia)\n\nRepeal the paragraph.\n\nTaxation Administration Act 1953\n\n319 Subsection 355‑65(7) in Schedule 1 (table item 3)\n\nRepeal the item.\n\nPart 3—Application and transitional provisions\n\nDivision 1—Preliminary\n\n320 Objects\n\n(1) The main objects of this Part are:\n\n (a) to provide for the winding‑up of the carbon tax scheme; and\n (b) to ensure that carbon tax liabilities relating to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n can be administered, collected and recovered after the start of 1 July 2014; and\n (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and\n (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and\n (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013.\n\n(2) The other objects of this Part are:\n\n (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and\n (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and\n (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.\n\n321 Definitions\n\nIn this Part:\n\ndesignated carbon unit day has the meaning given by item 322.\n\nRegistry has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegistry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegulator means the Clean Energy Regulator.\n\n322 Designated carbon unit day\n\n(1) For the purposes of this Part, designated carbon unit day means:\n\n (a) 9 February 2015; or\n (b) if a later day is specified in an instrument under subitem (2)—that later day.\n\n(2) The Regulator may, by legislative instrument, specify a day for the purposes of paragraph (1)(b).\n\n(3) The Regulator must not make an instrument under subitem (2) unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.\n\nNote: Subsection 142(3) of the Clean Energy Act 2011 enables the Regulator to extend the 2 February 2015 surrender deadline. See also item 345A (deadlines of 1 February and 15 June).\n\nDivision 2—Provisions relating to the Clean Energy Act 2011 and associated charge Acts\n\n323 Winding‑up of the carbon tax scheme—recovery of liabilities attributable to pre‑1 July 2014 emissions etc.\n\n(1) Despite the repeal of the Clean Energy Act 2011 by this Schedule, that Act continues in force, subject to:\n\n (a) this Part; and\n (b) the modifications set out in the following table;\n\nas if that repeal had not happened.\n\n```html\n

Modifications of the Clean Energy Act 2011

Item

Provision

Modification

1

section 4

Omit the section.

2

section 5 (definitions of average carbon unit auction price, benchmark average auction charge, carbon pollution cap, carbon pollution cap number, designated limit, and designated limit percentage)

Omit the definitions.

3

section 5 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

4

section 5 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

5

section 5 (definitions of flexible charge year and per‑tonne carbon price equivalent)

Omit the definitions.

6

section 5 (definition of unit shortfall)

Omit “128, 129 or 133”, substitute “128 or 129”.

7

section 5 (definition of vintage year)

Omit “eligible”.

8

Part 2

Omit the Part.

9

subsections 26(2), 27(2) and 28(2)

Omit all the words after “is taken to be”, substitute “zero”.

10

Subdivision A of Division 4 of Part 3

The Regulator must not issue an OTN under the Subdivision on or after 1 July 2014.

11

sections 42 and 43

Omit the sections.

12

section 43A

The section ceases to have effect at the end of 30 June 2015.

13

subsection 45(3)

The subsection ceases to have effect at the end of 30 June 2015.

14

subsections 45(4) to (13)

The subsections cease to have effect at the start of 1 September 2014.

15

subsection 46(1)

The subsection has effect, on and after 1 September 2014, as if the words “(as it stood at a particular time before the start of 1 September 2014)” were inserted after “OTN Register”.

16

section 47

The section ceases to have effect at the start of 1 August 2014.

17

section 64B

Omit the section.

18

paragraph 64F(1)(b)

Omit the paragraph.

19

subsection 66(4)

The subsection ceases to have effect at the start of 1 August 2014.

20

section 70

The Regulator must not make a declaration under the section on or after 1 July 2014.

21

section 71A

Omit the section.

22

section 72

The Regulator must not give a notice under the section on or after 1 July 2014.

24

section 83

The Regulator must not issue a certificate under the section on or after 1 July 2014.

25

section 87

The Regulator must not issue a certificate under the section on or after 1 July 2014.

26

sections 89 and 90

Omit the sections.

27

section 93

Omit the section.

28

subsection 96(2)

Omit “eligible”.

29

section 97 (note)

Omit the note.

30

subsection 100(1) (table items 5, 6, 7, 8 and 9)

Omit the table items.

31

subsection 100(2)

Omit the subsection.

32

subsection 100(3) (heading)

Omit “1, 3 and 5”, substitute “1 and 3”.

33

subsection 100(3)

Omit “1, 3 or 5”, substitute “1 or 3”.

34

subsection 100(4) (heading)

Omit “2, 4, 6, 7, 8 and 9”, substitute “2 and 4”.

35

subsection 100(4)

Omit “2, 4, 6, 7, 8 or 9”, substitute “2 or 4”.

36

subsections 100(9), (14) and (15)

Omit the subsections.

37

sections 101 and 102

Omit the sections.

38

sections 108 and 109

Omit the sections.

39

section 114

Omit the section.

40

Division 1 of Part 6

Omit the Division.

41

subsection 122(1)

Omit “during an eligible financial year”.

42

subsections 122(3), (4), (5), (9) and (11)

Omit the subsections.

43

sections 123 and 123A

Omit the sections.

44

paragraph 128(7)(d)

Before “this Division”, insert “if the eligible financial year began on 1 July 2012—“.

45

Subdivision B of Division 3 of Part 6

Omit the Subdivision.

46

subsection 134(3)

Omit the subsection.

47

subsection 134A(3) (paragraph (b) of the definition of applicable amount for the financial year)

Omit the paragraph.

48

paragraphs 142(3)(c), (e) and (f)

Omit the paragraphs.

48A

section 144

Omit the section.

49

paragraph 145(5)(b)

Omit the paragraph.

50

paragraph 145(5)(c)

Omit the paragraph, substitute:

(c) the principle that changes should not have a negative effect on recipients of assistance under the Jobs and Competitiveness Program;

51

Division 5 of Part 7

Omit the Division.

52

section 160

Omit the section.

53

paragraphs 161(2)(b) and (c)

Omit the paragraphs.

54

subsection 161(3)

Omit the subsection.

55

subsection 161(4)

Omit “or (3)”.

56

subsection 161(5)

Omit “a later”, substitute “an”.

57

subsections 161(6), (7), (8) and (9)

Omit “or (3)”.

58

Part 9

The Part ceases to have effect at the end of 30 June 2015.

59

Division 3 of Part 9

Omit the Division.

60

sections 196 and 196A

Omit the sections.

61

subsections 197(3) to (6)

Omit the subsections.

62

section 199

After “each quarter”, insert “that ends on or before 31 March 2015”.

63

section 200

Omit the section.

64

subsection 212(2) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

65

subsection 212(3) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

66

Part 12

Omit the Part.

67

paragraphs 262(1)(ma), (r), (u) and (v) and 263(2)(g), (i) and (j)

Omit the paragraphs.

68

section 281 (table items 3, 4, 5, 7, 8, 11, 12, 13 and 16)

Omit the table items.

69

Part 22

Omit the Part.

70

subparagraph 295(d)(iii)

Omit the subparagraph.

71

subparagraph 295(e)(ii)

Omit the subparagraph.

72

subparagraph 295(i)(iii)

Omit the subparagraph.

73

sections 303A and 303B

Omit the sections.

\n```\n\nCarbon units with a vintage year beginning on or after 1 July 2014\n\n(2) The modification made by item 3 of the table in subitem (1) does not apply in relation to the issue of a carbon unit with a vintage year beginning on or after 1 July 2014, if the carbon unit was issued as a result of an auction conducted before 1 July 2014.\n\nReview of decisions\n\n(3) The modification of section 281 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a decision made before 1 July 2014.\n\nCivil penalty orders\n\n(4) The modification of section 262 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a contravention that occurred before 1 July 2014.\n\n324 Application—repeal of Charge Acts\n\nCharge for issue of carbon units for a fixed charge\n\n(1) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units in accordance with section 100 of the Clean Energy Act 2011:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n\ndoes not apply to the issue of carbon units with a vintage year beginning on 1 July 2012 or 1 July 2013.\n\nCharge for issue of carbon units as a result of an auction\n\n(2) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units as a result of an auction:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n\ndoes not apply to the issue of carbon units if the carbon units were issued as a result of an auction conducted before 1 July 2014.\n\nCharge on unit shortfall\n\n(3) The repeal by this Schedule of the following Acts, so far as they relate to a unit shortfall for a financial year:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011;\n\ndoes not apply to:\n\n (d) a unit shortfall for the financial year beginning on 1 July 2012; or\n (e) a unit shortfall for the financial year beginning on 1 July 2013.\n\n325 Issue of carbon units\n\nThe Regulator must not issue any carbon units after the start of the designated carbon unit day.\n\n327 Cancellation of carbon units—designated carbon unit day\n\nScope\n\n(1) This item applies if there was an entry for a carbon unit in a person’s Registry account at the start of the designated carbon unit day.\n\nCancellation of unit\n\n(2) The Regulator must cancel the unit.\n\n(3) The Regulator must remove the entry for the unit from the person’s Registry account.\n\n(4) The Registry must set out a record of each cancellation under subitem (2).\n\n328 Surrender of eligible Australian carbon credit units\n\n(1) If:\n\n (a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and\n (b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and\n (c) the person has a Registry account;\n\nthen:\n\n (d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:\n (i) during that period; and\n (ii) in relation to the financial year beginning on 1 July 2013;\n are restored units for the purposes of this item; and\n (e) a restored unit is taken never to have been surrendered or cancelled; and\n (f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.\n\n(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).\n\n(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.\n\n(4) A determination under paragraph (1)(d) is not a legislative instrument.\n\n329 Opt‑in Scheme\n\n(1) A reference in the Opt‑in Scheme to a financial year does not include a reference to a financial year beginning on or after 1 July 2014.\n\n(2) Regulations 3.48 and 3.50 of the Clean Energy Regulations 2011 cease to have effect at the end of 30 June 2014.\n\nDivision 3—Provisions relating to other Acts\n\n330 Transitional—A New Tax System (Goods and Services Tax) Act 1999\n\nDespite the amendments of the A New Tax System (Goods and Services Tax) Act 1999 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n331 Transitional—Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\nDespite the amendments of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n332 Transitional—Australian National Registry of Emissions Units Act 2011\n\nDespite the amendments of the Australian National Registry of Emissions Units Act 2011 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n333 Transitional—Clean Energy Regulator Act 2011\n\n(1) Despite the amendment of the definition of climate change law in section 4 of the Clean Energy Regulator Act 2011 made by this Schedule, that definition continues to apply, in relation to paragraph 12(a) and subsection 43(3) and section 44 of that Act, as if that amendment had not been made.\n\n(2) Each of the following:\n\n (a) this Act;\n (b) a legislative instrument under this Act;\n (c) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (d) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014;\n\nis taken to be a climate change law for the purposes of paragraph 12(a) and subsection 43(3) and section 44 of the Clean Energy Regulator Act 2011.\n\n334 Application—amendments of the Fuel Tax Act 2006\n\nThe amendments of the Fuel Tax Act 2006 made by this Schedule apply to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n335 Application—amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006\n\nThe amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 made by this Act applies to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n336 Application—amendments of the Income Tax Assessment Act 1997\n\n(1) The repeal of section 26‑18 of the Income Tax Assessment Act 1997 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n(2) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule (other than the amendment of section 12‑5 or the repeal of section 26‑18), that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n337 Transitional—National Greenhouse and Energy Reporting Act 2007\n\nGeneral\n\n(1) Despite the amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to the following matters:\n\n (a) determining the meaning of the following expressions, when used in the Clean Energy Act 2011:\n (i) carbon dioxide equivalence;\n (ii) facility;\n (iii) greenhouse gas;\n (iv) group;\n (v) member, when used in relation to a group;\n (vi) non‑group entity;\n (vii) operational control;\n (viii) potential greenhouse gas emissions;\n (ix) provisional emissions number;\n (x) scope 1 emission of greenhouse gas;\n (b) the matters mentioned in subsections 10(3) to (9) of the National Greenhouse and Energy Reporting Act 2007, so far as those matters are relevant to the Clean Energy Act 2011;\n (c) reports under section 22A, 22AA or 22E of the National Greenhouse and Energy Reporting Act 2007;\n (d) records under section 22B, 22C or 22F of the National Greenhouse and Energy Reporting Act 2007;\n (e) applications under section 15A or 15AA of the National Greenhouse and Energy Reporting Act 2007;\n (f) the registration of persons under section 18A of the National Greenhouse and Energy Reporting Act 2007;\n (g) the publication of information under section 24 of the National Greenhouse and Energy Reporting Act 2007, so far as the information relates to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n (h) audits under section 74AA of the National Greenhouse and Energy Reporting Act 2007;\n (i) audits under section 74B or 74C of the National Greenhouse and Energy Reporting Act 2007, so far as the audits relate to a person’s compliance with obligations under that Act (or regulations under that Act) in relation to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n\nas if:\n\n (j) the National Greenhouse and Energy Reporting Act 2007 were modified as set out in the following table; and\n (k) those amendments had not been made; and\n (l) subitem (6) had not been enacted.\n\n```html\n

Modifications of the National Greenhouse and Energy Reporting Act 2007

Item

Provision

Modification

1

section 7 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

2

section 7 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

\n```\n\nThresholds\n\n(2) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they are relevant to determining whether a controlling corporation’s group meets a threshold under section 13 of that Act for a financial year, apply in relation to a threshold for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nReports\n\n(3) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 19 of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\n(4) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 22G or 22X of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nUnsatisfactory compliance record\n\n(5) Despite the amendments of section 11D of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to:\n\n (a) unpaid unit shortfall charge; and\n (b) a breach of a civil penalty provision of:\n (ii) the Clean Energy Act 2011; or\n (iii) a determination under section 113 of the Clean Energy Act 2011; and\n (c) a conviction of an offence against the Clean Energy Act 2011;\n\nas if those amendments had not been made.\n\nRegulations—carbon dioxide equivalence\n\n(6) If, immediately before the commencement of this item, regulations were in force for the purposes of paragraph (a) of the definition of carbon dioxide equivalence in section 7 of the National Greenhouse and Energy Reporting Act 2007, the regulations have effect, after that commencement, as if they had been made for the purposes of the definition of carbon dioxide equivalence in section 7 of that Act as amended by this Schedule.\n\nDeregistration—section 18A registrations\n\n(7) If:\n\n (a) a person was registered under the National Greenhouse and Energy Reporting Act 2007 because of the operation of section 18A of that Act; and\n (b) the person is registered under that Act as at the start of 1 July 2014;\n\nthe Regulator must remove the person’s name from the Register.\n\n338 Transitional—Ozone Protection and Synthetic Greenhouse Gas Management Act 1989\n\nAmounts to be credited to the Ozone Protection and SGG Account\n\n(1) Despite the amendments of section 65C of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 made by this Schedule, that section continues to apply, in relation to levy for a quarter ending before 1 July 2014, as if those amendments had not been made.\n\nRemission or refund of levy for a quarter ending before 1 July 2014\n\n(2) Despite the repeal of sections 69AA to 69AD of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 by this Schedule, those sections continue to apply, in relation to levy for a quarter ending before 1 July 2014, as if:\n\n (a) that Act provided that an application under section 69AA, 69AB or 69AC of that Act must be made before 1 January 2016; and\n (b) that repeal had not happened.\n\n339 Transitional—Petroleum Resource Rent Tax Assessment Act 1987\n\n(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n340 Transitional—Taxation Administration Act 1953\n\nDespite the amendment of the Taxation Administration Act 1953 made by this Schedule, that Act continues to apply, in relation to records or disclosures made for the purpose of:\n\n (a) the verification from the Regulator of information provided to the Commissioner under or for the purposes of the Fuel Tax Act 2006 so far as that Act applies to taxable fuel acquired, manufactured or imported before 1 July 2014; or\n (b) administering the Clean Energy Act 2011 or the associated provisions (within the meaning of that Act);\n\nas if that amendment had not been made.\n\nDivision 4—Miscellaneous\n\n342 Transitional rules\n\nThe Minister may, by legislative instrument, make rules in relation to transitional matters arising out of the amendments and repeals made by this Schedule.\n\nDivision 5—Transitional provisions commencing on Royal Assent\n\n343 Auctions of carbon units\n\n(1) The Regulator must not conduct an auction of carbon units after the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014.\n\n(2) Any determination under subsection 113(1) of the Clean Energy Act 2011 ceases to have effect at the end of the day (the relevant day) that is the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014;\n\nexcept to the extent to which the determination relates to auctions conducted on or before the relevant day.\n\n343A Carbon units issued as a result of an auction conducted by the Regulator\n\n(1) If:\n\n (a) a carbon unit was issued as a result of an auction conducted by the Regulator; and\n (b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;\n\nthe Regulator must:\n\n (c) cancel the unit; and\n (d) remove the entry for the unit from the person’s Registry account; and\n (e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.\n\n(2) The Registry must set out a record of each cancellation under paragraph (1)(c).\n\n(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.\n\n(4) In this item:\n\nbusiness day means a day that is not:\n\n (a) a Saturday; or\n (b) a Sunday; or\n (c) a public holiday in the Australian Capital Territory.\n\n344 Carbon pollution cap regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if section 16 of that Act had not been enacted.\n\n345 Fixed charge regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if subsections 100(14) and (15) of that Act had not been enacted.\n\n345A Deadlines of 1 February and 15 June\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the following definitions were inserted in section 5 of that Act:\n\n> 15 June means:\n\n (a) if the 15 June concerned is a business day—that 15 June; or\n (b) if the 15 June concerned is not a business day—the first business day after that 15 June.\n\n> 1 February means:\n\n (a) if the 1 February concerned is a business day—that 1 February; or\n (b) if the 1 February concerned is not a business day—the first business day after that 1 February.\n\n345B Surplus and estimation error adjustment number\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the formula in subsection 131(3) of that Act were omitted and the following formula substituted:![Start formula Total estimation error numbers plus Provisional surplus surrender number end formula](image.002.png)\n\n345C Definitions\n\nIf this Division commences before 1 July 2014, this Division has effect as if item 321 (definitions) had commenced at the same time as this Division commences.\n\n345D Compensation for acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\nPart 4—Jobs and Competitiveness Program\n\nDivision 1—Preliminary\n\n346 Definitions\n\n(1) In this Part:\n\nlevy means levy imposed by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\nover‑allocation of free carbon units has the meaning given by item 354.\n\nrules means rules made under item 359.\n\ntrue‑up shortfall has the meaning given by item 355.\n\nunder‑allocation of free carbon units has the meaning given by item 352.\n\n(2) An expression used in this Part and in the Clean Energy Act 2011 has the same meaning in this Part as in that Act.\n\n347 Crown to be bound\n\nThis Part binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.\n\n348 Extension to external Territories\n\nThis Part extends to every external Territory.\n\n349 Extension to exclusive economic zone and continental shelf\n\nThis Part extends to Australia’s exclusive economic zone and continental shelf.\n\n350 Extension to Joint Petroleum Development Area\n\nThis Part extends to the Joint Petroleum Development Area.\n\nDivision 2—Reporting requirements\n\n351 Reporting requirements\n\nReport\n\n(1) The rules may make provision for and in relation to requiring a designated person to give a written report to the Regulator for the purposes of this Part.\n\nDesignated person\n\n(2) For the purposes of this item, a person is a designated person if free carbon units with a vintage year beginning on 1 July 2013 are or were issued to the person in accordance with the Jobs and Competitiveness Program.\n\nCompliance with reporting requirements\n\n(3) Subsection 151(1) of the Clean Energy Act 2011 has effect as if a requirement under rules made for the purposes of subitem (1) were a requirement under the Jobs and Competitiveness Program.\n\nDivision 3—Issue of additional free carbon units\n\n352 Under‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an under‑allocation of free carbon units; and\n (d) the number of units in that under‑allocation is equal to the number ascertained in accordance with the rules.\n\n353 Issue of additional free carbon units\n\n(1) If:\n\n (a) a person has an under‑allocation of free carbon units; and\n (b) the person has a Registry account;\n\nthe Regulator must:\n\n (c) issue to the person, under section 94 of the Clean Energy Act 2011, a number of free carbon units equal to the number of units in the under‑allocation; and\n (d) do so within the period ascertained in accordance with the rules.\n\n(2) Free carbon units issued in accordance with subitem (1):\n\n (a) are to have a vintage year beginning on 1 July 2013; and\n (b) are taken (except for the purposes of this Part) to have been issued in accordance with the Jobs and Competitiveness Program.\n\nDivision 4—True‑up shortfalls\n\n354 Over‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an over‑allocation of free carbon units; and\n (d) the number of units in that over‑allocation is equal to the number ascertained in accordance with the rules.\n\n355 True‑up shortfall\n\n(1) For the purposes of this Part, if:\n\n (a) a person has an over‑allocation of free carbon units; and\n (b) the number worked out using the formula in subitem (2) exceeds zero;\n\nthen:\n\n (c) the person has a true‑up shortfall; and\n (d) the number of units in that shortfall is equal to the number worked out using that formula.\n\nNote: Levy is imposed on a true‑up shortfall by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n(2) The formula is as follows:\n\n![Start formula Number of units in the over-allocation minus Number of units relinquished end formula](image.003.png)\n\nwhere:\n\nnumber of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.\n\nDivision 5—Collection of levy\n\n356 When levy is due and payable\n\nLevy imposed on a true‑up shortfall of a person is due and payable at the end of the period ascertained in accordance with the rules.\n\n357 Late payment penalty\n\n(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:\n\n (a) 20% per annum; or\n (b) if a lower percentage is specified in the rules—that lower percentage per annum;\n\non the amount unpaid, computed from that time.\n\nPower to remit\n\n(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).\n\n(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.\n\n358 Recovery of levy and late payment penalty\n\nScope\n\n(1) This item applies to the following amounts:\n\n (a) an amount of levy;\n (b) an amount payable under item 357.\n\nRecovery\n\n(2) The amount:\n\n (a) is a debt due to the Commonwealth; and\n (b) may be recovered by the Regulator, on behalf of the Commonwealth, by action in a court of competent jurisdiction.\n\nDivision 6—Miscellaneous\n\n358A Associated provisions\n\nA reference in the Clean Energy Act 2011 (other than section 307) to the associated provisions includes a reference to:\n\n (a) the provisions of this Part; and\n (b) the provisions of the rules; and\n (c) the provisions of the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014; and\n (d) the provisions of the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n359 Rules\n\n(1) The Minister may, by legislative instrument, make rules prescribing matters:\n\n (a) required or permitted by this Part to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.\n\n(2) Conditions specified in rules made for the purposes of paragraph 352(b) or 354(b) may relate to events or things that occurred, or circumstances that existed, before the rules were registered under the Legislation Act 2003.\n\n(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the rules.\n\nSchedule 2—Carbon tax price reduction obligation\n\nCompetition and Consumer Act 2010\n\n1 After paragraph 2B(1)(a)\n\nInsert:\n\n (aa) Part V;\n\n2 After subparagraph 6(2)(b)(i)\n\nInsert:\n\n (ia) Part V (other than Division 5);\n\n3 After Part IVB\n\nInsert:","sortOrder":17},{"sectionNumber":"Part V","sectionType":"part","heading":"Carbon tax price reduction obligation","content":"An Act to repeal the Clean Energy Act 2011, and for other purposes\n\n#### 1 Short title\n\n This Act may be cited as the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 July 2014

2. Schedule 1, Parts 1 and 2

1 July 2014.

1 July 2014

3. Schedule 1, Part 3, Divisions 1 to 4

1 July 2014.

1 July 2014

4. Schedule 1, Part 3, Division 5

The day this Act receives the Royal Assent.

17 July 2014

5. Schedule 1, Part 4

The day after this Act receives the Royal Assent.

However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.

18 July 2014

6. Schedule 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 January 2014.

18 July 2014

(paragraph (a) applies)

7. Schedule 3

The day after this Act receives the Royal Assent.

18 July 2014

8. Schedule 4

1 July 2014.

1 July 2014

9. Schedule 5

The day this Act receives the Royal Assent.

17 July 2014

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Schedule(s)\n\n Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\nSchedule 1—Repeal of the carbon tax\n\nPart 1—Repeal of Acts\n\nClean Energy Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Customs) Act 2011\n\n2 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Excise) Act 2011\n\n3 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Auctions) Act 2011\n\n4 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Fixed Charge) Act 2011\n\n5 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Shortfall Charge—General) Act 2011\n\n6 The whole of the Act\n\nRepeal the Act.\n\nPart 2—Amendments\n\nA New Tax System (Goods and Services Tax) Act 1999\n\n7 Section 195‑1\n\nInsert:\n\n> eligible Australian carbon credit unit means:\n\n (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or\n (b) a non‑Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:\n (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non‑Kyoto Australian carbon credit unit; and\n (ii) the non‑Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or\n (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.\n Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.\n\n8 Section 195‑1 (definition of eligible emissions unit)\n\nRepeal the definition, substitute:\n\n> eligible emissions unit means:\n\n (a) an \\*eligible international emissions unit; or\n (b) an \\*eligible Australian carbon credit unit.\n\n9 Section 195‑1\n\nInsert:\n\n> eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nAnti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n10 Section 5 (definition of carbon unit)\n\nRepeal the definition.\n\n11 Subsection 6(2) (paragraph (baa) of the cell at table item 33, column headed “Provision of a designated service”)\n\nRepeal the paragraph.\n\n12 Subsection 6(2) (paragraph (d) of the cell at table item 33, column headed “Provision of a designated service”)\n\nOmit “carbon units,”.\n\nAustralian National Registry of Emissions Units Act 2011\n\n13 Section 3\n\nOmit:\n\n• Entries may be made in Registry accounts for:\n\n(a) carbon units; and\n\n(b) Australian carbon credit units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\n• This Act sets out rules about dealings with:\n\n(a) Kyoto units; and\n\n(b) prescribed international units.\n\nsubstitute:\n\n• Entries may be made in Registry accounts for:\n\n(a) Australian carbon credit units; and\n\n(b) Kyoto units.\n\n• This Act sets out rules about dealings with Kyoto units.\n\n14 Section 4 (definition of Australian‑issued international unit)\n\nRepeal the definition.\n\n15 Section 4 (definition of benchmark average auction charge)\n\nRepeal the definition.\n\n16 Section 4 (definition of carbon unit)\n\nRepeal the definition.\n\n17 Section 4 (definition of Commonwealth foreign registry account)\n\nRepeal the definition.\n\n18 Section 4 (paragraph (d) of the definition of eligible international emissions unit)\n\nOmit “rules; or”, substitute “rules.”.\n\n19 Section 4 (paragraph (e) of the definition of eligible international emissions unit)\n\nRepeal the paragraph.\n\n20 Section 4 (definition of European allowance unit)\n\nRepeal the definition.\n\n21 Section 4 (definition of European Union Greenhouse Gas Emission Allowance Trading Directive)\n\nRepeal the definition.\n\n22 Section 4 (definition of fixed charge year)\n\nRepeal the definition.\n\n23 Section 4 (definition of foreign account)\n\nRepeal the definition, substitute:\n\n> foreign account, when used in relation to a Kyoto unit, means an account kept within a foreign Kyoto registry.\n\n24 Section 4 (definition of foreign government body)\n\nRepeal the definition.\n\n25 Section 4 (definition of hold)\n\nOmit “a carbon unit or”.\n\n26 Section 4 (definition of Information Database)\n\nRepeal the definition.\n\n27 Section 4 (definition of international arrangement)\n\nRepeal the definition.\n\n28 Section 4 (definition of international organisation)\n\nRepeal the definition.\n\n29 Section 4 (definition of issue)\n\nRepeal the definition, substitute:\n\n> issue, in relation to an Australian carbon credit unit, has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n30 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n31 Section 4 (definition of quarter)\n\nRepeal the definition.\n\n32 Section 4 (paragraph (aa) of the definition of registered holder)\n\nRepeal the paragraph.\n\n33 Section 4 (paragraph (b) of the definition of registered holder)\n\nOmit “unit; or”, substitute “unit.”.\n\n34 Section 4 (paragraph (c) of the definition of registered holder)\n\nRepeal the paragraph.\n\n35 Section 4 (definition of relinquish)\n\nRepeal the definition.\n\n36 Section 4 (definition of transfer)\n\nRepeal the definition, substitute:\n\n> transfer, in relation to a Kyoto unit, has the meaning given by section 33.\n\n37 Section 4 (definition of vintage year)\n\nRepeal the definition.\n\n38 Paragraph 9(4)(a)\n\nOmit “carbon units, Australian carbon credit units and prescribed international units”, substitute “Australian carbon credit units”.\n\n39 Paragraph 11(5)(a)\n\nOmit “carbon units or”.\n\n40 Section 14A\n\nRepeal the section.\n\n41 Paragraph 15(2)(aa)\n\nRepeal the paragraph.\n\n42 Paragraph 15(2)(c)\n\nOmit “account; and”, substitute “account.”.\n\n43 Paragraph 15(2)(d)\n\nRepeal the paragraph.\n\n44 Subparagraph 16(2)(b)(ii)\n\nOmit “(4), (5) and (6)”, substitute “(4) and (6)”.\n\n45 Subsection 16(2A)\n\nRepeal the subsection (not including the heading).\n\n46 Subsection 16(5)\n\nRepeal the subsection.\n\n47 Paragraph 16(7)(b)\n\nOmit “or (5)”.\n\n48 Subsection 17(1A)\n\nRepeal the subsection.\n\n49 Subsection 17(3)\n\nRepeal the subsection.\n\n50 Paragraph 19(3A)(a)\n\nOmit “or 49A”.\n\n51 Subsection 19(3B)\n\nRepeal the subsection.\n\n52 Section 21\n\nRepeal the section.\n\n53 Paragraph 22(4A)(a)\n\nOmit “or 49A”.\n\n54 Subsection 22(4B)\n\nRepeal the subsection.\n\n55 Subparagraph 26(3)(a)(ia)\n\nRepeal the subparagraph.\n\n56 Subparagraph 26(3)(a)(ii)\n\nOmit “or”.\n\n57 Subparagraph 26(3)(a)(iii)\n\nRepeal the subparagraph.\n\n58 Paragraph 27(3B)(b)\n\nOmit “account; or”, substitute “account.”.\n\n59 Paragraph 27(3B)(c)\n\nRepeal the paragraph.\n\n60 Paragraph 28A(1)(aa)\n\nRepeal the paragraph.\n\n61 Paragraph 28A(1)(b)\n\nOmit “or”.\n\n62 Paragraph 28A(1)(c)\n\nRepeal the paragraph.\n\n63 Paragraph 28A(4)(aa)\n\nRepeal the paragraph.\n\n64 Paragraph 28B(1)(aa)\n\nRepeal the paragraph.\n\n65 Paragraph 28B(1)(b)\n\nOmit “or”.\n\n66 Paragraph 28B(1)(c)\n\nRepeal the paragraph.\n\n67 Paragraph 28B(11)(aa)\n\nRepeal the paragraph.\n\n68 Subsection 28B(11) (paragraph (c) of the note)\n\nOmit “Act; and”, substitute “Act.”.\n\n69 Subsection 28B(11) (paragraphs (d) and (e) of the note)\n\nRepeal the paragraphs.\n\n70 Paragraph 28C(17)(aa)\n\nRepeal the paragraph.\n\n71 Subparagraph 28D(5)(a)(ii)\n\nOmit “carbon units or”.\n\n72 Paragraph 28D(5)(b)\n\nRepeal the paragraph, substitute:\n\n (b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.\n\n73 Paragraph 28D(16)(aa)\n\nRepeal the paragraph.\n\n74 Part 4\n\nRepeal the Part.\n\n75 Section 58\n\nOmit:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) carbon units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\nsubstitute:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) Kyoto units.\n\n76 Section 59A\n\nRepeal the section.\n\n77 Subsections 61(3) to (6)\n\nRepeal the subsections.\n\n78 Section 61A\n\nRepeal the section.\n\n79 Sections 63 to 63G\n\nRepeal the sections.\n\n80 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more carbon units, the person may request the Regulator to cancel any or all of those units. However, this rule does not apply to a unit that was issued for a fixed charge and has a vintage year that is a fixed charge year.\n\n81 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more prescribed international units, the person may request the Regulator to cancel any or all of those units.\n\n82 Section 64A\n\nRepeal the section.\n\n83 Section 66\n\nRepeal the section.\n\n84 Parts 6A and 6B\n\nRepeal the Parts.\n\n85 Paragraph 79(1)(c)\n\nOmit “27(4);”, substitute “27(4).”.\n\n86 Paragraph 79(1)(d)\n\nRepeal the paragraph.\n\n87 Section 82 (table item 2)\n\nOmit “or 53”.\n\n88 Section 82 (table item 3)\n\nRepeal the item.\n\n89 Section 82 (table items 8 and 9)\n\nOmit “or 21”.\n\n90 Section 82 (table items 15 and 16)\n\nRepeal the items.\n\n91 Section 86A\n\nRepeal the section.\n\nAustralian Securities and Investments Commission Act 2001\n\n92 Paragraph 12BAA(7)(ka)\n\nRepeal the paragraph.\n\n93 Paragraph 12BAB(1)(g)\n\nOmit “a carbon unit,”.\n\n94 At the end of the Act\n\nAdd:\n\n## Part 20—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 295 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 296 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\nClean Energy Regulator Act 2011\n\n95 Section 3\n\nOmit:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Clean Energy Act 2011; and\n\n(b) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(c) the National Greenhouse and Energy Reporting Act 2007; and\n\n(d) the Renewable Energy (Electricity) Act 2000; and\n\n(e) the Australian National Registry of Emissions Units Act 2011.\n\nsubstitute:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(b) the National Greenhouse and Energy Reporting Act 2007; and\n\n(c) the Renewable Energy (Electricity) Act 2000; and\n\n(d) the Australian National Registry of Emissions Units Act 2011.\n\n96 Section 4\n\nInsert:\n\n> Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.\n\n> Note: The text of the Convention is set out in Australian Treaty Series 1994 No. 2 (\\[1994\\] ATS 2). In 2013, the text of a Convention in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).\n\n97 Section 4 (paragraphs (b) to (h) of the definition of climate change law)\n\nRepeal the paragraphs.\n\n98 Section 4\n\nInsert:\n\n> greenhouse gas has the same meaning as in the National Greenhouse and Energy Reporting Act 2007.\n\n99 Section 4 (definition of international agreement)\n\nRepeal the definition, substitute:\n\n> international agreement means an agreement whose parties are:\n\n (a) Australia and a foreign country; or\n (b) Australia and 2 or more foreign countries.\n\n100 Section 4 (definition of international climate change agreement)\n\nRepeal the definition, substitute:\n\n> international climate change agreement means:\n\n (a) the Climate Change Convention; or\n (b) any other international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) imposes obligations on Australia to take action to reduce greenhouse gas emissions; or\n (c) an international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) is specified in a legislative instrument made by the Minister for the purposes of this definition.\n\n101 Section 4 (paragraph (a) of the definition of objectives of the Regulator)\n\nRepeal the paragraph.\n\n102 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n103 Paragraph 41(3)(a)\n\nRepeal the paragraph.\n\n104 Paragraph 49(1)(z)\n\nRepeal the paragraph, substitute:\n\n (z) a person or body responsible for the administration of a scheme that involves the issue or registration of prescribed eligible carbon units;\n\nCorporations Act 2001\n\n105 Section 9 (definition of carbon unit)\n\nRepeal the definition.\n\n106 Paragraph 764A(1)(kaa)\n\nRepeal the paragraph.\n\n107 At the end Chapter 10\n\nAdd:\n\n## Part 10.23—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 1542 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 1543 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n#### 1544 Transitional—variation of conditions on Australian financial services licences\n\n Scope\n (1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.\n Variation\n (2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.\n\n#### 1545 Transitional—immediate cancellation of Australian financial services licences\n\n Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:\n Licence relating to carbon units\n (5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.\n\n#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences\n\n Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).\n\nFuel Tax Act 2006\n\n108 Section 2‑1\n\nOmit:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n For fuel that is not \\*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced.\n Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax.\n Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n\n109 Subsection 40‑5(2)\n\nAfter “reduce”, insert “or remove”.\n\n110 Subsections 40‑5(3) and (4)\n\nRepeal the subsections.\n\n111 Section 41‑1\n\nOmit:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme.\n\nsubstitute:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft.\n\n112 Paragraph 41‑5(3)(b)\n\nOmit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”.\n\n113 Subsection 41‑15(1)\n\nOmit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”.\n\n114 Subparagraph 41‑25(2)(a)(ii)\n\nOmit “\\*agricultural property”, substitute “agricultural property”.\n\n115 Section 41‑30 (heading)\n\nRepeal the heading, substitute:\n\n#### 41‑30 No fuel tax credit for fuel to be used in an aircraft\n\n116 Subsection 41‑30(1)\n\nOmit “(1)”.\n\n117 Subsection 41‑30(2)\n\nRepeal the subsection.\n\n118 Section 41‑35\n\nRepeal the section.\n\n119 Division 42A\n\nRepeal the Division.\n\n120 Section 43‑1\n\nOmit:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:\n\n(a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and\n\n(b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).\n\nFor fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.\n\nFor gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).\n\n121 Subsection 43‑5(1)\n\nRepeal the subsection, substitute:\n\n (1) The \\*amount of your tax fuel credit for taxable fuel is the amount of \\*effective fuel tax that is payable on the fuel.\n\n> Note: The amount of the credit may be reduced under section 43‑10.\n\n122 Subsections 43‑5(4) and (5)\n\nRepeal the subsections.\n\n123 Section 43‑8\n\nRepeal the section.\n\n124 Section 43‑10 (heading)\n\nRepeal the heading, substitute:\n\n#### 43‑10 Reducing the amount of your fuel tax credit\n\n125 Subsection 43‑10(1A)\n\nRepeal the subsection.\n\n126 Section 43‑11\n\nRepeal the section.\n\n127 Subdivision 43‑B\n\nRepeal the Subdivision.\n\n128 Section 110‑5 (definition of agricultural activity)\n\nRepeal the definition.\n\n129 Section 110‑5 (definition of agricultural construction activity)\n\nRepeal the definition.\n\n130 Section 110‑5 (definition of agricultural property)\n\nRepeal the definition.\n\n131 Section 110‑5 (definition of agricultural soil/water activity)\n\nRepeal the definition.\n\n132 Section 110‑5 (definition of agricultural waste activity)\n\nRepeal the definition.\n\n133 Section 110‑5 (definition of agriculture)\n\nRepeal the definition.\n\n134 Section 110‑5 (definition of approved catchment area)\n\nRepeal the definition.\n\n135 Section 110‑5 (definition of carbon reduction)\n\nRepeal the definition.\n\n136 Section 110‑5 (definition of CNG)\n\nRepeal the definition.\n\n137 Section 110‑5 (definition of core agricultural activity)\n\nRepeal the definition.\n\n138 Section 110‑5 (definition of covered by the Opt‑in Scheme)\n\nRepeal the definition.\n\n139 Section 110‑5 (definition of earthworks)\n\nRepeal the definition.\n\n140 Section 110‑5 (definition of fish)\n\nRepeal the definition.\n\n141 Section 110‑5 (definition of fishing operations)\n\nRepeal the definition.\n\n142 Section 110‑5 (definition of forestry)\n\nRepeal the definition.\n\n143 Section 110‑5 (definition of half‑year)\n\nRepeal the definition.\n\n144 Section 110‑5 (definition of horticulture)\n\nRepeal the definition.\n\n145 Section 110‑5 (definition of livestock)\n\nRepeal the definition.\n\n146 Section 110‑5 (definition of livestock activity)\n\nRepeal the definition.\n\n147 Section 110‑5 (definition of LNG)\n\nRepeal the definition.\n\n148 Section 110‑5 (definition of pearling operations)\n\nRepeal the definition.\n\n149 Section 110‑5 (definition of port)\n\nRepeal the definition.\n\n150 Section 110‑5 (definition of processing of fish)\n\nRepeal the definition.\n\n151 Section 110‑5 (definition of public authority)\n\nRepeal the definition.\n\n152 Section 110‑5 (definition of renewable diesel)\n\nRepeal the definition.\n\n153 Section 110‑5 (definition of sundry agricultural activity)\n\nRepeal the definition.\n\n154 Section 110‑5 (definition of taxable fuel)\n\nRepeal the definition, substitute:\n\n> taxable fuel means fuel in respect of which duty is payable under:\n\n (a) the Excise Act 1901 and the Excise Tariff Act 1921; or\n (b) the Customs Act 1901 and the Customs Tariff Act 1995;\n but does not include fuel covered by:\n (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921; or\n (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921, if the goods had been manufactured in Australia.\n\n> Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate.\n\nFuel Tax (Consequential and Transitional Provisions) Act 2006\n\n155 Subitem 12(2A) of Schedule 3\n\nRepeal the subitem.\n\nIncome Tax Assessment Act 1997\n\n156 Section 12‑5 (table item headed “clean energy”)\n\nRepeal the item.\n\n157 Section 26‑18\n\nRepeal the section.\n\n158 Section 104‑5 (table item relating to CGT event K1, column headed “Event number and description”)\n\nOmit “\\*carbon unit, an \\*international emissions unit”, substitute “\\*Kyoto unit”.\n\n159 Subparagraphs 104‑205(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n160 Subparagraph 104‑205(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n161 Subparagraph 104‑205(1)(a)(iv)\n\nOmit “an \\*international emissions unit”, substitute “a Kyoto unit”.\n\n162 Section 112‑97 (table item 18A, column headed “In this situation”)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n163 Subsection 118‑15(2)\n\nRepeal the subsection.\n\n164 Paragraph 420‑10(a)\n\nRepeal the paragraph.\n\n165 Paragraph 420‑10(c)\n\nRepeal the paragraph.\n\n166 Subsection 420‑15(1) (note)\n\nRepeal the note.\n\n167 Subsection 420‑15(3)\n\nRepeal the subsection.\n\n168 Subsection 420‑20(3)\n\nRepeal the subsection (not including the note), substitute:\n\n (3) This section does not apply to the issue of an \\*Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n169 Subparagraphs 420‑21(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n170 Subparagraph 420‑21(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n171 Subparagraph 420‑21(1)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n172 Subsection 420‑21(1) (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n173 Subparagraphs 420‑21(2)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n174 Subparagraph 420‑21(2)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n175 Subparagraph 420‑21(2)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n176 Subparagraph 420‑35(b)(i)\n\nRepeal the subparagraph.\n\n177 Subparagraph 420‑35(b)(ii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n178 Section 420‑35 (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n179 Section 420‑43\n\nRepeal the section.\n\n180 Subsection 420‑51(1)\n\nOmit “(1)”.\n\n181 Subsection 420‑51(2)\n\nRepeal the subsection.\n\n182 Subparagraph 420‑52(a)(i)\n\nRepeal the subparagraph.\n\n183 Paragraph 420‑52(b)\n\nRepeal the paragraph.\n\n184 Subsection 420‑55(6)\n\nRepeal the subsection.\n\n185 Subsection 420‑57(9)\n\nRepeal the subsection.\n\n186 Section 420‑58\n\nRepeal the section.\n\n187 Subsections 420‑60(1) and (2)\n\nRepeal the subsections.\n\n188 Subsection 420‑60(4)\n\nOmit all the words from and including “If a \\*registered” to and including “cost of the unit”, substitute “The cost of a \\*registered emissions unit (other than an \\*Australian carbon credit unit)”.\n\n189 Subsection 420‑65(3)\n\nRepeal the subsection.\n\n190 Subsection 420‑70(3)\n\nRepeal the subsection.\n\n191 Subsection 995‑1(1) (definition of carbon unit)\n\nRepeal the definition.\n\n192 Subsection 995‑1(1) (definition of free carbon unit)\n\nRepeal the definition.\n\n193 Subsection 995‑1(1) (definition of international emissions unit)\n\nRepeal the definition.\n\n194 Subsection 995‑1(1) (definition of prescribed international unit)\n\nRepeal the definition.\n\n195 Subsection 995‑1(1) (definition of vintage year)\n\nRepeal the definition.\n\nNational Greenhouse and Energy Reporting Act 2007\n\n196 Section 3 (heading)\n\nRepeal the heading, substitute:\n\n#### 3 Object\n\n197 Subsection 3(1)\n\nOmit “(1) The first object”, substitute “The object”.\n\n198 Subsection 3(2)\n\nRepeal the subsection.\n\n199 Subsection 4(1)\n\nOmit “(1) This Act (except to the extent to which it underpins the Clean Energy Act 2011)”, substitute “This Act”.\n\n200 Subsection 4(2)\n\nRepeal the subsection.\n\n201 Subsection 5(1)\n\nOmit “(1)”.\n\n202 Before subparagraph 5(1)(a)(ii)\n\nInsert:\n\n (i) greenhouse gas emissions; or\n\n203 Subsection 5(2)\n\nRepeal the subsection.\n\n204 Section 7 (definition of carbon dioxide equivalence)\n\nRepeal the definition, substitute:\n\n> carbon dioxide equivalence, of an amount of greenhouse gas, means the amount of the gas multiplied by a value specified in the regulations in relation to that kind of greenhouse gas.\n\n205 Section 7\n\nInsert:\n\n> designated financial year means:\n\n (a) the financial year beginning on 1 July 2012; or\n (b) a later financial year.\n\n206 Section 7 (definition of designated fuel)\n\nRepeal the definition.\n\n207 Section 7 (definition of eligible financial year)\n\nRepeal the definition.\n\n208 Section 7 (definition of emissions number)\n\nRepeal the definition.\n\n209 Section 7 (definition of financial control liability transfer certificate)\n\nRepeal the definition.\n\n210 Section 7 (definition of fixed charge year)\n\nRepeal the definition.\n\n211 Section 7 (definition of foreign country)\n\nRepeal the definition, substitute:\n\n> foreign country includes a region where:\n\n (a) the region is a colony, territory or protectorate of a foreign country; or\n (b) the region is part of a foreign country; or\n (c) the region is under the protection of a foreign country; or\n (d) a foreign country exercises jurisdiction or control over the region; or\n (e) a foreign country is responsible for the region’s international relations.\n\n212 Section 7\n\nInsert:\n\n> foreign corporation means a corporation that:\n\n (a) is incorporated outside Australia; or\n (b) is an authority of a foreign country.\n\n213 Section 7 (definition of foreign person)\n\nRepeal the definition.\n\n214 Section 7\n\nInsert:\n\n> group entity means a corporation that is a member of a controlling corporation’s group.\n\n215 Section 7 (definition of interim emissions number)\n\nRepeal the definition.\n\n216 Section 7 (definition of liable entity)\n\nRepeal the definition.\n\n217 Section 7 (definition of liquefied natural gas)\n\nRepeal the definition.\n\n218 Section 7 (definition of liquefied petroleum gas)\n\nRepeal the definition.\n\n218A Section 7 (definition of local governing body)\n\nRepeal the definition.\n\n219 Section 7 (definition of natural gas supplier)\n\nRepeal the definition.\n\n220 Section 7 (definition of non‑group entity)\n\nRepeal the definition.\n\n221 Section 7 (definition of operational control)\n\nOmit “11A, 11B or 11C”, substitute “11A or 11B”.\n\n222 Section 7 (definition of Opt‑in Scheme)\n\nRepeal the definition.\n\n223 Section 7 (definition of OTN)\n\nRepeal the definition.\n\n224 Section 7 (definition of person)\n\nRepeal the definition.\n\n225 Section 7 (definition of potential greenhouse gas emissions)\n\nRepeal the definition.\n\n226 Section 7 (definition of provisional emissions number)\n\nRepeal the definition.\n\n227 Section 7 (definition of supply)\n\nRepeal the definition.\n\n228 Section 7 (definition of taxable fuel)\n\nRepeal the definition.\n\n229 Section 7 (definition of trust)\n\nRepeal the definition.\n\n230 Section 7 (definition of trustee)\n\nRepeal the definition.\n\n231 Section 7 (definition of trust estate)\n\nRepeal the definition.\n\n232 Section 7 (definition of unit shortfall charge)\n\nRepeal the definition.\n\n233 Subsection 7A(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n234 Sections 7B and 7C\n\nRepeal the sections.\n\n235 Subsection 8(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n236 Subsection 9(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n237 Paragraph 9(1)(b)\n\nOmit “or 54A”.\n\n238 Section 10 (heading)\n\nRepeal the heading, substitute:\n\n#### 10 Emissions, energy production, energy consumption etc.\n\n239 Subsection 10(1)\n\nOmit “or the Clean Energy Act 2011”.\n\n240 Subsection 10(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n241 Subsections 10(4) to (9)\n\nRepeal the subsections.\n\n242 Subsection 11(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n243 Subsection 11(1)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n244 Paragraph 11(1)(b)\n\nOmit “or 55A”.\n\n245 Subsection 11(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n246 Subsection 11(3)\n\nOmit “person”, substitute “group entity”.\n\n247 Subsection 11(4)\n\nOmit “11A, 11B and 11C”, substitute “11A and 11B”.\n\n248 Section 11A (heading)\n\nRepeal the heading, substitute:\n\n#### 11A Operational control—group entity with greatest authority\n\n249 Subsection 11A(1)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n250 Paragraph 11A(1)(a)\n\nOmit “persons”, substitute “group entities”.\n\n251 Paragraph 11A(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n252 Paragraph 11A(1)(c)\n\nOmit “or 55A”.\n\n253 Subsection 11A(2)\n\nOmit “person”, substitute “group entity”.\n\n254 Subsection 11A(2)\n\nOmit “and the Clean Energy Act 2011”.\n\n255 Section 11B (heading)\n\nRepeal the heading, substitute:\n\n#### 11B Operational control—nominated group entity\n\n256 Paragraph 11B(1)(a)\n\nOmit “more persons”, substitute “more group entities”.\n\n257 Paragraph 11B(1)(a)\n\nOmit “relevant persons”, substitute “relevant group entities”.\n\n258 Paragraph 11B(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n259 Paragraph 11B(1)(c)\n\nOmit “or 55A”.\n\n260 Paragraph 11B(1)(d)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n261 Subsection 11B(2)\n\nOmit “persons”, substitute “group entities”.\n\n262 Subsection 11B(2)\n\nOmit “person”, substitute “group entity”.\n\n263 Paragraph 11B(4)(a)\n\nOmit “persons is a foreign person”, substitute “group entities is a foreign corporation”.\n\n264 Paragraph 11B(4)(b)\n\nOmit “persons is not a foreign person”, substitute “group entities is not a foreign corporation”.\n\n265 Subsection 11B(4)\n\nOmit “foreign person cannot”, substitute “foreign corporation cannot”.\n\n266 Paragraph 11B(5)(b)\n\nOmit “persons”, substitute “group entities”.\n\n267 Subsection 11B(7)\n\nRepeal the subsection.\n\n268 Subsection 11B(8)\n\nOmit “eligible financial year” (wherever occurring), substitute “designated financial year”.\n\n269 Subsection 11B(10)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n270 Paragraph 11B(15)(b)\n\nOmit “and”.\n\n271 Paragraph 11B(15)(c)\n\nRepeal the paragraph.\n\n272 Subsection 11B(15)\n\nOmit “person”, substitute “group entity”.\n\n273 Subsection 11B(16)\n\nRepeal the subsection.\n\n274 Paragraph 11B(17)(b)\n\nOmit “and”.\n\n275 Paragraph 11B(17)(c)\n\nRepeal the paragraph.\n\n276 Subsection 11B(17)\n\nOmit “persons”, substitute “group entities”.\n\n277 Subsections 11B(18) and (19)\n\nRepeal the subsections.\n\n278 Subsection 11B(21)\n\nRepeal the subsection, substitute:\n\n Exceptions\n (21) A group entity is not required to comply with subsection (20) if the question of who has operational control of the facility is not relevant (whether directly or indirectly) to a requirement under this Act.\n\n279 Subsection 11B(22)\n\nOmit “person”, substitute “group entity”.\n\n280 Subsection 11B(22)\n\nOmit “or 55A”.\n\n281 Section 11C\n\nRepeal the section.\n\n282 Paragraph 11D(1)(c)\n\nRepeal the paragraph.\n\n283 Paragraphs 11D(1)(e) and (f)\n\nRepeal the paragraphs, substitute:\n\n (e) at any time during the preceding 5 years, the person has breached a civil penalty provision of this Act; or\n (f) if the person is a body corporate—at any time during the preceding 5 years, an executive officer of the body corporate has breached a civil penalty provision of this Act; or\n\n284 Paragraphs 11D(1)(i) and (j)\n\nRepeal the paragraphs, substitute:\n\n (i) the person has been convicted of an offence against this Act; or\n (j) if the person is a body corporate—an executive officer of the body corporate has been convicted of an offence against this Act.\n\n285 Subdivision A of Division 1 of Part 2 (heading)\n\nRepeal the heading.\n\n286 Subsections 13(2) and (3)\n\nOmit “member of a controlling corporation’s group”, substitute “group entity”.\n\n287 Subsection 13(4)\n\nRepeal the subsection.\n\n288 Subdivision B of Division 1 of Part 2\n\nRepeal the Subdivision.\n\n289 Division 4 of Part 2\n\nRepeal the Division.\n\n290 Paragraph 18B(3)(b)\n\nRepeal the paragraph.\n\n291 Subsection 19(1) (note 4)\n\nRepeal the note.\n\n292 Subsection 19(4)\n\nRepeal the subsection.\n\n293 Paragraphs 22(1)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n294 Paragraphs 22(2)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n295 Parts 3A and 3D\n\nRepeal the Parts.\n\n296 Paragraph 22X(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a facility is under the operational control of a member (the responsible member) of a controlling corporation’s group during the whole or a part of a financial year; and\n\n297 Subsection 24(1AA)\n\nRepeal the subsection.\n\n298 Subsection 24(1AD)\n\nOmit “22E or”.\n\n299 Paragraph 24(1AE)(a)\n\nOmit “22E(2)(b) or”.\n\n300 Subsection 24(1H)\n\nOmit “22E or”.\n\n301 Subsection 24(1J)\n\nOmit “or financial control liability transfer certificate”.\n\n302 Subsection 24(8)\n\nOmit “22E or”.\n\n303 Subsection 25(1)\n\nOmit “22G, a person required to provide information under section 20, or a person required to provide a report under section 22A, 22AA, 22E or 22X”, substitute “22G or 22X, or a person required to provide information under section 20,”.\n\n304 Subsection 30(2A)\n\nOmit “11C, 15A, 15AA, 22A, 22AA, 22E, 22X, 74AA”, substitute “22X”.\n\n305 Section 54A\n\nRepeal the section.\n\n306 Section 55A\n\nRepeal the section.\n\n307 Paragraphs 56(aab), (aa), (ga) and (gb)\n\nRepeal the paragraphs.\n\n308 Paragraph 56(j)\n\nOmit “75A;”, substitute “75A.”\n\n309 Paragraphs 56(k) and (l)\n\nRepeal the paragraphs.\n\n310 Section 74AA\n\nRepeal the section.\n\n311 Subsection 74B(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if:\n (a) the person is the responsible member mentioned in subsection 22X(1); and\n (b) the person is not a registered corporation; and\n (c) the Regulator has reasonable grounds to suspect that the person has contravened, is contravening, or is proposing to contravene, this Act or the regulations.\n\n312 Subsection 74C(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if the person:\n (a) is the responsible member mentioned in subsection 22X(1); and\n (b) is not a registered corporation.\n\nOzone Protection and Synthetic Greenhouse Gas Management Act 1989\n\n313 Paragraphs 65C(1)(aa), (ab) and (ac)\n\nOmit “equal to the prescribed rate component of an amount of levy”.\n\n314 Subsections 65C(4), (5) and (6)\n\nRepeal the subsections.\n\n315 Sections 69AA to 69AD\n\nRepeal the sections.\n\nPetroleum Resource Rent Tax Assessment Act 1987\n\n316 Subparagraph 28(1)(b)(iii)\n\nOmit “expenditure;”, substitute “expenditure.”.\n\n317 Paragraph 28(1)(c)\n\nRepeal the paragraph.\n\n318 Paragraph 44(1)(ia)\n\nRepeal the paragraph.\n\nTaxation Administration Act 1953\n\n319 Subsection 355‑65(7) in Schedule 1 (table item 3)\n\nRepeal the item.\n\nPart 3—Application and transitional provisions\n\nDivision 1—Preliminary\n\n320 Objects\n\n(1) The main objects of this Part are:\n\n (a) to provide for the winding‑up of the carbon tax scheme; and\n (b) to ensure that carbon tax liabilities relating to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n can be administered, collected and recovered after the start of 1 July 2014; and\n (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and\n (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and\n (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013.\n\n(2) The other objects of this Part are:\n\n (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and\n (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and\n (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.\n\n321 Definitions\n\nIn this Part:\n\ndesignated carbon unit day has the meaning given by item 322.\n\nRegistry has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegistry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegulator means the Clean Energy Regulator.\n\n322 Designated carbon unit day\n\n(1) For the purposes of this Part, designated carbon unit day means:\n\n (a) 9 February 2015; or\n (b) if a later day is specified in an instrument under subitem (2)—that later day.\n\n(2) The Regulator may, by legislative instrument, specify a day for the purposes of paragraph (1)(b).\n\n(3) The Regulator must not make an instrument under subitem (2) unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.\n\nNote: Subsection 142(3) of the Clean Energy Act 2011 enables the Regulator to extend the 2 February 2015 surrender deadline. See also item 345A (deadlines of 1 February and 15 June).\n\nDivision 2—Provisions relating to the Clean Energy Act 2011 and associated charge Acts\n\n323 Winding‑up of the carbon tax scheme—recovery of liabilities attributable to pre‑1 July 2014 emissions etc.\n\n(1) Despite the repeal of the Clean Energy Act 2011 by this Schedule, that Act continues in force, subject to:\n\n (a) this Part; and\n (b) the modifications set out in the following table;\n\nas if that repeal had not happened.\n\n```html\n

Modifications of the Clean Energy Act 2011

Item

Provision

Modification

1

section 4

Omit the section.

2

section 5 (definitions of average carbon unit auction price, benchmark average auction charge, carbon pollution cap, carbon pollution cap number, designated limit, and designated limit percentage)

Omit the definitions.

3

section 5 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

4

section 5 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

5

section 5 (definitions of flexible charge year and per‑tonne carbon price equivalent)

Omit the definitions.

6

section 5 (definition of unit shortfall)

Omit “128, 129 or 133”, substitute “128 or 129”.

7

section 5 (definition of vintage year)

Omit “eligible”.

8

Part 2

Omit the Part.

9

subsections 26(2), 27(2) and 28(2)

Omit all the words after “is taken to be”, substitute “zero”.

10

Subdivision A of Division 4 of Part 3

The Regulator must not issue an OTN under the Subdivision on or after 1 July 2014.

11

sections 42 and 43

Omit the sections.

12

section 43A

The section ceases to have effect at the end of 30 June 2015.

13

subsection 45(3)

The subsection ceases to have effect at the end of 30 June 2015.

14

subsections 45(4) to (13)

The subsections cease to have effect at the start of 1 September 2014.

15

subsection 46(1)

The subsection has effect, on and after 1 September 2014, as if the words “(as it stood at a particular time before the start of 1 September 2014)” were inserted after “OTN Register”.

16

section 47

The section ceases to have effect at the start of 1 August 2014.

17

section 64B

Omit the section.

18

paragraph 64F(1)(b)

Omit the paragraph.

19

subsection 66(4)

The subsection ceases to have effect at the start of 1 August 2014.

20

section 70

The Regulator must not make a declaration under the section on or after 1 July 2014.

21

section 71A

Omit the section.

22

section 72

The Regulator must not give a notice under the section on or after 1 July 2014.

24

section 83

The Regulator must not issue a certificate under the section on or after 1 July 2014.

25

section 87

The Regulator must not issue a certificate under the section on or after 1 July 2014.

26

sections 89 and 90

Omit the sections.

27

section 93

Omit the section.

28

subsection 96(2)

Omit “eligible”.

29

section 97 (note)

Omit the note.

30

subsection 100(1) (table items 5, 6, 7, 8 and 9)

Omit the table items.

31

subsection 100(2)

Omit the subsection.

32

subsection 100(3) (heading)

Omit “1, 3 and 5”, substitute “1 and 3”.

33

subsection 100(3)

Omit “1, 3 or 5”, substitute “1 or 3”.

34

subsection 100(4) (heading)

Omit “2, 4, 6, 7, 8 and 9”, substitute “2 and 4”.

35

subsection 100(4)

Omit “2, 4, 6, 7, 8 or 9”, substitute “2 or 4”.

36

subsections 100(9), (14) and (15)

Omit the subsections.

37

sections 101 and 102

Omit the sections.

38

sections 108 and 109

Omit the sections.

39

section 114

Omit the section.

40

Division 1 of Part 6

Omit the Division.

41

subsection 122(1)

Omit “during an eligible financial year”.

42

subsections 122(3), (4), (5), (9) and (11)

Omit the subsections.

43

sections 123 and 123A

Omit the sections.

44

paragraph 128(7)(d)

Before “this Division”, insert “if the eligible financial year began on 1 July 2012—“.

45

Subdivision B of Division 3 of Part 6

Omit the Subdivision.

46

subsection 134(3)

Omit the subsection.

47

subsection 134A(3) (paragraph (b) of the definition of applicable amount for the financial year)

Omit the paragraph.

48

paragraphs 142(3)(c), (e) and (f)

Omit the paragraphs.

48A

section 144

Omit the section.

49

paragraph 145(5)(b)

Omit the paragraph.

50

paragraph 145(5)(c)

Omit the paragraph, substitute:

(c) the principle that changes should not have a negative effect on recipients of assistance under the Jobs and Competitiveness Program;

51

Division 5 of Part 7

Omit the Division.

52

section 160

Omit the section.

53

paragraphs 161(2)(b) and (c)

Omit the paragraphs.

54

subsection 161(3)

Omit the subsection.

55

subsection 161(4)

Omit “or (3)”.

56

subsection 161(5)

Omit “a later”, substitute “an”.

57

subsections 161(6), (7), (8) and (9)

Omit “or (3)”.

58

Part 9

The Part ceases to have effect at the end of 30 June 2015.

59

Division 3 of Part 9

Omit the Division.

60

sections 196 and 196A

Omit the sections.

61

subsections 197(3) to (6)

Omit the subsections.

62

section 199

After “each quarter”, insert “that ends on or before 31 March 2015”.

63

section 200

Omit the section.

64

subsection 212(2) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

65

subsection 212(3) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

66

Part 12

Omit the Part.

67

paragraphs 262(1)(ma), (r), (u) and (v) and 263(2)(g), (i) and (j)

Omit the paragraphs.

68

section 281 (table items 3, 4, 5, 7, 8, 11, 12, 13 and 16)

Omit the table items.

69

Part 22

Omit the Part.

70

subparagraph 295(d)(iii)

Omit the subparagraph.

71

subparagraph 295(e)(ii)

Omit the subparagraph.

72

subparagraph 295(i)(iii)

Omit the subparagraph.

73

sections 303A and 303B

Omit the sections.

\n```\n\nCarbon units with a vintage year beginning on or after 1 July 2014\n\n(2) The modification made by item 3 of the table in subitem (1) does not apply in relation to the issue of a carbon unit with a vintage year beginning on or after 1 July 2014, if the carbon unit was issued as a result of an auction conducted before 1 July 2014.\n\nReview of decisions\n\n(3) The modification of section 281 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a decision made before 1 July 2014.\n\nCivil penalty orders\n\n(4) The modification of section 262 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a contravention that occurred before 1 July 2014.\n\n324 Application—repeal of Charge Acts\n\nCharge for issue of carbon units for a fixed charge\n\n(1) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units in accordance with section 100 of the Clean Energy Act 2011:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n\ndoes not apply to the issue of carbon units with a vintage year beginning on 1 July 2012 or 1 July 2013.\n\nCharge for issue of carbon units as a result of an auction\n\n(2) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units as a result of an auction:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n\ndoes not apply to the issue of carbon units if the carbon units were issued as a result of an auction conducted before 1 July 2014.\n\nCharge on unit shortfall\n\n(3) The repeal by this Schedule of the following Acts, so far as they relate to a unit shortfall for a financial year:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011;\n\ndoes not apply to:\n\n (d) a unit shortfall for the financial year beginning on 1 July 2012; or\n (e) a unit shortfall for the financial year beginning on 1 July 2013.\n\n325 Issue of carbon units\n\nThe Regulator must not issue any carbon units after the start of the designated carbon unit day.\n\n327 Cancellation of carbon units—designated carbon unit day\n\nScope\n\n(1) This item applies if there was an entry for a carbon unit in a person’s Registry account at the start of the designated carbon unit day.\n\nCancellation of unit\n\n(2) The Regulator must cancel the unit.\n\n(3) The Regulator must remove the entry for the unit from the person’s Registry account.\n\n(4) The Registry must set out a record of each cancellation under subitem (2).\n\n328 Surrender of eligible Australian carbon credit units\n\n(1) If:\n\n (a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and\n (b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and\n (c) the person has a Registry account;\n\nthen:\n\n (d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:\n (i) during that period; and\n (ii) in relation to the financial year beginning on 1 July 2013;\n are restored units for the purposes of this item; and\n (e) a restored unit is taken never to have been surrendered or cancelled; and\n (f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.\n\n(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).\n\n(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.\n\n(4) A determination under paragraph (1)(d) is not a legislative instrument.\n\n329 Opt‑in Scheme\n\n(1) A reference in the Opt‑in Scheme to a financial year does not include a reference to a financial year beginning on or after 1 July 2014.\n\n(2) Regulations 3.48 and 3.50 of the Clean Energy Regulations 2011 cease to have effect at the end of 30 June 2014.\n\nDivision 3—Provisions relating to other Acts\n\n330 Transitional—A New Tax System (Goods and Services Tax) Act 1999\n\nDespite the amendments of the A New Tax System (Goods and Services Tax) Act 1999 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n331 Transitional—Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\nDespite the amendments of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n332 Transitional—Australian National Registry of Emissions Units Act 2011\n\nDespite the amendments of the Australian National Registry of Emissions Units Act 2011 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n333 Transitional—Clean Energy Regulator Act 2011\n\n(1) Despite the amendment of the definition of climate change law in section 4 of the Clean Energy Regulator Act 2011 made by this Schedule, that definition continues to apply, in relation to paragraph 12(a) and subsection 43(3) and section 44 of that Act, as if that amendment had not been made.\n\n(2) Each of the following:\n\n (a) this Act;\n (b) a legislative instrument under this Act;\n (c) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (d) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014;\n\nis taken to be a climate change law for the purposes of paragraph 12(a) and subsection 43(3) and section 44 of the Clean Energy Regulator Act 2011.\n\n334 Application—amendments of the Fuel Tax Act 2006\n\nThe amendments of the Fuel Tax Act 2006 made by this Schedule apply to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n335 Application—amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006\n\nThe amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 made by this Act applies to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n336 Application—amendments of the Income Tax Assessment Act 1997\n\n(1) The repeal of section 26‑18 of the Income Tax Assessment Act 1997 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n(2) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule (other than the amendment of section 12‑5 or the repeal of section 26‑18), that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n337 Transitional—National Greenhouse and Energy Reporting Act 2007\n\nGeneral\n\n(1) Despite the amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to the following matters:\n\n (a) determining the meaning of the following expressions, when used in the Clean Energy Act 2011:\n (i) carbon dioxide equivalence;\n (ii) facility;\n (iii) greenhouse gas;\n (iv) group;\n (v) member, when used in relation to a group;\n (vi) non‑group entity;\n (vii) operational control;\n (viii) potential greenhouse gas emissions;\n (ix) provisional emissions number;\n (x) scope 1 emission of greenhouse gas;\n (b) the matters mentioned in subsections 10(3) to (9) of the National Greenhouse and Energy Reporting Act 2007, so far as those matters are relevant to the Clean Energy Act 2011;\n (c) reports under section 22A, 22AA or 22E of the National Greenhouse and Energy Reporting Act 2007;\n (d) records under section 22B, 22C or 22F of the National Greenhouse and Energy Reporting Act 2007;\n (e) applications under section 15A or 15AA of the National Greenhouse and Energy Reporting Act 2007;\n (f) the registration of persons under section 18A of the National Greenhouse and Energy Reporting Act 2007;\n (g) the publication of information under section 24 of the National Greenhouse and Energy Reporting Act 2007, so far as the information relates to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n (h) audits under section 74AA of the National Greenhouse and Energy Reporting Act 2007;\n (i) audits under section 74B or 74C of the National Greenhouse and Energy Reporting Act 2007, so far as the audits relate to a person’s compliance with obligations under that Act (or regulations under that Act) in relation to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n\nas if:\n\n (j) the National Greenhouse and Energy Reporting Act 2007 were modified as set out in the following table; and\n (k) those amendments had not been made; and\n (l) subitem (6) had not been enacted.\n\n```html\n

Modifications of the National Greenhouse and Energy Reporting Act 2007

Item

Provision

Modification

1

section 7 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

2

section 7 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

\n```\n\nThresholds\n\n(2) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they are relevant to determining whether a controlling corporation’s group meets a threshold under section 13 of that Act for a financial year, apply in relation to a threshold for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nReports\n\n(3) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 19 of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\n(4) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 22G or 22X of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nUnsatisfactory compliance record\n\n(5) Despite the amendments of section 11D of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to:\n\n (a) unpaid unit shortfall charge; and\n (b) a breach of a civil penalty provision of:\n (ii) the Clean Energy Act 2011; or\n (iii) a determination under section 113 of the Clean Energy Act 2011; and\n (c) a conviction of an offence against the Clean Energy Act 2011;\n\nas if those amendments had not been made.\n\nRegulations—carbon dioxide equivalence\n\n(6) If, immediately before the commencement of this item, regulations were in force for the purposes of paragraph (a) of the definition of carbon dioxide equivalence in section 7 of the National Greenhouse and Energy Reporting Act 2007, the regulations have effect, after that commencement, as if they had been made for the purposes of the definition of carbon dioxide equivalence in section 7 of that Act as amended by this Schedule.\n\nDeregistration—section 18A registrations\n\n(7) If:\n\n (a) a person was registered under the National Greenhouse and Energy Reporting Act 2007 because of the operation of section 18A of that Act; and\n (b) the person is registered under that Act as at the start of 1 July 2014;\n\nthe Regulator must remove the person’s name from the Register.\n\n338 Transitional—Ozone Protection and Synthetic Greenhouse Gas Management Act 1989\n\nAmounts to be credited to the Ozone Protection and SGG Account\n\n(1) Despite the amendments of section 65C of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 made by this Schedule, that section continues to apply, in relation to levy for a quarter ending before 1 July 2014, as if those amendments had not been made.\n\nRemission or refund of levy for a quarter ending before 1 July 2014\n\n(2) Despite the repeal of sections 69AA to 69AD of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 by this Schedule, those sections continue to apply, in relation to levy for a quarter ending before 1 July 2014, as if:\n\n (a) that Act provided that an application under section 69AA, 69AB or 69AC of that Act must be made before 1 January 2016; and\n (b) that repeal had not happened.\n\n339 Transitional—Petroleum Resource Rent Tax Assessment Act 1987\n\n(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n340 Transitional—Taxation Administration Act 1953\n\nDespite the amendment of the Taxation Administration Act 1953 made by this Schedule, that Act continues to apply, in relation to records or disclosures made for the purpose of:\n\n (a) the verification from the Regulator of information provided to the Commissioner under or for the purposes of the Fuel Tax Act 2006 so far as that Act applies to taxable fuel acquired, manufactured or imported before 1 July 2014; or\n (b) administering the Clean Energy Act 2011 or the associated provisions (within the meaning of that Act);\n\nas if that amendment had not been made.\n\nDivision 4—Miscellaneous\n\n342 Transitional rules\n\nThe Minister may, by legislative instrument, make rules in relation to transitional matters arising out of the amendments and repeals made by this Schedule.\n\nDivision 5—Transitional provisions commencing on Royal Assent\n\n343 Auctions of carbon units\n\n(1) The Regulator must not conduct an auction of carbon units after the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014.\n\n(2) Any determination under subsection 113(1) of the Clean Energy Act 2011 ceases to have effect at the end of the day (the relevant day) that is the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014;\n\nexcept to the extent to which the determination relates to auctions conducted on or before the relevant day.\n\n343A Carbon units issued as a result of an auction conducted by the Regulator\n\n(1) If:\n\n (a) a carbon unit was issued as a result of an auction conducted by the Regulator; and\n (b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;\n\nthe Regulator must:\n\n (c) cancel the unit; and\n (d) remove the entry for the unit from the person’s Registry account; and\n (e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.\n\n(2) The Registry must set out a record of each cancellation under paragraph (1)(c).\n\n(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.\n\n(4) In this item:\n\nbusiness day means a day that is not:\n\n (a) a Saturday; or\n (b) a Sunday; or\n (c) a public holiday in the Australian Capital Territory.\n\n344 Carbon pollution cap regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if section 16 of that Act had not been enacted.\n\n345 Fixed charge regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if subsections 100(14) and (15) of that Act had not been enacted.\n\n345A Deadlines of 1 February and 15 June\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the following definitions were inserted in section 5 of that Act:\n\n> 15 June means:\n\n (a) if the 15 June concerned is a business day—that 15 June; or\n (b) if the 15 June concerned is not a business day—the first business day after that 15 June.\n\n> 1 February means:\n\n (a) if the 1 February concerned is a business day—that 1 February; or\n (b) if the 1 February concerned is not a business day—the first business day after that 1 February.\n\n345B Surplus and estimation error adjustment number\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the formula in subsection 131(3) of that Act were omitted and the following formula substituted:![Start formula Total estimation error numbers plus Provisional surplus surrender number end formula](image.002.png)\n\n345C Definitions\n\nIf this Division commences before 1 July 2014, this Division has effect as if item 321 (definitions) had commenced at the same time as this Division commences.\n\n345D Compensation for acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\nPart 4—Jobs and Competitiveness Program\n\nDivision 1—Preliminary\n\n346 Definitions\n\n(1) In this Part:\n\nlevy means levy imposed by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\nover‑allocation of free carbon units has the meaning given by item 354.\n\nrules means rules made under item 359.\n\ntrue‑up shortfall has the meaning given by item 355.\n\nunder‑allocation of free carbon units has the meaning given by item 352.\n\n(2) An expression used in this Part and in the Clean Energy Act 2011 has the same meaning in this Part as in that Act.\n\n347 Crown to be bound\n\nThis Part binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.\n\n348 Extension to external Territories\n\nThis Part extends to every external Territory.\n\n349 Extension to exclusive economic zone and continental shelf\n\nThis Part extends to Australia’s exclusive economic zone and continental shelf.\n\n350 Extension to Joint Petroleum Development Area\n\nThis Part extends to the Joint Petroleum Development Area.\n\nDivision 2—Reporting requirements\n\n351 Reporting requirements\n\nReport\n\n(1) The rules may make provision for and in relation to requiring a designated person to give a written report to the Regulator for the purposes of this Part.\n\nDesignated person\n\n(2) For the purposes of this item, a person is a designated person if free carbon units with a vintage year beginning on 1 July 2013 are or were issued to the person in accordance with the Jobs and Competitiveness Program.\n\nCompliance with reporting requirements\n\n(3) Subsection 151(1) of the Clean Energy Act 2011 has effect as if a requirement under rules made for the purposes of subitem (1) were a requirement under the Jobs and Competitiveness Program.\n\nDivision 3—Issue of additional free carbon units\n\n352 Under‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an under‑allocation of free carbon units; and\n (d) the number of units in that under‑allocation is equal to the number ascertained in accordance with the rules.\n\n353 Issue of additional free carbon units\n\n(1) If:\n\n (a) a person has an under‑allocation of free carbon units; and\n (b) the person has a Registry account;\n\nthe Regulator must:\n\n (c) issue to the person, under section 94 of the Clean Energy Act 2011, a number of free carbon units equal to the number of units in the under‑allocation; and\n (d) do so within the period ascertained in accordance with the rules.\n\n(2) Free carbon units issued in accordance with subitem (1):\n\n (a) are to have a vintage year beginning on 1 July 2013; and\n (b) are taken (except for the purposes of this Part) to have been issued in accordance with the Jobs and Competitiveness Program.\n\nDivision 4—True‑up shortfalls\n\n354 Over‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an over‑allocation of free carbon units; and\n (d) the number of units in that over‑allocation is equal to the number ascertained in accordance with the rules.\n\n355 True‑up shortfall\n\n(1) For the purposes of this Part, if:\n\n (a) a person has an over‑allocation of free carbon units; and\n (b) the number worked out using the formula in subitem (2) exceeds zero;\n\nthen:\n\n (c) the person has a true‑up shortfall; and\n (d) the number of units in that shortfall is equal to the number worked out using that formula.\n\nNote: Levy is imposed on a true‑up shortfall by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n(2) The formula is as follows:\n\n![Start formula Number of units in the over-allocation minus Number of units relinquished end formula](image.003.png)\n\nwhere:\n\nnumber of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.\n\nDivision 5—Collection of levy\n\n356 When levy is due and payable\n\nLevy imposed on a true‑up shortfall of a person is due and payable at the end of the period ascertained in accordance with the rules.\n\n357 Late payment penalty\n\n(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:\n\n (a) 20% per annum; or\n (b) if a lower percentage is specified in the rules—that lower percentage per annum;\n\non the amount unpaid, computed from that time.\n\nPower to remit\n\n(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).\n\n(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.\n\n358 Recovery of levy and late payment penalty\n\nScope\n\n(1) This item applies to the following amounts:\n\n (a) an amount of levy;\n (b) an amount payable under item 357.\n\nRecovery\n\n(2) The amount:\n\n (a) is a debt due to the Commonwealth; and\n (b) may be recovered by the Regulator, on behalf of the Commonwealth, by action in a court of competent jurisdiction.\n\nDivision 6—Miscellaneous\n\n358A Associated provisions\n\nA reference in the Clean Energy Act 2011 (other than section 307) to the associated provisions includes a reference to:\n\n (a) the provisions of this Part; and\n (b) the provisions of the rules; and\n (c) the provisions of the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014; and\n (d) the provisions of the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n359 Rules\n\n(1) The Minister may, by legislative instrument, make rules prescribing matters:\n\n (a) required or permitted by this Part to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.\n\n(2) Conditions specified in rules made for the purposes of paragraph 352(b) or 354(b) may relate to events or things that occurred, or circumstances that existed, before the rules were registered under the Legislation Act 2003.\n\n(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the rules.\n\nSchedule 2—Carbon tax price reduction obligation\n\nCompetition and Consumer Act 2010\n\n1 After paragraph 2B(1)(a)\n\nInsert:\n\n (aa) Part V;\n\n2 After subparagraph 6(2)(b)(i)\n\nInsert:\n\n (ia) Part V (other than Division 5);\n\n3 After Part IVB\n\nInsert:\n\n## Part V—Carbon tax price reduction obligation\n\n### Division 1—Preliminary\n\n#### 60 Simplified outline of this Part\n\n• An entity must not engage in price exploitation in relation to the carbon tax repeal.\n\n• The Commission may monitor prices in relation to the carbon tax repeal and the carbon tax scheme.\n\n• An entity must not make false or misleading representations about the effect of the carbon tax repeal, or the carbon tax scheme, on the price for the supply of goods or services.\n\n• An entity that sells electricity or natural gas, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas, will be required to explain and substantiate:\n\n(a) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n\n(b) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n• An entity that sells electricity or natural gas to customers, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas to customers, must:\n\n(a) give a carbon tax removal substantiation statement to the Commission; and\n\n(b) include in the statement the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, attributable to the carbon tax repeal and that have been, are being, or will be, passed on to customers during the financial year that began on 1 July 2014; and\n\n(c) provide information with the statement that substantiates such an estimate; and\n\n(d) in a case where the entity sells electricity or natural gas to customers—communicate to customers a statement that identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings to customers that are for the financial year that began on 1 July 2014.\n\n• Infringement notices may be issued for certain contraventions of this Part.\n\n#### 60AA Objects etc.\n\n (1) The main objects of this Part are:\n (a) to deter price exploitation in relation to the carbon tax repeal at each point in the supply chain for regulated goods; and\n (b) to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods.\n (2) The intention of the Parliament in enacting this Part is to ensure that all cost savings attributable to the carbon tax repeal are passed on to consumers of regulated goods through lower prices.\n\n#### 60A Definitions\n\n In this Part:\n\n> applicable compliance period, for a carbon tax removal substantiation notice, has the meaning given by subsection 60FC(2).\n\n> bulk SGG importer means an entity that:\n\n (a) holds a controlled substances licence under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 that allows the entity to import synthetic greenhouse gases; and\n (b) supplies synthetic greenhouse gas to SGG customers.\n\n> carbon charge component of levy means so much of the amount of the levy as is calculated by multiplying the number of tonnes of carbon dioxide equivalence by a per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit.\n\n> carbon tax removal substantiation notice has the meaning given by subsection 60FA(3).\n\n> carbon tax removal substantiation statement has the meaning given by subsection 60FD(3).\n\n> carbon tax repeal means:\n\n (a) the repeal of the following Acts by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Clean Energy Act 2011;\n (ii) the Clean Energy (Charges—Customs) Act 2011;\n (iii) the Clean Energy (Charges—Excise) Act 2011;\n (iv) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n (v) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n (vi) the Clean Energy (Unit Shortfall Charge—General) Act 2011; and\n (b) the amendments of the following Acts made by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Fuel Tax Act 2006;\n (ii) the Fuel Tax (Consequential and Transitional Provisions) Act 2006; and\n (c) the amendments made by the following Acts:\n (i) the Customs Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (ii) the Excise Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (iii) the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Act 2014;\n (iv) the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Carbon Tax Repeal) Act 2014.\n\n> carbon tax repeal transition period means the period:\n\n (a) beginning at the start of 1 July 2014; and\n (b) ending at the end of 30 June 2015.\n\n> carbon tax scheme means the scheme embodied in the following:\n\n (a) the Clean Energy Act 2011, as in force at the start of 1 January 2014;\n (b) the associated provisions (within the meaning of that Act as in force at that time);\n (c) the following provisions of the Fuel Tax Act 2006, as in force at the start of 1 January 2014:\n (i) Division 42A;\n (ii) section 43‑5, so far as that section relates to a carbon reduction;\n (iii) section 43‑8;\n (iv) section 43‑11;\n (d) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (e) section 4A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (f) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (g) sections 6FA, 6FB and 6FC of the Excise Tariff Act 1921, as in force at the start of 1 January 2014;\n (h) section 19A of the Customs Tariff Act 1995, as in force at the start of 1 January 2014.\n\n> electricity customer means an entity that purchases electricity.\n\n> electricity retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells electricity to electricity customers; or\n (b) an entity who is a retailer within the meaning of the Electricity Industry Act 2000 (Vic.); or\n (c) an entity who is a retail entity within the meaning of the Electricity Act 1994 (Qld); or\n (d) an entity who:\n (i) holds a retail licence within the meaning of the Electricity Industry Act 2004 (WA); or\n (ii) holds an integrated regional licence within the meaning of the Electricity Industry Act 2004 (WA) that authorises the entity to sell electricity; or\n (e) an entity who is an electricity entity within the meaning of the Electricity Reform Act (NT) and whose licence under that Act authorises the entity to sell electricity; or\n (f) any other entity who produces electricity in Australia.\n\n> engages in price exploitation in relation to the carbon tax repeal: see section 60C.\n\n> entity means any of the following:\n\n (a) a corporation (as defined by section 4);\n (b) an individual;\n (c) a body corporate;\n (d) a corporation sole;\n (e) a body politic;\n (f) a partnership;\n (g) any other unincorporated association or body of entities;\n (h) a trust;\n (i) any party or entity which can or does buy or sell electricity, natural gas or synthetic greenhouse gas.\n\n> infringement notice means an infringement notice issued under subsection 60L(1).\n\n> infringement notice compliance period: see section 60P.\n\n> infringement notice provision means section 60C or 60K.\n\n> listed corporation has the meaning given by section 9 of the Corporations Act 2001.\n\n> National Energy Retail Law means the National Energy Retail Law set out in the Schedule to the National Energy Retail Law (South Australia) Act 2011 (SA).\n\n> natural gas has the same meaning as in the National Gas (Commonwealth) Law (as defined by the Australian Energy Market Act 2004).\n\n> natural gas customer means an entity that purchases natural gas.\n\n> natural gas retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells natural gas to natural gas customers; or\n (b) an entity who is a gas retailer within the meaning of the Gas Industry Act 2001 (Vic.); or\n (c) an entity who is a retailer within the meaning of the Gas Supply Act 2003 (Qld); or\n (d) an entity who holds a trading licence under the Energy Coordination Act 1994 (WA); or\n (e) an entity who holds a licence under the Gas Act 2000 (Tas.) to sell gas by retail.\n\n> price, in relation to a supply, includes:\n\n (a) a charge of any description for the supply; and\n (b) any pecuniary or other benefit, whether direct or indirect, received or to be received by a person for or in connection with the supply.\n\n> regulated goods: see section 60B.\n\n> regulated supply means a supply that:\n\n (a) occurs during the carbon tax repeal transition period; and\n (b) is of regulated goods.\n\n> regulated supply input costs of an entity means the entity’s input costs in relation to the making by the entity of regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n> Royal Assent day means the day on which the Act that inserted this Part receives the Royal Assent.\n\n> SGG customer means an entity that purchases synthetic greenhouse gas.\n\n> SGG equipment has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n> synthetic greenhouse gas has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n#### 60B Regulated goods\n\n (1) For the purposes of this Part, regulated goods means:\n (a) natural gas; or\n (b) electricity; or\n (c) synthetic greenhouse gas; or\n (d) SGG equipment; or\n (e) other goods of a kind specified in a legislative instrument under subsection (2).\n (2) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (1)(e).\n\n### Division 2—Carbon tax price reduction obligation\n\n#### 60C Price exploitation in relation to the carbon tax repeal\n\n (1) An entity must not engage in price exploitation in relation to the carbon tax repeal.\n (2) For the purposes of this Part, an entity engages in price exploitation in relation to the carbon tax repeal if, and only if:\n (a) it makes a regulated supply; and\n (b) the price for the supply does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal.\n (3) For the purposes of this Part, in determining whether the price for a supply made by an entity does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal, have regard to the following matters:\n (a) the entity’s cost savings that are directly or indirectly attributable to the carbon tax repeal;\n (b) how the cost savings mentioned in paragraph (a) can reasonably be attributed to the different supplies that the entity makes;\n (c) the entity’s costs;\n (d) any other relevant matter that may reasonably influence the price.\n\n#### 60CA Failure to pass on cost savings—250% penalty\n\n (1) If:\n (a) either:\n (i) an entity contravenes subsection 60C(1) in relation to a particular supply of electricity or natural gas; or\n (ii) an entity that is a bulk SGG importer contravenes subsection 60C(1) in relation to a particular supply of synthetic greenhouse gas; and\n (b) the contravention involved a failure to pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal;\n there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount equal to 250% of those cost savings that were not passed through.\n When penalty becomes due and payable\n (2) An amount payable by an entity under subsection (1) is due and payable on 1 July 2015.\n Late payment penalty\n (3) If an amount payable by an entity under subsection (1) remains unpaid after the time when it became due for payment, there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount calculated at the rate of 6% per annum on the amount unpaid, computed from that time.\n Recovery of penalties\n (4) An amount payable by an entity under subsection (1) or (3):\n (a) is a debt due to the Commonwealth; and\n (b) shall be recovered by the Commission, on behalf of the Commonwealth, by action in a court of competent jurisdiction, unless the cost of doing so exceeds the amount.\n Report to Parliament\n (5) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of penalties payable by entities.\n\n#### 60D Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that the entity has engaged in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) identify:\n (i) the entity that made the supply; and\n (ii) the kind of supply made; and\n (iii) the circumstances in which the supply was made; and\n (c) state that, in the Commission’s opinion, the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (3) In any proceedings:\n (aa) under section 60CA; or\n (a) under section 76 for a pecuniary penalty order relating to section 60C; or\n (b) under section 80 for an injunction relating to section 60C; or\n (c) under section 80A, 82, 86C, 86D or 87 for an order relating to section 60C;\n the notice is prima facie evidence that the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (4) The Commission may vary or revoke the notice on its own initiative or on application made by the entity. The Commission must give the entity written notice of the variation or revocation.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60E Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that doing so will aid the prevention of the entity engaging in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) be expressed to relate to any supply that the entity makes that is:\n (i) of a kind specified in the notice; and\n (ii) made in circumstances specified in the notice; and\n (iii) made during the period specified in the notice (which must not be a period ending after the end of the carbon tax repeal transition period); and\n (c) specify the maximum price that, in the Commission’s opinion, may be charged for a supply to which the notice is expressed to relate.\n (3) The Commission may, on its own initiative or on application made by the entity:\n (a) vary the notice to:\n (i) change the period specified as required by subparagraph (2)(b)(iii); or\n (ii) change the price specified in the notice as required by paragraph (2)(c); or\n (b) revoke the notice.\n The Commission must give the entity written notice of the variation or revocation.\n (4) The Commission may publish the notice, or particulars of any variation or revocation of the notice, in such manner as the Commission considers appropriate.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60F Acquisition of property\n\n Scope\n (1) This section applies to the following provisions of this Act:\n (a) section 60C;\n (b) any other provision to the extent to which it relates to section 60C.\n Effect of provision\n (2) The provision has no effect to the extent (if any) to which its operation would result in the acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph).\n\n### Division 2A—Carbon tax removal substantiation notices\n\n#### 60FA Carbon tax removal substantiation notices\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation notice\n (2) The Commission must, within 30 days after the Royal Assent day, by written notice given to the entity, require the entity:\n (a) to give to the Commission, within the period specified in the notice, a written statement that explains:\n (i) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n (ii) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas; and\n (b) to do either or both of the following:\n (i) give to the Commission, within the period and in the manner and form specified in the notice, information that substantiates the explanation set out in the statement;\n (ii) produce to the Commission, within the period and in the manner specified in the notice, documents that substantiate the explanation set out in the statement.\n (3) A notice under subsection (2) is to be known as a carbon tax removal substantiation notice.\n (4) A period specified in a carbon tax removal substantiation notice must be 21 days after the notice is given.\n (5) A carbon tax removal substantiation notice must explain the effect of:\n (a) section 60FB; and\n (b) section 60FC; and\n (c) sections 137.1 and 137.2 of the Criminal Code.\n Section does not limit section 60H\n (6) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (7) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60FB Extending periods for complying with carbon tax removal substantiation notices\n\n (1) An entity that has been given a carbon tax removal substantiation notice may, at any time within 14 days after the notice was given to the entity by the Commission, apply in writing to the Commission for an extension of the period for complying with the notice.\n (2) The Commission may, by written notice given to the entity, extend the period within which the entity must comply with the notice, so long as the extension is for a period of not more than 28 days.\n\n#### 60FC Compliance with carbon tax removal substantiation notices\n\n (1) An entity that is given a carbon tax removal substantiation notice must comply with it within the applicable compliance period for the notice.\n (2) The applicable compliance period for a carbon tax removal substantiation notice is:\n (a) the period of 21 days specified in the notice; or\n (b) if the period for complying with the notice has been extended under section 60FB—the period as so extended;\n and includes (if an application has been made under section 60FB for an extension of the period for complying with the notice) the period up until the time when the applicant is given notice of the Commission’s decision on the application.\n (3) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (1); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 200 penalty units.\n\n (4) Subsection (3) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (5) If subsection (3) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (3) of this section has effect, in relation to the individual, as if the reference to 200 penalty units were a reference to 40 penalty units.\n (6) If subsection (1) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving information or producing a document in accordance with a carbon tax removal substantiation notice on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 2B—Carbon tax removal substantiation statements\n\n#### 60FD Carbon tax removal substantiation statements\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation statement\n (2) Within 30 days after the Royal Assent day, the entity must give to the Commission:\n (a) a written statement that sets out:\n (i) if the entity has electricity customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and\n (ii) if the entity has natural gas customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and\n (iii) if the entity has SGG customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and\n (b) information that substantiates the estimate or estimates set out in the statement.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n (3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement.\n (4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity’s website, in a way that is readily accessible by the public, until the end of 30 June 2015.\n Compliance\n (5) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (4); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 500 penalty units.\n\n (6) Subsection (5) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.\n (8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60H\n (9) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (10) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n Report to Parliament\n (11) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of compliance by all entities.\n\n### Division 2C—Statements for customers\n\n#### 60FE Statements for customers\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers.\n Preparation of statement\n (2) Within 30 days after the Royal Assent day, the entity must prepare a statement that:\n (a) if the entity has electricity customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014; and\n (b) if the entity has natural gas customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014.\n Communication of contents of statement to customers\n (3) During the period:\n (a) beginning 30 days after the Royal Assent day; and\n (b) ending 60 days after the Royal Assent day;\n the entity must ensure that the contents of the statement prepared by it under subsection (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n Compliance\n (4) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (3); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 400 penalty units.\n\n (5) Subsection (4) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (6) If subsection (4) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.\n (7) If subsection (2) or (3) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from:\n (a) preparing a statement under subsection (2) of this section; or\n (b) communicating the contents of a statement under subsection (3) of this section;\n on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 3—Price monitoring in relation to the carbon tax repeal etc.\n\n#### 60G Commission may monitor prices in relation to the carbon tax repeal etc.\n\n Price monitoring—carbon tax repeal transition period\n (1) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged by entities for supplies, in the carbon tax repeal transition period, of relevant goods.\n\n> Note: For relevant goods, see subsection (11).\n\n (2) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of relevant goods by entities.\n\n> Note: For relevant goods, see subsection (11).\n\n (3) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n (4) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n Price monitoring—price exploitation\n (5) The Commission may monitor prices to assist the Commission’s consideration of whether an entity has engaged, is engaging, or may in the future engage, in price exploitation in relation to the carbon tax repeal.\n Price monitoring—pre‑repeal transition period\n (6) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged by entities for supplies, in the pre‑repeal transition period, of relevant goods.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (7) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of relevant goods by entities.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (8) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n (9) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n Section does not limit Part VIIA\n (10) This section does not limit Part VIIA (which is about prices surveillance).\n Relevant goods\n (11) For the purposes of this section, the following are relevant goods:\n (a) regulated goods;\n (b) other goods of a kind specified in a legislative instrument under subsection (12).\n (12) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (11)(b).\n Pre‑repeal transition period\n (13) For the purposes of this section, pre‑repeal transition period means the period:\n (a) beginning at the commencement of this section; and\n (b) ending at the end of 30 June 2014.\n\n#### 60H Information‑gathering powers\n\n (1) A member of the Commission may, by written notice given to a person, require the person:\n (a) to give the Commission specified information in writing signed by:\n (i) the person; or\n (ii) if the person is a body corporate—a competent officer of the body corporate; or\n (b) to produce to the Commission specified documents;\n if:\n (c) the information, or information contained in the documents, relates to prices or the setting of prices; and\n (d) the member reasonably believes that the information, or information contained in the documents, will or may be useful to the Commission in monitoring prices as mentioned in any of subsections 60G(1) to (9).\n\n> Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.\n\n (2) Information or documents that may be required under subsection (1) may relate to prices, or the setting of prices:\n (a) before or after the carbon tax repeal; and\n (b) before or after the start of the carbon tax repeal transition period; and\n (c) in a situation, or during a period, specified in the notice.\n (3) Subsection (2) does not limit subsection (1).\n (4) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (1); and\n (b) the person is capable of complying with the requirement; and\n (c) the person omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 20 penalty units.\n\n (5) An individual is excused from giving information or producing a document in accordance with a requirement under subsection (1) on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60FA\n (5A) This section does not limit section 60FA (which is about carbon tax removal substantiation notices).\n Section does not limit section 155\n (6) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60J Reporting\n\n (1) The Commission must, within 28 days after the end of each quarter, give the Minister a written report about the operations of the Commission under this Part during the quarter.\n (2) A report under subsection (1) must include particulars of:\n (a) all notices given under section 60E during the quarter; and\n (b) all variations or revocations during the quarter of notices given under section 60E.\n (3) Subsection (2) does not limit subsection (1).\n (4) For the purposes of this section, a quarter is a period of 3 months:\n (a) that occurs wholly or partly during the carbon tax repeal transition period; and\n (b) that starts on any of the following days in a year:\n (i) 1 January;\n (ii) 1 April;\n (iii) 1 July;\n (iv) 1 October.\n (5) As soon as practicable after the Minister receives a report under subsection (1), the Minister must make the report public by such means as the Minister considers appropriate.\n (6) If this section commences during a quarter (but not on the first day of a quarter):\n (a) no report is to be made at the end of the quarter; but\n (b) the report made at the end of the next quarter is also to include the information required by subsections (1) and (2) in relation to the previous quarter.\n\n### Division 4—False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n#### 60K False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n An entity must not, in trade or commerce, in connection with:\n (a) the supply or possible supply of goods or services; or\n (b) the promotion by any means of the supply or use of goods or services;\n make a false or misleading representation, during the carbon tax repeal transition period, concerning the effect of:\n (c) the carbon tax repeal or a part of the carbon tax repeal; or\n (d) the carbon tax scheme or a part of the carbon tax scheme;\n on the price for the supply of the goods or services.\n\n### Division 5—Infringement notices\n\n#### 60L Issuing an infringement notice\n\n Issuing an infringement notice\n (1) If the Commission has reasonable grounds to believe that a person has contravened an infringement notice provision, the Commission may issue an infringement notice to the person.\n (2) The Commission must not issue more than one infringement notice to the person for the same alleged contravention of the infringement notice provision.\n (3) The infringement notice does not have any effect if the notice:\n (a) is issued more than 12 months after the day on which the contravention of the infringement notice provision is alleged to have occurred; or\n (b) relates to more than one alleged contravention of an infringement notice provision by the person.\n Matters to be included in an infringement notice\n (4) An infringement notice must:\n (a) be identified by a unique number; and\n (b) state the day on which it is issued; and\n (c) state the name and address of the person to whom it is issued; and\n (d) identify the Commission; and\n (e) state how the Commission may be contacted; and\n (f) give details of the alleged contravention by the person, including:\n (i) the date of the alleged contravention; and\n (ii) the particular infringement notice provision that was allegedly contravened; and\n (g) state the maximum pecuniary penalty that the court could order the person to pay under section 76 for the alleged contravention; and\n (h) specify the penalty that is payable in relation to the alleged contravention; and\n (i) state that the penalty is payable within the infringement notice compliance period for the notice; and\n (j) state that the penalty is payable to the Commission on behalf of the Commonwealth; and\n (k) explain how payment of the penalty is to be made; and\n (l) explain the effect of sections 60M, 60N, 60P and 60Q.\n Amount of penalty\n (5) The penalty to be specified in an infringement notice that is to be issued to a person in relation to an alleged contravention of an infringement notice provision must be:\n (a) if the person is a listed corporation—600 penalty units; or\n (b) if the person is a body corporate other than a listed corporation—60 penalty units; or\n (c) if the person is not a body corporate—12 penalty units.\n\n#### 60M Effect of compliance with an infringement notice\n\n Scope\n (1) This section applies if:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person pays the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q.\n Effect\n (2) The person is not, merely because of the payment, regarded as:\n (a) having contravened the infringement notice provision; or\n (b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the infringement notice provision.\n (3) No proceedings (whether criminal or civil) may be started or continued against the person, by or on behalf of the Commonwealth, in relation to:\n (a) the alleged contravention of the infringement notice provision; or\n (b) an offence constituted by the same conduct that constituted the alleged contravention.\n\n#### 60N Effect of failure to comply with an infringement notice\n\n If:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person fails to pay the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q;\n the person is liable to proceedings under Part VI in relation to the alleged contravention of the infringement notice provision.\n\n#### 60P Infringement notice compliance period for infringement notice\n\n (1) The infringement notice compliance period for an infringement notice is the period of 28 days beginning on the day after the day on which the infringement notice is issued by the Commission.\n (2) Subsection (1) has effect subject to subsection (7).\n (3) The Commission may extend, by notice in writing, the infringement notice compliance period for the notice if the Commission is satisfied that it is appropriate to do so.\n (4) Only one extension may be given, and the extension must not be for longer than 28 days.\n (5) Notice of the extension must be given to the person who was issued the infringement notice.\n (6) A failure to comply with subsection (5) does not affect the validity of the extension.\n (7) If the Commission extends the infringement notice compliance period for an infringement notice, a reference in this Division to the infringement notice compliance period for an infringement notice is taken to be a reference to the infringement notice compliance period as so extended.\n\n#### 60Q Withdrawal of an infringement notice\n\n Representations to the Commission\n (1) A person to whom an infringement notice has been issued for an alleged contravention of an infringement notice provision may make written representations to the Commission seeking the withdrawal of the infringement notice.\n (2) Evidence or information that the person, or a representative of the person, gives to the Commission in the course of making representations under subsection (1) is not admissible in evidence against the person or representative in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).\n Withdrawal by the Commission\n (3) The Commission may, by written notice (the withdrawal notice) given to the person to whom an infringement notice was issued, withdraw the infringement notice if the Commission is satisfied that it is appropriate to do so.\n (4) Subsection (3) applies whether or not the person has made representations seeking the withdrawal.\n Content of withdrawal notices\n (5) The withdrawal notice must state:\n (a) the name and address of the person; and\n (b) the day on which the infringement notice was issued to the person; and\n (c) that the infringement notice is withdrawn; and\n (d) that proceedings under Part VI may be started or continued against the person in relation to:\n (i) the alleged contravention the infringement notice provision; or\n (ii) an offence constituted by the same conduct that constituted the alleged contravention.\n Time limit for giving withdrawal notices\n (6) To be effective, the withdrawal notice must be given to the person within the infringement notice compliance period for the infringement notice.\n Refunds\n (7) If the infringement notice is withdrawn after the person has paid the penalty specified in the infringement notice, the Commission must, on behalf of the Commonwealth, refund to the person an amount equal to the amount paid.\n\n> Note: For appropriation, see section 28 of the Financial Management and Accountability Act 1997.\n\n#### 60R Effect of this Division\n\n This Division does not:\n (a) require an infringement notice to be issued to a person for an alleged contravention of an infringement notice provision; or\n (b) affect the liability of a person to proceedings under Part VI in relation to an alleged contravention of an infringement notice provision if:\n (i) an infringement notice is not issued to the person for the alleged contravention; or\n (ii) an infringement notice issued to a person for the alleged contravention is withdrawn under section 60Q; or\n (c) prevent a court from imposing a higher penalty than the penalty specified in the infringement notice if the person does not comply with the notice.\n\n4 Subsection 75B(1)\n\nAfter “section”, insert “60C, 60K or”.\n\n5 After subparagraph 76(1)(a)(i)\n\nInsert:\n\n (ii) section 60C;\n (iia) section 60K;\n\n6 After paragraph 76(1A)(b)\n\nInsert:\n\n (ba) for each act or omission to which this section applies that relates to section 60C or 60K—6,471 penalty units; and\n\n7 Before paragraph 76(1B)(a)\n\nInsert:\n\n (aa) for each act or omission to which this section applies that relates to section 60C or 60K—1,295 penalty units; and\n\n8 Paragraph 77A(3) (at the end of the definition of civil liability)\n\nAdd “or Part V”.\n\n9 Paragraph 80(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a contravention of any of the following provisions:\n (i) a provision of Part IV;\n (ii) a provision of Division 2 or 5 of Part IVB;\n (iii) section 60C;\n (iv) section 60K; or\n\n10 At the end of subsection 80(1A)\n\nAdd “, 60C or 60K”.\n\n11 After section 80\n\nInsert:\n\n#### 80A Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money\n\n (1) If, on the application of the Commission, the Court is satisfied that a person has engaged in conduct constituting a contravention of section 60C, the Court may make either or both of the following orders:\n (a) an order requiring that person, or a person involved in the contravention, not to make a regulated supply of a kind specified in the order for a price in excess of the price specified in the order while the order remains in force;\n (b) an order requiring that person, or a person involved in the contravention, to refund money to a person specified in the order.\n\n> Note: Section 60C is about price exploitation in relation to the carbon tax repeal.\n\n (2) This section does not limit section 80.\n (3) In this section:\n\n> price has the same meaning as in Part V.\n\n> regulated supply has the same meaning as in Part V.\n\n12 Subsection 82(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n13 Section 83\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n14 Paragraphs 84(1)(b) and (3)(b)\n\nAfter “IVB”, insert “or V”.\n\n15 After paragraph 85(a)\n\nInsert:\n\n (aa) engaged in conduct in contravention of section 60C or 60K; or\n\n16 Paragraph 86C(2)(a)\n\nBefore “a”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n17 Paragraph 86C(2)(b)\n\nBefore “a probation”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n18 Subsection 86C(4) (paragraph (a) of the definition of contravening conduct)\n\nAfter “section”, insert “60C, 60K or”.\n\n19 Subsection 87(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n20 Paragraph 87(1A)(a)\n\nAfter “IVB”, insert “or section 60C or 60K”.\n\n21 Paragraph 87(1A)(b)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n22 Paragraph 87(1B)(a)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n23 Subsection 87(1C)\n\nOmit “or Division 2 of Part IVB”, substitute “, Division 2 of Part IVB or section 60C or 60K”.\n\n24 Subsection 155AAA(21) (paragraph (a) of the definition of core statutory provision)\n\nAfter “Part IV,”, insert “V,”.\n\n25 Subsection 155AAA(21) (after paragraph (b) of the definition of protected information)\n\nInsert:\n\n (ba) information that was obtained by the Commission under paragraph 60FD(2)(b) or section 60FA or 60H; or\n\n26 Before subparagraph 163A(1)(a)(ii)\n\nInsert:\n\n (i) Part V;\n\nSchedule 3—Repeal of tax offset for conservation tillage\n\nClean Energy (Consequential Amendments) Act 2011\n\n1 Subsection 2(1) (table item 6)\n\nRepeal the item.\n\n2 Part 3 of Schedule 2\n\nRepeal the Part.\n\nIncome Tax Assessment Act 1997\n\n3 Section 67‑23 (table item 24)\n\nRepeal the item.\n\n4 Subdivision 385‑J\n\nRepeal the Subdivision.\n\n5 Subsection 995‑1(1) (definition of eligible no‑till seeder)\n\nRepeal the definition.\n\n6 Application of amendments\n\nThe amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.\n\nNote: The provisions of the Income Tax Assessment Act 1997 repealed by this Schedule will continue to apply to assessments for the 2012‑13 and 2013‑14 income years.\n\n7 Transitional—timing relating to 2013‑14 income year\n\nThe following provisions of the Income Tax Assessment Act 1997:\n\n (a) subparagraph 385‑175(1)(e)(ii);\n (b) subparagraph 385‑190(1)(c)(ii);\n\napply for the purposes of assessments for the 2013‑14 income year as if those provisions referred to 30 June 2014 rather than 30 June 2015.\n\nSchedule 4—Repeal of the Steel Transformation Plan Act 2011\n\nSteel Transformation Plan Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nNote: On the repeal of the Act, the Steel Transformation Plan 2012 (which was made under Part 3 of the Act) will also cease to have effect.\n\n2 Effect of repeal\n\n(1) To avoid doubt:\n\n (a) no assistance is payable under the old Act or the old Plan after the commencement of this Schedule, including in respect of the half‑year ending on 30 June 2014; and\n (b) a return is not required to be (and cannot be) provided under Part 4 of the old Plan in respect of the half‑year ending on 30 June 2014 (or any later half‑year); and\n (c) the following conditions cease to have effect on the commencement of this Schedule:\n (i) conditions to which payments of competitiveness assistance advances under the old Act were subject;\n (ii) conditions to which registrations of corporations under the old Plan as STP participants were subject; and\n (d) the Department’s annual report for the financial year ending on 30 June 2014 (or any later financial year) is not required to comply with section 26 of the old Act.\n\n(2) In this item:\n\nold Act means the Steel Transformation Plan Act 2011.\n\nold Plan means the Steel Transformation Plan 2012 made under Part 3 of the old Act.\n\nSchedule 5—Australian Renewable Energy Agency’s finances\n\nAustralian Renewable Energy Agency Act 2011\n\n1 Subsection 64(1) (table)\n\nRepeal the table, substitute:\n\n```html\n

Yearly maximum payments to ARENA

Item

Financial year

Amount for financial year

1

2013‑2014

$581,276,000.00

2

2014‑2015

$194,340,000.00

3

2015‑2016

$89,991,000.00

4

2016‑2017

$56,950,000.00

5

2017‑2018

$499,893,000.00

6

2018‑2019

$237,000,000.00

7

2019‑2020

$468,340,000.00

8

2020‑2021

$135,000,000.00

9

2021‑2022

$135,000,000.00

\n```\n\n2 Subsections 64(3) to (6)\n\nRepeal the subsections.\n\n3 Subsection 65(4) (note)\n\nOmit “subsections 64(2) to (6)”, substitute “subsection 64(2)”.\n\n4 Application\n\nTo avoid doubt:\n\n (a) the amendments made by this Part do not affect how the Australian Renewable Energy Agency Act 2011 applied, before the commencement of this Part, in relation to the financial year 2012‑2013; but\n (b) for the purposes of that Act as amended by this Part, subsection 64(2) of that Act does not apply so as to carry over to the 2013‑2014 financial year any unspent amount from the 2012‑2013 financial year.\n\nNote: The unspent amount from the 2012‑2013 financial year has instead been directly factored into amounts specified in the table substituted by item 1.","sortOrder":18},{"sectionNumber":"Division 1","sectionType":"division","heading":"Preliminary","content":"An Act to repeal the Clean Energy Act 2011, and for other purposes\n\n#### 1 Short title\n\n This Act may be cited as the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 July 2014

2. Schedule 1, Parts 1 and 2

1 July 2014.

1 July 2014

3. Schedule 1, Part 3, Divisions 1 to 4

1 July 2014.

1 July 2014

4. Schedule 1, Part 3, Division 5

The day this Act receives the Royal Assent.

17 July 2014

5. Schedule 1, Part 4

The day after this Act receives the Royal Assent.

However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.

18 July 2014

6. Schedule 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 January 2014.

18 July 2014

(paragraph (a) applies)

7. Schedule 3

The day after this Act receives the Royal Assent.

18 July 2014

8. Schedule 4

1 July 2014.

1 July 2014

9. Schedule 5

The day this Act receives the Royal Assent.

17 July 2014

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Schedule(s)\n\n Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\nSchedule 1—Repeal of the carbon tax\n\nPart 1—Repeal of Acts\n\nClean Energy Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Customs) Act 2011\n\n2 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Excise) Act 2011\n\n3 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Auctions) Act 2011\n\n4 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Fixed Charge) Act 2011\n\n5 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Shortfall Charge—General) Act 2011\n\n6 The whole of the Act\n\nRepeal the Act.\n\nPart 2—Amendments\n\nA New Tax System (Goods and Services Tax) Act 1999\n\n7 Section 195‑1\n\nInsert:\n\n> eligible Australian carbon credit unit means:\n\n (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or\n (b) a non‑Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:\n (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non‑Kyoto Australian carbon credit unit; and\n (ii) the non‑Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or\n (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.\n Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.\n\n8 Section 195‑1 (definition of eligible emissions unit)\n\nRepeal the definition, substitute:\n\n> eligible emissions unit means:\n\n (a) an \\*eligible international emissions unit; or\n (b) an \\*eligible Australian carbon credit unit.\n\n9 Section 195‑1\n\nInsert:\n\n> eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nAnti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n10 Section 5 (definition of carbon unit)\n\nRepeal the definition.\n\n11 Subsection 6(2) (paragraph (baa) of the cell at table item 33, column headed “Provision of a designated service”)\n\nRepeal the paragraph.\n\n12 Subsection 6(2) (paragraph (d) of the cell at table item 33, column headed “Provision of a designated service”)\n\nOmit “carbon units,”.\n\nAustralian National Registry of Emissions Units Act 2011\n\n13 Section 3\n\nOmit:\n\n• Entries may be made in Registry accounts for:\n\n(a) carbon units; and\n\n(b) Australian carbon credit units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\n• This Act sets out rules about dealings with:\n\n(a) Kyoto units; and\n\n(b) prescribed international units.\n\nsubstitute:\n\n• Entries may be made in Registry accounts for:\n\n(a) Australian carbon credit units; and\n\n(b) Kyoto units.\n\n• This Act sets out rules about dealings with Kyoto units.\n\n14 Section 4 (definition of Australian‑issued international unit)\n\nRepeal the definition.\n\n15 Section 4 (definition of benchmark average auction charge)\n\nRepeal the definition.\n\n16 Section 4 (definition of carbon unit)\n\nRepeal the definition.\n\n17 Section 4 (definition of Commonwealth foreign registry account)\n\nRepeal the definition.\n\n18 Section 4 (paragraph (d) of the definition of eligible international emissions unit)\n\nOmit “rules; or”, substitute “rules.”.\n\n19 Section 4 (paragraph (e) of the definition of eligible international emissions unit)\n\nRepeal the paragraph.\n\n20 Section 4 (definition of European allowance unit)\n\nRepeal the definition.\n\n21 Section 4 (definition of European Union Greenhouse Gas Emission Allowance Trading Directive)\n\nRepeal the definition.\n\n22 Section 4 (definition of fixed charge year)\n\nRepeal the definition.\n\n23 Section 4 (definition of foreign account)\n\nRepeal the definition, substitute:\n\n> foreign account, when used in relation to a Kyoto unit, means an account kept within a foreign Kyoto registry.\n\n24 Section 4 (definition of foreign government body)\n\nRepeal the definition.\n\n25 Section 4 (definition of hold)\n\nOmit “a carbon unit or”.\n\n26 Section 4 (definition of Information Database)\n\nRepeal the definition.\n\n27 Section 4 (definition of international arrangement)\n\nRepeal the definition.\n\n28 Section 4 (definition of international organisation)\n\nRepeal the definition.\n\n29 Section 4 (definition of issue)\n\nRepeal the definition, substitute:\n\n> issue, in relation to an Australian carbon credit unit, has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n30 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n31 Section 4 (definition of quarter)\n\nRepeal the definition.\n\n32 Section 4 (paragraph (aa) of the definition of registered holder)\n\nRepeal the paragraph.\n\n33 Section 4 (paragraph (b) of the definition of registered holder)\n\nOmit “unit; or”, substitute “unit.”.\n\n34 Section 4 (paragraph (c) of the definition of registered holder)\n\nRepeal the paragraph.\n\n35 Section 4 (definition of relinquish)\n\nRepeal the definition.\n\n36 Section 4 (definition of transfer)\n\nRepeal the definition, substitute:\n\n> transfer, in relation to a Kyoto unit, has the meaning given by section 33.\n\n37 Section 4 (definition of vintage year)\n\nRepeal the definition.\n\n38 Paragraph 9(4)(a)\n\nOmit “carbon units, Australian carbon credit units and prescribed international units”, substitute “Australian carbon credit units”.\n\n39 Paragraph 11(5)(a)\n\nOmit “carbon units or”.\n\n40 Section 14A\n\nRepeal the section.\n\n41 Paragraph 15(2)(aa)\n\nRepeal the paragraph.\n\n42 Paragraph 15(2)(c)\n\nOmit “account; and”, substitute “account.”.\n\n43 Paragraph 15(2)(d)\n\nRepeal the paragraph.\n\n44 Subparagraph 16(2)(b)(ii)\n\nOmit “(4), (5) and (6)”, substitute “(4) and (6)”.\n\n45 Subsection 16(2A)\n\nRepeal the subsection (not including the heading).\n\n46 Subsection 16(5)\n\nRepeal the subsection.\n\n47 Paragraph 16(7)(b)\n\nOmit “or (5)”.\n\n48 Subsection 17(1A)\n\nRepeal the subsection.\n\n49 Subsection 17(3)\n\nRepeal the subsection.\n\n50 Paragraph 19(3A)(a)\n\nOmit “or 49A”.\n\n51 Subsection 19(3B)\n\nRepeal the subsection.\n\n52 Section 21\n\nRepeal the section.\n\n53 Paragraph 22(4A)(a)\n\nOmit “or 49A”.\n\n54 Subsection 22(4B)\n\nRepeal the subsection.\n\n55 Subparagraph 26(3)(a)(ia)\n\nRepeal the subparagraph.\n\n56 Subparagraph 26(3)(a)(ii)\n\nOmit “or”.\n\n57 Subparagraph 26(3)(a)(iii)\n\nRepeal the subparagraph.\n\n58 Paragraph 27(3B)(b)\n\nOmit “account; or”, substitute “account.”.\n\n59 Paragraph 27(3B)(c)\n\nRepeal the paragraph.\n\n60 Paragraph 28A(1)(aa)\n\nRepeal the paragraph.\n\n61 Paragraph 28A(1)(b)\n\nOmit “or”.\n\n62 Paragraph 28A(1)(c)\n\nRepeal the paragraph.\n\n63 Paragraph 28A(4)(aa)\n\nRepeal the paragraph.\n\n64 Paragraph 28B(1)(aa)\n\nRepeal the paragraph.\n\n65 Paragraph 28B(1)(b)\n\nOmit “or”.\n\n66 Paragraph 28B(1)(c)\n\nRepeal the paragraph.\n\n67 Paragraph 28B(11)(aa)\n\nRepeal the paragraph.\n\n68 Subsection 28B(11) (paragraph (c) of the note)\n\nOmit “Act; and”, substitute “Act.”.\n\n69 Subsection 28B(11) (paragraphs (d) and (e) of the note)\n\nRepeal the paragraphs.\n\n70 Paragraph 28C(17)(aa)\n\nRepeal the paragraph.\n\n71 Subparagraph 28D(5)(a)(ii)\n\nOmit “carbon units or”.\n\n72 Paragraph 28D(5)(b)\n\nRepeal the paragraph, substitute:\n\n (b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.\n\n73 Paragraph 28D(16)(aa)\n\nRepeal the paragraph.\n\n74 Part 4\n\nRepeal the Part.\n\n75 Section 58\n\nOmit:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) carbon units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\nsubstitute:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) Kyoto units.\n\n76 Section 59A\n\nRepeal the section.\n\n77 Subsections 61(3) to (6)\n\nRepeal the subsections.\n\n78 Section 61A\n\nRepeal the section.\n\n79 Sections 63 to 63G\n\nRepeal the sections.\n\n80 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more carbon units, the person may request the Regulator to cancel any or all of those units. However, this rule does not apply to a unit that was issued for a fixed charge and has a vintage year that is a fixed charge year.\n\n81 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more prescribed international units, the person may request the Regulator to cancel any or all of those units.\n\n82 Section 64A\n\nRepeal the section.\n\n83 Section 66\n\nRepeal the section.\n\n84 Parts 6A and 6B\n\nRepeal the Parts.\n\n85 Paragraph 79(1)(c)\n\nOmit “27(4);”, substitute “27(4).”.\n\n86 Paragraph 79(1)(d)\n\nRepeal the paragraph.\n\n87 Section 82 (table item 2)\n\nOmit “or 53”.\n\n88 Section 82 (table item 3)\n\nRepeal the item.\n\n89 Section 82 (table items 8 and 9)\n\nOmit “or 21”.\n\n90 Section 82 (table items 15 and 16)\n\nRepeal the items.\n\n91 Section 86A\n\nRepeal the section.\n\nAustralian Securities and Investments Commission Act 2001\n\n92 Paragraph 12BAA(7)(ka)\n\nRepeal the paragraph.\n\n93 Paragraph 12BAB(1)(g)\n\nOmit “a carbon unit,”.\n\n94 At the end of the Act\n\nAdd:\n\n## Part 20—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 295 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 296 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\nClean Energy Regulator Act 2011\n\n95 Section 3\n\nOmit:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Clean Energy Act 2011; and\n\n(b) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(c) the National Greenhouse and Energy Reporting Act 2007; and\n\n(d) the Renewable Energy (Electricity) Act 2000; and\n\n(e) the Australian National Registry of Emissions Units Act 2011.\n\nsubstitute:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(b) the National Greenhouse and Energy Reporting Act 2007; and\n\n(c) the Renewable Energy (Electricity) Act 2000; and\n\n(d) the Australian National Registry of Emissions Units Act 2011.\n\n96 Section 4\n\nInsert:\n\n> Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.\n\n> Note: The text of the Convention is set out in Australian Treaty Series 1994 No. 2 (\\[1994\\] ATS 2). In 2013, the text of a Convention in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).\n\n97 Section 4 (paragraphs (b) to (h) of the definition of climate change law)\n\nRepeal the paragraphs.\n\n98 Section 4\n\nInsert:\n\n> greenhouse gas has the same meaning as in the National Greenhouse and Energy Reporting Act 2007.\n\n99 Section 4 (definition of international agreement)\n\nRepeal the definition, substitute:\n\n> international agreement means an agreement whose parties are:\n\n (a) Australia and a foreign country; or\n (b) Australia and 2 or more foreign countries.\n\n100 Section 4 (definition of international climate change agreement)\n\nRepeal the definition, substitute:\n\n> international climate change agreement means:\n\n (a) the Climate Change Convention; or\n (b) any other international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) imposes obligations on Australia to take action to reduce greenhouse gas emissions; or\n (c) an international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) is specified in a legislative instrument made by the Minister for the purposes of this definition.\n\n101 Section 4 (paragraph (a) of the definition of objectives of the Regulator)\n\nRepeal the paragraph.\n\n102 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n103 Paragraph 41(3)(a)\n\nRepeal the paragraph.\n\n104 Paragraph 49(1)(z)\n\nRepeal the paragraph, substitute:\n\n (z) a person or body responsible for the administration of a scheme that involves the issue or registration of prescribed eligible carbon units;\n\nCorporations Act 2001\n\n105 Section 9 (definition of carbon unit)\n\nRepeal the definition.\n\n106 Paragraph 764A(1)(kaa)\n\nRepeal the paragraph.\n\n107 At the end Chapter 10\n\nAdd:\n\n## Part 10.23—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 1542 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 1543 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n#### 1544 Transitional—variation of conditions on Australian financial services licences\n\n Scope\n (1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.\n Variation\n (2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.\n\n#### 1545 Transitional—immediate cancellation of Australian financial services licences\n\n Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:\n Licence relating to carbon units\n (5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.\n\n#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences\n\n Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).\n\nFuel Tax Act 2006\n\n108 Section 2‑1\n\nOmit:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n For fuel that is not \\*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced.\n Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax.\n Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n\n109 Subsection 40‑5(2)\n\nAfter “reduce”, insert “or remove”.\n\n110 Subsections 40‑5(3) and (4)\n\nRepeal the subsections.\n\n111 Section 41‑1\n\nOmit:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme.\n\nsubstitute:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft.\n\n112 Paragraph 41‑5(3)(b)\n\nOmit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”.\n\n113 Subsection 41‑15(1)\n\nOmit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”.\n\n114 Subparagraph 41‑25(2)(a)(ii)\n\nOmit “\\*agricultural property”, substitute “agricultural property”.\n\n115 Section 41‑30 (heading)\n\nRepeal the heading, substitute:\n\n#### 41‑30 No fuel tax credit for fuel to be used in an aircraft\n\n116 Subsection 41‑30(1)\n\nOmit “(1)”.\n\n117 Subsection 41‑30(2)\n\nRepeal the subsection.\n\n118 Section 41‑35\n\nRepeal the section.\n\n119 Division 42A\n\nRepeal the Division.\n\n120 Section 43‑1\n\nOmit:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:\n\n(a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and\n\n(b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).\n\nFor fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.\n\nFor gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).\n\n121 Subsection 43‑5(1)\n\nRepeal the subsection, substitute:\n\n (1) The \\*amount of your tax fuel credit for taxable fuel is the amount of \\*effective fuel tax that is payable on the fuel.\n\n> Note: The amount of the credit may be reduced under section 43‑10.\n\n122 Subsections 43‑5(4) and (5)\n\nRepeal the subsections.\n\n123 Section 43‑8\n\nRepeal the section.\n\n124 Section 43‑10 (heading)\n\nRepeal the heading, substitute:\n\n#### 43‑10 Reducing the amount of your fuel tax credit\n\n125 Subsection 43‑10(1A)\n\nRepeal the subsection.\n\n126 Section 43‑11\n\nRepeal the section.\n\n127 Subdivision 43‑B\n\nRepeal the Subdivision.\n\n128 Section 110‑5 (definition of agricultural activity)\n\nRepeal the definition.\n\n129 Section 110‑5 (definition of agricultural construction activity)\n\nRepeal the definition.\n\n130 Section 110‑5 (definition of agricultural property)\n\nRepeal the definition.\n\n131 Section 110‑5 (definition of agricultural soil/water activity)\n\nRepeal the definition.\n\n132 Section 110‑5 (definition of agricultural waste activity)\n\nRepeal the definition.\n\n133 Section 110‑5 (definition of agriculture)\n\nRepeal the definition.\n\n134 Section 110‑5 (definition of approved catchment area)\n\nRepeal the definition.\n\n135 Section 110‑5 (definition of carbon reduction)\n\nRepeal the definition.\n\n136 Section 110‑5 (definition of CNG)\n\nRepeal the definition.\n\n137 Section 110‑5 (definition of core agricultural activity)\n\nRepeal the definition.\n\n138 Section 110‑5 (definition of covered by the Opt‑in Scheme)\n\nRepeal the definition.\n\n139 Section 110‑5 (definition of earthworks)\n\nRepeal the definition.\n\n140 Section 110‑5 (definition of fish)\n\nRepeal the definition.\n\n141 Section 110‑5 (definition of fishing operations)\n\nRepeal the definition.\n\n142 Section 110‑5 (definition of forestry)\n\nRepeal the definition.\n\n143 Section 110‑5 (definition of half‑year)\n\nRepeal the definition.\n\n144 Section 110‑5 (definition of horticulture)\n\nRepeal the definition.\n\n145 Section 110‑5 (definition of livestock)\n\nRepeal the definition.\n\n146 Section 110‑5 (definition of livestock activity)\n\nRepeal the definition.\n\n147 Section 110‑5 (definition of LNG)\n\nRepeal the definition.\n\n148 Section 110‑5 (definition of pearling operations)\n\nRepeal the definition.\n\n149 Section 110‑5 (definition of port)\n\nRepeal the definition.\n\n150 Section 110‑5 (definition of processing of fish)\n\nRepeal the definition.\n\n151 Section 110‑5 (definition of public authority)\n\nRepeal the definition.\n\n152 Section 110‑5 (definition of renewable diesel)\n\nRepeal the definition.\n\n153 Section 110‑5 (definition of sundry agricultural activity)\n\nRepeal the definition.\n\n154 Section 110‑5 (definition of taxable fuel)\n\nRepeal the definition, substitute:\n\n> taxable fuel means fuel in respect of which duty is payable under:\n\n (a) the Excise Act 1901 and the Excise Tariff Act 1921; or\n (b) the Customs Act 1901 and the Customs Tariff Act 1995;\n but does not include fuel covered by:\n (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921; or\n (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921, if the goods had been manufactured in Australia.\n\n> Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate.\n\nFuel Tax (Consequential and Transitional Provisions) Act 2006\n\n155 Subitem 12(2A) of Schedule 3\n\nRepeal the subitem.\n\nIncome Tax Assessment Act 1997\n\n156 Section 12‑5 (table item headed “clean energy”)\n\nRepeal the item.\n\n157 Section 26‑18\n\nRepeal the section.\n\n158 Section 104‑5 (table item relating to CGT event K1, column headed “Event number and description”)\n\nOmit “\\*carbon unit, an \\*international emissions unit”, substitute “\\*Kyoto unit”.\n\n159 Subparagraphs 104‑205(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n160 Subparagraph 104‑205(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n161 Subparagraph 104‑205(1)(a)(iv)\n\nOmit “an \\*international emissions unit”, substitute “a Kyoto unit”.\n\n162 Section 112‑97 (table item 18A, column headed “In this situation”)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n163 Subsection 118‑15(2)\n\nRepeal the subsection.\n\n164 Paragraph 420‑10(a)\n\nRepeal the paragraph.\n\n165 Paragraph 420‑10(c)\n\nRepeal the paragraph.\n\n166 Subsection 420‑15(1) (note)\n\nRepeal the note.\n\n167 Subsection 420‑15(3)\n\nRepeal the subsection.\n\n168 Subsection 420‑20(3)\n\nRepeal the subsection (not including the note), substitute:\n\n (3) This section does not apply to the issue of an \\*Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n169 Subparagraphs 420‑21(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n170 Subparagraph 420‑21(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n171 Subparagraph 420‑21(1)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n172 Subsection 420‑21(1) (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n173 Subparagraphs 420‑21(2)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n174 Subparagraph 420‑21(2)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n175 Subparagraph 420‑21(2)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n176 Subparagraph 420‑35(b)(i)\n\nRepeal the subparagraph.\n\n177 Subparagraph 420‑35(b)(ii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n178 Section 420‑35 (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n179 Section 420‑43\n\nRepeal the section.\n\n180 Subsection 420‑51(1)\n\nOmit “(1)”.\n\n181 Subsection 420‑51(2)\n\nRepeal the subsection.\n\n182 Subparagraph 420‑52(a)(i)\n\nRepeal the subparagraph.\n\n183 Paragraph 420‑52(b)\n\nRepeal the paragraph.\n\n184 Subsection 420‑55(6)\n\nRepeal the subsection.\n\n185 Subsection 420‑57(9)\n\nRepeal the subsection.\n\n186 Section 420‑58\n\nRepeal the section.\n\n187 Subsections 420‑60(1) and (2)\n\nRepeal the subsections.\n\n188 Subsection 420‑60(4)\n\nOmit all the words from and including “If a \\*registered” to and including “cost of the unit”, substitute “The cost of a \\*registered emissions unit (other than an \\*Australian carbon credit unit)”.\n\n189 Subsection 420‑65(3)\n\nRepeal the subsection.\n\n190 Subsection 420‑70(3)\n\nRepeal the subsection.\n\n191 Subsection 995‑1(1) (definition of carbon unit)\n\nRepeal the definition.\n\n192 Subsection 995‑1(1) (definition of free carbon unit)\n\nRepeal the definition.\n\n193 Subsection 995‑1(1) (definition of international emissions unit)\n\nRepeal the definition.\n\n194 Subsection 995‑1(1) (definition of prescribed international unit)\n\nRepeal the definition.\n\n195 Subsection 995‑1(1) (definition of vintage year)\n\nRepeal the definition.\n\nNational Greenhouse and Energy Reporting Act 2007\n\n196 Section 3 (heading)\n\nRepeal the heading, substitute:\n\n#### 3 Object\n\n197 Subsection 3(1)\n\nOmit “(1) The first object”, substitute “The object”.\n\n198 Subsection 3(2)\n\nRepeal the subsection.\n\n199 Subsection 4(1)\n\nOmit “(1) This Act (except to the extent to which it underpins the Clean Energy Act 2011)”, substitute “This Act”.\n\n200 Subsection 4(2)\n\nRepeal the subsection.\n\n201 Subsection 5(1)\n\nOmit “(1)”.\n\n202 Before subparagraph 5(1)(a)(ii)\n\nInsert:\n\n (i) greenhouse gas emissions; or\n\n203 Subsection 5(2)\n\nRepeal the subsection.\n\n204 Section 7 (definition of carbon dioxide equivalence)\n\nRepeal the definition, substitute:\n\n> carbon dioxide equivalence, of an amount of greenhouse gas, means the amount of the gas multiplied by a value specified in the regulations in relation to that kind of greenhouse gas.\n\n205 Section 7\n\nInsert:\n\n> designated financial year means:\n\n (a) the financial year beginning on 1 July 2012; or\n (b) a later financial year.\n\n206 Section 7 (definition of designated fuel)\n\nRepeal the definition.\n\n207 Section 7 (definition of eligible financial year)\n\nRepeal the definition.\n\n208 Section 7 (definition of emissions number)\n\nRepeal the definition.\n\n209 Section 7 (definition of financial control liability transfer certificate)\n\nRepeal the definition.\n\n210 Section 7 (definition of fixed charge year)\n\nRepeal the definition.\n\n211 Section 7 (definition of foreign country)\n\nRepeal the definition, substitute:\n\n> foreign country includes a region where:\n\n (a) the region is a colony, territory or protectorate of a foreign country; or\n (b) the region is part of a foreign country; or\n (c) the region is under the protection of a foreign country; or\n (d) a foreign country exercises jurisdiction or control over the region; or\n (e) a foreign country is responsible for the region’s international relations.\n\n212 Section 7\n\nInsert:\n\n> foreign corporation means a corporation that:\n\n (a) is incorporated outside Australia; or\n (b) is an authority of a foreign country.\n\n213 Section 7 (definition of foreign person)\n\nRepeal the definition.\n\n214 Section 7\n\nInsert:\n\n> group entity means a corporation that is a member of a controlling corporation’s group.\n\n215 Section 7 (definition of interim emissions number)\n\nRepeal the definition.\n\n216 Section 7 (definition of liable entity)\n\nRepeal the definition.\n\n217 Section 7 (definition of liquefied natural gas)\n\nRepeal the definition.\n\n218 Section 7 (definition of liquefied petroleum gas)\n\nRepeal the definition.\n\n218A Section 7 (definition of local governing body)\n\nRepeal the definition.\n\n219 Section 7 (definition of natural gas supplier)\n\nRepeal the definition.\n\n220 Section 7 (definition of non‑group entity)\n\nRepeal the definition.\n\n221 Section 7 (definition of operational control)\n\nOmit “11A, 11B or 11C”, substitute “11A or 11B”.\n\n222 Section 7 (definition of Opt‑in Scheme)\n\nRepeal the definition.\n\n223 Section 7 (definition of OTN)\n\nRepeal the definition.\n\n224 Section 7 (definition of person)\n\nRepeal the definition.\n\n225 Section 7 (definition of potential greenhouse gas emissions)\n\nRepeal the definition.\n\n226 Section 7 (definition of provisional emissions number)\n\nRepeal the definition.\n\n227 Section 7 (definition of supply)\n\nRepeal the definition.\n\n228 Section 7 (definition of taxable fuel)\n\nRepeal the definition.\n\n229 Section 7 (definition of trust)\n\nRepeal the definition.\n\n230 Section 7 (definition of trustee)\n\nRepeal the definition.\n\n231 Section 7 (definition of trust estate)\n\nRepeal the definition.\n\n232 Section 7 (definition of unit shortfall charge)\n\nRepeal the definition.\n\n233 Subsection 7A(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n234 Sections 7B and 7C\n\nRepeal the sections.\n\n235 Subsection 8(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n236 Subsection 9(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n237 Paragraph 9(1)(b)\n\nOmit “or 54A”.\n\n238 Section 10 (heading)\n\nRepeal the heading, substitute:\n\n#### 10 Emissions, energy production, energy consumption etc.\n\n239 Subsection 10(1)\n\nOmit “or the Clean Energy Act 2011”.\n\n240 Subsection 10(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n241 Subsections 10(4) to (9)\n\nRepeal the subsections.\n\n242 Subsection 11(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n243 Subsection 11(1)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n244 Paragraph 11(1)(b)\n\nOmit “or 55A”.\n\n245 Subsection 11(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n246 Subsection 11(3)\n\nOmit “person”, substitute “group entity”.\n\n247 Subsection 11(4)\n\nOmit “11A, 11B and 11C”, substitute “11A and 11B”.\n\n248 Section 11A (heading)\n\nRepeal the heading, substitute:\n\n#### 11A Operational control—group entity with greatest authority\n\n249 Subsection 11A(1)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n250 Paragraph 11A(1)(a)\n\nOmit “persons”, substitute “group entities”.\n\n251 Paragraph 11A(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n252 Paragraph 11A(1)(c)\n\nOmit “or 55A”.\n\n253 Subsection 11A(2)\n\nOmit “person”, substitute “group entity”.\n\n254 Subsection 11A(2)\n\nOmit “and the Clean Energy Act 2011”.\n\n255 Section 11B (heading)\n\nRepeal the heading, substitute:\n\n#### 11B Operational control—nominated group entity\n\n256 Paragraph 11B(1)(a)\n\nOmit “more persons”, substitute “more group entities”.\n\n257 Paragraph 11B(1)(a)\n\nOmit “relevant persons”, substitute “relevant group entities”.\n\n258 Paragraph 11B(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n259 Paragraph 11B(1)(c)\n\nOmit “or 55A”.\n\n260 Paragraph 11B(1)(d)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n261 Subsection 11B(2)\n\nOmit “persons”, substitute “group entities”.\n\n262 Subsection 11B(2)\n\nOmit “person”, substitute “group entity”.\n\n263 Paragraph 11B(4)(a)\n\nOmit “persons is a foreign person”, substitute “group entities is a foreign corporation”.\n\n264 Paragraph 11B(4)(b)\n\nOmit “persons is not a foreign person”, substitute “group entities is not a foreign corporation”.\n\n265 Subsection 11B(4)\n\nOmit “foreign person cannot”, substitute “foreign corporation cannot”.\n\n266 Paragraph 11B(5)(b)\n\nOmit “persons”, substitute “group entities”.\n\n267 Subsection 11B(7)\n\nRepeal the subsection.\n\n268 Subsection 11B(8)\n\nOmit “eligible financial year” (wherever occurring), substitute “designated financial year”.\n\n269 Subsection 11B(10)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n270 Paragraph 11B(15)(b)\n\nOmit “and”.\n\n271 Paragraph 11B(15)(c)\n\nRepeal the paragraph.\n\n272 Subsection 11B(15)\n\nOmit “person”, substitute “group entity”.\n\n273 Subsection 11B(16)\n\nRepeal the subsection.\n\n274 Paragraph 11B(17)(b)\n\nOmit “and”.\n\n275 Paragraph 11B(17)(c)\n\nRepeal the paragraph.\n\n276 Subsection 11B(17)\n\nOmit “persons”, substitute “group entities”.\n\n277 Subsections 11B(18) and (19)\n\nRepeal the subsections.\n\n278 Subsection 11B(21)\n\nRepeal the subsection, substitute:\n\n Exceptions\n (21) A group entity is not required to comply with subsection (20) if the question of who has operational control of the facility is not relevant (whether directly or indirectly) to a requirement under this Act.\n\n279 Subsection 11B(22)\n\nOmit “person”, substitute “group entity”.\n\n280 Subsection 11B(22)\n\nOmit “or 55A”.\n\n281 Section 11C\n\nRepeal the section.\n\n282 Paragraph 11D(1)(c)\n\nRepeal the paragraph.\n\n283 Paragraphs 11D(1)(e) and (f)\n\nRepeal the paragraphs, substitute:\n\n (e) at any time during the preceding 5 years, the person has breached a civil penalty provision of this Act; or\n (f) if the person is a body corporate—at any time during the preceding 5 years, an executive officer of the body corporate has breached a civil penalty provision of this Act; or\n\n284 Paragraphs 11D(1)(i) and (j)\n\nRepeal the paragraphs, substitute:\n\n (i) the person has been convicted of an offence against this Act; or\n (j) if the person is a body corporate—an executive officer of the body corporate has been convicted of an offence against this Act.\n\n285 Subdivision A of Division 1 of Part 2 (heading)\n\nRepeal the heading.\n\n286 Subsections 13(2) and (3)\n\nOmit “member of a controlling corporation’s group”, substitute “group entity”.\n\n287 Subsection 13(4)\n\nRepeal the subsection.\n\n288 Subdivision B of Division 1 of Part 2\n\nRepeal the Subdivision.\n\n289 Division 4 of Part 2\n\nRepeal the Division.\n\n290 Paragraph 18B(3)(b)\n\nRepeal the paragraph.\n\n291 Subsection 19(1) (note 4)\n\nRepeal the note.\n\n292 Subsection 19(4)\n\nRepeal the subsection.\n\n293 Paragraphs 22(1)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n294 Paragraphs 22(2)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n295 Parts 3A and 3D\n\nRepeal the Parts.\n\n296 Paragraph 22X(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a facility is under the operational control of a member (the responsible member) of a controlling corporation’s group during the whole or a part of a financial year; and\n\n297 Subsection 24(1AA)\n\nRepeal the subsection.\n\n298 Subsection 24(1AD)\n\nOmit “22E or”.\n\n299 Paragraph 24(1AE)(a)\n\nOmit “22E(2)(b) or”.\n\n300 Subsection 24(1H)\n\nOmit “22E or”.\n\n301 Subsection 24(1J)\n\nOmit “or financial control liability transfer certificate”.\n\n302 Subsection 24(8)\n\nOmit “22E or”.\n\n303 Subsection 25(1)\n\nOmit “22G, a person required to provide information under section 20, or a person required to provide a report under section 22A, 22AA, 22E or 22X”, substitute “22G or 22X, or a person required to provide information under section 20,”.\n\n304 Subsection 30(2A)\n\nOmit “11C, 15A, 15AA, 22A, 22AA, 22E, 22X, 74AA”, substitute “22X”.\n\n305 Section 54A\n\nRepeal the section.\n\n306 Section 55A\n\nRepeal the section.\n\n307 Paragraphs 56(aab), (aa), (ga) and (gb)\n\nRepeal the paragraphs.\n\n308 Paragraph 56(j)\n\nOmit “75A;”, substitute “75A.”\n\n309 Paragraphs 56(k) and (l)\n\nRepeal the paragraphs.\n\n310 Section 74AA\n\nRepeal the section.\n\n311 Subsection 74B(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if:\n (a) the person is the responsible member mentioned in subsection 22X(1); and\n (b) the person is not a registered corporation; and\n (c) the Regulator has reasonable grounds to suspect that the person has contravened, is contravening, or is proposing to contravene, this Act or the regulations.\n\n312 Subsection 74C(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if the person:\n (a) is the responsible member mentioned in subsection 22X(1); and\n (b) is not a registered corporation.\n\nOzone Protection and Synthetic Greenhouse Gas Management Act 1989\n\n313 Paragraphs 65C(1)(aa), (ab) and (ac)\n\nOmit “equal to the prescribed rate component of an amount of levy”.\n\n314 Subsections 65C(4), (5) and (6)\n\nRepeal the subsections.\n\n315 Sections 69AA to 69AD\n\nRepeal the sections.\n\nPetroleum Resource Rent Tax Assessment Act 1987\n\n316 Subparagraph 28(1)(b)(iii)\n\nOmit “expenditure;”, substitute “expenditure.”.\n\n317 Paragraph 28(1)(c)\n\nRepeal the paragraph.\n\n318 Paragraph 44(1)(ia)\n\nRepeal the paragraph.\n\nTaxation Administration Act 1953\n\n319 Subsection 355‑65(7) in Schedule 1 (table item 3)\n\nRepeal the item.\n\nPart 3—Application and transitional provisions\n\nDivision 1—Preliminary\n\n320 Objects\n\n(1) The main objects of this Part are:\n\n (a) to provide for the winding‑up of the carbon tax scheme; and\n (b) to ensure that carbon tax liabilities relating to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n can be administered, collected and recovered after the start of 1 July 2014; and\n (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and\n (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and\n (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013.\n\n(2) The other objects of this Part are:\n\n (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and\n (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and\n (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.\n\n321 Definitions\n\nIn this Part:\n\ndesignated carbon unit day has the meaning given by item 322.\n\nRegistry has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegistry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegulator means the Clean Energy Regulator.\n\n322 Designated carbon unit day\n\n(1) For the purposes of this Part, designated carbon unit day means:\n\n (a) 9 February 2015; or\n (b) if a later day is specified in an instrument under subitem (2)—that later day.\n\n(2) The Regulator may, by legislative instrument, specify a day for the purposes of paragraph (1)(b).\n\n(3) The Regulator must not make an instrument under subitem (2) unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.\n\nNote: Subsection 142(3) of the Clean Energy Act 2011 enables the Regulator to extend the 2 February 2015 surrender deadline. See also item 345A (deadlines of 1 February and 15 June).\n\nDivision 2—Provisions relating to the Clean Energy Act 2011 and associated charge Acts\n\n323 Winding‑up of the carbon tax scheme—recovery of liabilities attributable to pre‑1 July 2014 emissions etc.\n\n(1) Despite the repeal of the Clean Energy Act 2011 by this Schedule, that Act continues in force, subject to:\n\n (a) this Part; and\n (b) the modifications set out in the following table;\n\nas if that repeal had not happened.\n\n```html\n

Modifications of the Clean Energy Act 2011

Item

Provision

Modification

1

section 4

Omit the section.

2

section 5 (definitions of average carbon unit auction price, benchmark average auction charge, carbon pollution cap, carbon pollution cap number, designated limit, and designated limit percentage)

Omit the definitions.

3

section 5 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

4

section 5 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

5

section 5 (definitions of flexible charge year and per‑tonne carbon price equivalent)

Omit the definitions.

6

section 5 (definition of unit shortfall)

Omit “128, 129 or 133”, substitute “128 or 129”.

7

section 5 (definition of vintage year)

Omit “eligible”.

8

Part 2

Omit the Part.

9

subsections 26(2), 27(2) and 28(2)

Omit all the words after “is taken to be”, substitute “zero”.

10

Subdivision A of Division 4 of Part 3

The Regulator must not issue an OTN under the Subdivision on or after 1 July 2014.

11

sections 42 and 43

Omit the sections.

12

section 43A

The section ceases to have effect at the end of 30 June 2015.

13

subsection 45(3)

The subsection ceases to have effect at the end of 30 June 2015.

14

subsections 45(4) to (13)

The subsections cease to have effect at the start of 1 September 2014.

15

subsection 46(1)

The subsection has effect, on and after 1 September 2014, as if the words “(as it stood at a particular time before the start of 1 September 2014)” were inserted after “OTN Register”.

16

section 47

The section ceases to have effect at the start of 1 August 2014.

17

section 64B

Omit the section.

18

paragraph 64F(1)(b)

Omit the paragraph.

19

subsection 66(4)

The subsection ceases to have effect at the start of 1 August 2014.

20

section 70

The Regulator must not make a declaration under the section on or after 1 July 2014.

21

section 71A

Omit the section.

22

section 72

The Regulator must not give a notice under the section on or after 1 July 2014.

24

section 83

The Regulator must not issue a certificate under the section on or after 1 July 2014.

25

section 87

The Regulator must not issue a certificate under the section on or after 1 July 2014.

26

sections 89 and 90

Omit the sections.

27

section 93

Omit the section.

28

subsection 96(2)

Omit “eligible”.

29

section 97 (note)

Omit the note.

30

subsection 100(1) (table items 5, 6, 7, 8 and 9)

Omit the table items.

31

subsection 100(2)

Omit the subsection.

32

subsection 100(3) (heading)

Omit “1, 3 and 5”, substitute “1 and 3”.

33

subsection 100(3)

Omit “1, 3 or 5”, substitute “1 or 3”.

34

subsection 100(4) (heading)

Omit “2, 4, 6, 7, 8 and 9”, substitute “2 and 4”.

35

subsection 100(4)

Omit “2, 4, 6, 7, 8 or 9”, substitute “2 or 4”.

36

subsections 100(9), (14) and (15)

Omit the subsections.

37

sections 101 and 102

Omit the sections.

38

sections 108 and 109

Omit the sections.

39

section 114

Omit the section.

40

Division 1 of Part 6

Omit the Division.

41

subsection 122(1)

Omit “during an eligible financial year”.

42

subsections 122(3), (4), (5), (9) and (11)

Omit the subsections.

43

sections 123 and 123A

Omit the sections.

44

paragraph 128(7)(d)

Before “this Division”, insert “if the eligible financial year began on 1 July 2012—“.

45

Subdivision B of Division 3 of Part 6

Omit the Subdivision.

46

subsection 134(3)

Omit the subsection.

47

subsection 134A(3) (paragraph (b) of the definition of applicable amount for the financial year)

Omit the paragraph.

48

paragraphs 142(3)(c), (e) and (f)

Omit the paragraphs.

48A

section 144

Omit the section.

49

paragraph 145(5)(b)

Omit the paragraph.

50

paragraph 145(5)(c)

Omit the paragraph, substitute:

(c) the principle that changes should not have a negative effect on recipients of assistance under the Jobs and Competitiveness Program;

51

Division 5 of Part 7

Omit the Division.

52

section 160

Omit the section.

53

paragraphs 161(2)(b) and (c)

Omit the paragraphs.

54

subsection 161(3)

Omit the subsection.

55

subsection 161(4)

Omit “or (3)”.

56

subsection 161(5)

Omit “a later”, substitute “an”.

57

subsections 161(6), (7), (8) and (9)

Omit “or (3)”.

58

Part 9

The Part ceases to have effect at the end of 30 June 2015.

59

Division 3 of Part 9

Omit the Division.

60

sections 196 and 196A

Omit the sections.

61

subsections 197(3) to (6)

Omit the subsections.

62

section 199

After “each quarter”, insert “that ends on or before 31 March 2015”.

63

section 200

Omit the section.

64

subsection 212(2) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

65

subsection 212(3) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

66

Part 12

Omit the Part.

67

paragraphs 262(1)(ma), (r), (u) and (v) and 263(2)(g), (i) and (j)

Omit the paragraphs.

68

section 281 (table items 3, 4, 5, 7, 8, 11, 12, 13 and 16)

Omit the table items.

69

Part 22

Omit the Part.

70

subparagraph 295(d)(iii)

Omit the subparagraph.

71

subparagraph 295(e)(ii)

Omit the subparagraph.

72

subparagraph 295(i)(iii)

Omit the subparagraph.

73

sections 303A and 303B

Omit the sections.

\n```\n\nCarbon units with a vintage year beginning on or after 1 July 2014\n\n(2) The modification made by item 3 of the table in subitem (1) does not apply in relation to the issue of a carbon unit with a vintage year beginning on or after 1 July 2014, if the carbon unit was issued as a result of an auction conducted before 1 July 2014.\n\nReview of decisions\n\n(3) The modification of section 281 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a decision made before 1 July 2014.\n\nCivil penalty orders\n\n(4) The modification of section 262 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a contravention that occurred before 1 July 2014.\n\n324 Application—repeal of Charge Acts\n\nCharge for issue of carbon units for a fixed charge\n\n(1) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units in accordance with section 100 of the Clean Energy Act 2011:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n\ndoes not apply to the issue of carbon units with a vintage year beginning on 1 July 2012 or 1 July 2013.\n\nCharge for issue of carbon units as a result of an auction\n\n(2) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units as a result of an auction:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n\ndoes not apply to the issue of carbon units if the carbon units were issued as a result of an auction conducted before 1 July 2014.\n\nCharge on unit shortfall\n\n(3) The repeal by this Schedule of the following Acts, so far as they relate to a unit shortfall for a financial year:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011;\n\ndoes not apply to:\n\n (d) a unit shortfall for the financial year beginning on 1 July 2012; or\n (e) a unit shortfall for the financial year beginning on 1 July 2013.\n\n325 Issue of carbon units\n\nThe Regulator must not issue any carbon units after the start of the designated carbon unit day.\n\n327 Cancellation of carbon units—designated carbon unit day\n\nScope\n\n(1) This item applies if there was an entry for a carbon unit in a person’s Registry account at the start of the designated carbon unit day.\n\nCancellation of unit\n\n(2) The Regulator must cancel the unit.\n\n(3) The Regulator must remove the entry for the unit from the person’s Registry account.\n\n(4) The Registry must set out a record of each cancellation under subitem (2).\n\n328 Surrender of eligible Australian carbon credit units\n\n(1) If:\n\n (a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and\n (b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and\n (c) the person has a Registry account;\n\nthen:\n\n (d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:\n (i) during that period; and\n (ii) in relation to the financial year beginning on 1 July 2013;\n are restored units for the purposes of this item; and\n (e) a restored unit is taken never to have been surrendered or cancelled; and\n (f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.\n\n(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).\n\n(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.\n\n(4) A determination under paragraph (1)(d) is not a legislative instrument.\n\n329 Opt‑in Scheme\n\n(1) A reference in the Opt‑in Scheme to a financial year does not include a reference to a financial year beginning on or after 1 July 2014.\n\n(2) Regulations 3.48 and 3.50 of the Clean Energy Regulations 2011 cease to have effect at the end of 30 June 2014.\n\nDivision 3—Provisions relating to other Acts\n\n330 Transitional—A New Tax System (Goods and Services Tax) Act 1999\n\nDespite the amendments of the A New Tax System (Goods and Services Tax) Act 1999 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n331 Transitional—Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\nDespite the amendments of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n332 Transitional—Australian National Registry of Emissions Units Act 2011\n\nDespite the amendments of the Australian National Registry of Emissions Units Act 2011 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n333 Transitional—Clean Energy Regulator Act 2011\n\n(1) Despite the amendment of the definition of climate change law in section 4 of the Clean Energy Regulator Act 2011 made by this Schedule, that definition continues to apply, in relation to paragraph 12(a) and subsection 43(3) and section 44 of that Act, as if that amendment had not been made.\n\n(2) Each of the following:\n\n (a) this Act;\n (b) a legislative instrument under this Act;\n (c) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (d) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014;\n\nis taken to be a climate change law for the purposes of paragraph 12(a) and subsection 43(3) and section 44 of the Clean Energy Regulator Act 2011.\n\n334 Application—amendments of the Fuel Tax Act 2006\n\nThe amendments of the Fuel Tax Act 2006 made by this Schedule apply to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n335 Application—amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006\n\nThe amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 made by this Act applies to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n336 Application—amendments of the Income Tax Assessment Act 1997\n\n(1) The repeal of section 26‑18 of the Income Tax Assessment Act 1997 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n(2) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule (other than the amendment of section 12‑5 or the repeal of section 26‑18), that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n337 Transitional—National Greenhouse and Energy Reporting Act 2007\n\nGeneral\n\n(1) Despite the amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to the following matters:\n\n (a) determining the meaning of the following expressions, when used in the Clean Energy Act 2011:\n (i) carbon dioxide equivalence;\n (ii) facility;\n (iii) greenhouse gas;\n (iv) group;\n (v) member, when used in relation to a group;\n (vi) non‑group entity;\n (vii) operational control;\n (viii) potential greenhouse gas emissions;\n (ix) provisional emissions number;\n (x) scope 1 emission of greenhouse gas;\n (b) the matters mentioned in subsections 10(3) to (9) of the National Greenhouse and Energy Reporting Act 2007, so far as those matters are relevant to the Clean Energy Act 2011;\n (c) reports under section 22A, 22AA or 22E of the National Greenhouse and Energy Reporting Act 2007;\n (d) records under section 22B, 22C or 22F of the National Greenhouse and Energy Reporting Act 2007;\n (e) applications under section 15A or 15AA of the National Greenhouse and Energy Reporting Act 2007;\n (f) the registration of persons under section 18A of the National Greenhouse and Energy Reporting Act 2007;\n (g) the publication of information under section 24 of the National Greenhouse and Energy Reporting Act 2007, so far as the information relates to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n (h) audits under section 74AA of the National Greenhouse and Energy Reporting Act 2007;\n (i) audits under section 74B or 74C of the National Greenhouse and Energy Reporting Act 2007, so far as the audits relate to a person’s compliance with obligations under that Act (or regulations under that Act) in relation to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n\nas if:\n\n (j) the National Greenhouse and Energy Reporting Act 2007 were modified as set out in the following table; and\n (k) those amendments had not been made; and\n (l) subitem (6) had not been enacted.\n\n```html\n

Modifications of the National Greenhouse and Energy Reporting Act 2007

Item

Provision

Modification

1

section 7 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

2

section 7 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

\n```\n\nThresholds\n\n(2) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they are relevant to determining whether a controlling corporation’s group meets a threshold under section 13 of that Act for a financial year, apply in relation to a threshold for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nReports\n\n(3) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 19 of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\n(4) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 22G or 22X of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nUnsatisfactory compliance record\n\n(5) Despite the amendments of section 11D of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to:\n\n (a) unpaid unit shortfall charge; and\n (b) a breach of a civil penalty provision of:\n (ii) the Clean Energy Act 2011; or\n (iii) a determination under section 113 of the Clean Energy Act 2011; and\n (c) a conviction of an offence against the Clean Energy Act 2011;\n\nas if those amendments had not been made.\n\nRegulations—carbon dioxide equivalence\n\n(6) If, immediately before the commencement of this item, regulations were in force for the purposes of paragraph (a) of the definition of carbon dioxide equivalence in section 7 of the National Greenhouse and Energy Reporting Act 2007, the regulations have effect, after that commencement, as if they had been made for the purposes of the definition of carbon dioxide equivalence in section 7 of that Act as amended by this Schedule.\n\nDeregistration—section 18A registrations\n\n(7) If:\n\n (a) a person was registered under the National Greenhouse and Energy Reporting Act 2007 because of the operation of section 18A of that Act; and\n (b) the person is registered under that Act as at the start of 1 July 2014;\n\nthe Regulator must remove the person’s name from the Register.\n\n338 Transitional—Ozone Protection and Synthetic Greenhouse Gas Management Act 1989\n\nAmounts to be credited to the Ozone Protection and SGG Account\n\n(1) Despite the amendments of section 65C of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 made by this Schedule, that section continues to apply, in relation to levy for a quarter ending before 1 July 2014, as if those amendments had not been made.\n\nRemission or refund of levy for a quarter ending before 1 July 2014\n\n(2) Despite the repeal of sections 69AA to 69AD of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 by this Schedule, those sections continue to apply, in relation to levy for a quarter ending before 1 July 2014, as if:\n\n (a) that Act provided that an application under section 69AA, 69AB or 69AC of that Act must be made before 1 January 2016; and\n (b) that repeal had not happened.\n\n339 Transitional—Petroleum Resource Rent Tax Assessment Act 1987\n\n(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n340 Transitional—Taxation Administration Act 1953\n\nDespite the amendment of the Taxation Administration Act 1953 made by this Schedule, that Act continues to apply, in relation to records or disclosures made for the purpose of:\n\n (a) the verification from the Regulator of information provided to the Commissioner under or for the purposes of the Fuel Tax Act 2006 so far as that Act applies to taxable fuel acquired, manufactured or imported before 1 July 2014; or\n (b) administering the Clean Energy Act 2011 or the associated provisions (within the meaning of that Act);\n\nas if that amendment had not been made.\n\nDivision 4—Miscellaneous\n\n342 Transitional rules\n\nThe Minister may, by legislative instrument, make rules in relation to transitional matters arising out of the amendments and repeals made by this Schedule.\n\nDivision 5—Transitional provisions commencing on Royal Assent\n\n343 Auctions of carbon units\n\n(1) The Regulator must not conduct an auction of carbon units after the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014.\n\n(2) Any determination under subsection 113(1) of the Clean Energy Act 2011 ceases to have effect at the end of the day (the relevant day) that is the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014;\n\nexcept to the extent to which the determination relates to auctions conducted on or before the relevant day.\n\n343A Carbon units issued as a result of an auction conducted by the Regulator\n\n(1) If:\n\n (a) a carbon unit was issued as a result of an auction conducted by the Regulator; and\n (b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;\n\nthe Regulator must:\n\n (c) cancel the unit; and\n (d) remove the entry for the unit from the person’s Registry account; and\n (e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.\n\n(2) The Registry must set out a record of each cancellation under paragraph (1)(c).\n\n(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.\n\n(4) In this item:\n\nbusiness day means a day that is not:\n\n (a) a Saturday; or\n (b) a Sunday; or\n (c) a public holiday in the Australian Capital Territory.\n\n344 Carbon pollution cap regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if section 16 of that Act had not been enacted.\n\n345 Fixed charge regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if subsections 100(14) and (15) of that Act had not been enacted.\n\n345A Deadlines of 1 February and 15 June\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the following definitions were inserted in section 5 of that Act:\n\n> 15 June means:\n\n (a) if the 15 June concerned is a business day—that 15 June; or\n (b) if the 15 June concerned is not a business day—the first business day after that 15 June.\n\n> 1 February means:\n\n (a) if the 1 February concerned is a business day—that 1 February; or\n (b) if the 1 February concerned is not a business day—the first business day after that 1 February.\n\n345B Surplus and estimation error adjustment number\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the formula in subsection 131(3) of that Act were omitted and the following formula substituted:![Start formula Total estimation error numbers plus Provisional surplus surrender number end formula](image.002.png)\n\n345C Definitions\n\nIf this Division commences before 1 July 2014, this Division has effect as if item 321 (definitions) had commenced at the same time as this Division commences.\n\n345D Compensation for acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\nPart 4—Jobs and Competitiveness Program\n\nDivision 1—Preliminary\n\n346 Definitions\n\n(1) In this Part:\n\nlevy means levy imposed by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\nover‑allocation of free carbon units has the meaning given by item 354.\n\nrules means rules made under item 359.\n\ntrue‑up shortfall has the meaning given by item 355.\n\nunder‑allocation of free carbon units has the meaning given by item 352.\n\n(2) An expression used in this Part and in the Clean Energy Act 2011 has the same meaning in this Part as in that Act.\n\n347 Crown to be bound\n\nThis Part binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.\n\n348 Extension to external Territories\n\nThis Part extends to every external Territory.\n\n349 Extension to exclusive economic zone and continental shelf\n\nThis Part extends to Australia’s exclusive economic zone and continental shelf.\n\n350 Extension to Joint Petroleum Development Area\n\nThis Part extends to the Joint Petroleum Development Area.\n\nDivision 2—Reporting requirements\n\n351 Reporting requirements\n\nReport\n\n(1) The rules may make provision for and in relation to requiring a designated person to give a written report to the Regulator for the purposes of this Part.\n\nDesignated person\n\n(2) For the purposes of this item, a person is a designated person if free carbon units with a vintage year beginning on 1 July 2013 are or were issued to the person in accordance with the Jobs and Competitiveness Program.\n\nCompliance with reporting requirements\n\n(3) Subsection 151(1) of the Clean Energy Act 2011 has effect as if a requirement under rules made for the purposes of subitem (1) were a requirement under the Jobs and Competitiveness Program.\n\nDivision 3—Issue of additional free carbon units\n\n352 Under‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an under‑allocation of free carbon units; and\n (d) the number of units in that under‑allocation is equal to the number ascertained in accordance with the rules.\n\n353 Issue of additional free carbon units\n\n(1) If:\n\n (a) a person has an under‑allocation of free carbon units; and\n (b) the person has a Registry account;\n\nthe Regulator must:\n\n (c) issue to the person, under section 94 of the Clean Energy Act 2011, a number of free carbon units equal to the number of units in the under‑allocation; and\n (d) do so within the period ascertained in accordance with the rules.\n\n(2) Free carbon units issued in accordance with subitem (1):\n\n (a) are to have a vintage year beginning on 1 July 2013; and\n (b) are taken (except for the purposes of this Part) to have been issued in accordance with the Jobs and Competitiveness Program.\n\nDivision 4—True‑up shortfalls\n\n354 Over‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an over‑allocation of free carbon units; and\n (d) the number of units in that over‑allocation is equal to the number ascertained in accordance with the rules.\n\n355 True‑up shortfall\n\n(1) For the purposes of this Part, if:\n\n (a) a person has an over‑allocation of free carbon units; and\n (b) the number worked out using the formula in subitem (2) exceeds zero;\n\nthen:\n\n (c) the person has a true‑up shortfall; and\n (d) the number of units in that shortfall is equal to the number worked out using that formula.\n\nNote: Levy is imposed on a true‑up shortfall by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n(2) The formula is as follows:\n\n![Start formula Number of units in the over-allocation minus Number of units relinquished end formula](image.003.png)\n\nwhere:\n\nnumber of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.\n\nDivision 5—Collection of levy\n\n356 When levy is due and payable\n\nLevy imposed on a true‑up shortfall of a person is due and payable at the end of the period ascertained in accordance with the rules.\n\n357 Late payment penalty\n\n(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:\n\n (a) 20% per annum; or\n (b) if a lower percentage is specified in the rules—that lower percentage per annum;\n\non the amount unpaid, computed from that time.\n\nPower to remit\n\n(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).\n\n(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.\n\n358 Recovery of levy and late payment penalty\n\nScope\n\n(1) This item applies to the following amounts:\n\n (a) an amount of levy;\n (b) an amount payable under item 357.\n\nRecovery\n\n(2) The amount:\n\n (a) is a debt due to the Commonwealth; and\n (b) may be recovered by the Regulator, on behalf of the Commonwealth, by action in a court of competent jurisdiction.\n\nDivision 6—Miscellaneous\n\n358A Associated provisions\n\nA reference in the Clean Energy Act 2011 (other than section 307) to the associated provisions includes a reference to:\n\n (a) the provisions of this Part; and\n (b) the provisions of the rules; and\n (c) the provisions of the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014; and\n (d) the provisions of the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n359 Rules\n\n(1) The Minister may, by legislative instrument, make rules prescribing matters:\n\n (a) required or permitted by this Part to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.\n\n(2) Conditions specified in rules made for the purposes of paragraph 352(b) or 354(b) may relate to events or things that occurred, or circumstances that existed, before the rules were registered under the Legislation Act 2003.\n\n(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the rules.\n\nSchedule 2—Carbon tax price reduction obligation\n\nCompetition and Consumer Act 2010\n\n1 After paragraph 2B(1)(a)\n\nInsert:\n\n (aa) Part V;\n\n2 After subparagraph 6(2)(b)(i)\n\nInsert:\n\n (ia) Part V (other than Division 5);\n\n3 After Part IVB\n\nInsert:\n\n## Part V—Carbon tax price reduction obligation\n\n### Division 1—Preliminary\n\n#### 60 Simplified outline of this Part\n\n• An entity must not engage in price exploitation in relation to the carbon tax repeal.\n\n• The Commission may monitor prices in relation to the carbon tax repeal and the carbon tax scheme.\n\n• An entity must not make false or misleading representations about the effect of the carbon tax repeal, or the carbon tax scheme, on the price for the supply of goods or services.\n\n• An entity that sells electricity or natural gas, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas, will be required to explain and substantiate:\n\n(a) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n\n(b) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n• An entity that sells electricity or natural gas to customers, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas to customers, must:\n\n(a) give a carbon tax removal substantiation statement to the Commission; and\n\n(b) include in the statement the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, attributable to the carbon tax repeal and that have been, are being, or will be, passed on to customers during the financial year that began on 1 July 2014; and\n\n(c) provide information with the statement that substantiates such an estimate; and\n\n(d) in a case where the entity sells electricity or natural gas to customers—communicate to customers a statement that identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings to customers that are for the financial year that began on 1 July 2014.\n\n• Infringement notices may be issued for certain contraventions of this Part.\n\n#### 60AA Objects etc.\n\n (1) The main objects of this Part are:\n (a) to deter price exploitation in relation to the carbon tax repeal at each point in the supply chain for regulated goods; and\n (b) to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods.\n (2) The intention of the Parliament in enacting this Part is to ensure that all cost savings attributable to the carbon tax repeal are passed on to consumers of regulated goods through lower prices.\n\n#### 60A Definitions\n\n In this Part:\n\n> applicable compliance period, for a carbon tax removal substantiation notice, has the meaning given by subsection 60FC(2).\n\n> bulk SGG importer means an entity that:\n\n (a) holds a controlled substances licence under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 that allows the entity to import synthetic greenhouse gases; and\n (b) supplies synthetic greenhouse gas to SGG customers.\n\n> carbon charge component of levy means so much of the amount of the levy as is calculated by multiplying the number of tonnes of carbon dioxide equivalence by a per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit.\n\n> carbon tax removal substantiation notice has the meaning given by subsection 60FA(3).\n\n> carbon tax removal substantiation statement has the meaning given by subsection 60FD(3).\n\n> carbon tax repeal means:\n\n (a) the repeal of the following Acts by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Clean Energy Act 2011;\n (ii) the Clean Energy (Charges—Customs) Act 2011;\n (iii) the Clean Energy (Charges—Excise) Act 2011;\n (iv) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n (v) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n (vi) the Clean Energy (Unit Shortfall Charge—General) Act 2011; and\n (b) the amendments of the following Acts made by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Fuel Tax Act 2006;\n (ii) the Fuel Tax (Consequential and Transitional Provisions) Act 2006; and\n (c) the amendments made by the following Acts:\n (i) the Customs Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (ii) the Excise Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (iii) the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Act 2014;\n (iv) the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Carbon Tax Repeal) Act 2014.\n\n> carbon tax repeal transition period means the period:\n\n (a) beginning at the start of 1 July 2014; and\n (b) ending at the end of 30 June 2015.\n\n> carbon tax scheme means the scheme embodied in the following:\n\n (a) the Clean Energy Act 2011, as in force at the start of 1 January 2014;\n (b) the associated provisions (within the meaning of that Act as in force at that time);\n (c) the following provisions of the Fuel Tax Act 2006, as in force at the start of 1 January 2014:\n (i) Division 42A;\n (ii) section 43‑5, so far as that section relates to a carbon reduction;\n (iii) section 43‑8;\n (iv) section 43‑11;\n (d) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (e) section 4A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (f) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (g) sections 6FA, 6FB and 6FC of the Excise Tariff Act 1921, as in force at the start of 1 January 2014;\n (h) section 19A of the Customs Tariff Act 1995, as in force at the start of 1 January 2014.\n\n> electricity customer means an entity that purchases electricity.\n\n> electricity retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells electricity to electricity customers; or\n (b) an entity who is a retailer within the meaning of the Electricity Industry Act 2000 (Vic.); or\n (c) an entity who is a retail entity within the meaning of the Electricity Act 1994 (Qld); or\n (d) an entity who:\n (i) holds a retail licence within the meaning of the Electricity Industry Act 2004 (WA); or\n (ii) holds an integrated regional licence within the meaning of the Electricity Industry Act 2004 (WA) that authorises the entity to sell electricity; or\n (e) an entity who is an electricity entity within the meaning of the Electricity Reform Act (NT) and whose licence under that Act authorises the entity to sell electricity; or\n (f) any other entity who produces electricity in Australia.\n\n> engages in price exploitation in relation to the carbon tax repeal: see section 60C.\n\n> entity means any of the following:\n\n (a) a corporation (as defined by section 4);\n (b) an individual;\n (c) a body corporate;\n (d) a corporation sole;\n (e) a body politic;\n (f) a partnership;\n (g) any other unincorporated association or body of entities;\n (h) a trust;\n (i) any party or entity which can or does buy or sell electricity, natural gas or synthetic greenhouse gas.\n\n> infringement notice means an infringement notice issued under subsection 60L(1).\n\n> infringement notice compliance period: see section 60P.\n\n> infringement notice provision means section 60C or 60K.\n\n> listed corporation has the meaning given by section 9 of the Corporations Act 2001.\n\n> National Energy Retail Law means the National Energy Retail Law set out in the Schedule to the National Energy Retail Law (South Australia) Act 2011 (SA).\n\n> natural gas has the same meaning as in the National Gas (Commonwealth) Law (as defined by the Australian Energy Market Act 2004).\n\n> natural gas customer means an entity that purchases natural gas.\n\n> natural gas retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells natural gas to natural gas customers; or\n (b) an entity who is a gas retailer within the meaning of the Gas Industry Act 2001 (Vic.); or\n (c) an entity who is a retailer within the meaning of the Gas Supply Act 2003 (Qld); or\n (d) an entity who holds a trading licence under the Energy Coordination Act 1994 (WA); or\n (e) an entity who holds a licence under the Gas Act 2000 (Tas.) to sell gas by retail.\n\n> price, in relation to a supply, includes:\n\n (a) a charge of any description for the supply; and\n (b) any pecuniary or other benefit, whether direct or indirect, received or to be received by a person for or in connection with the supply.\n\n> regulated goods: see section 60B.\n\n> regulated supply means a supply that:\n\n (a) occurs during the carbon tax repeal transition period; and\n (b) is of regulated goods.\n\n> regulated supply input costs of an entity means the entity’s input costs in relation to the making by the entity of regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n> Royal Assent day means the day on which the Act that inserted this Part receives the Royal Assent.\n\n> SGG customer means an entity that purchases synthetic greenhouse gas.\n\n> SGG equipment has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n> synthetic greenhouse gas has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n#### 60B Regulated goods\n\n (1) For the purposes of this Part, regulated goods means:\n (a) natural gas; or\n (b) electricity; or\n (c) synthetic greenhouse gas; or\n (d) SGG equipment; or\n (e) other goods of a kind specified in a legislative instrument under subsection (2).\n (2) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (1)(e).\n\n### Division 2—Carbon tax price reduction obligation\n\n#### 60C Price exploitation in relation to the carbon tax repeal\n\n (1) An entity must not engage in price exploitation in relation to the carbon tax repeal.\n (2) For the purposes of this Part, an entity engages in price exploitation in relation to the carbon tax repeal if, and only if:\n (a) it makes a regulated supply; and\n (b) the price for the supply does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal.\n (3) For the purposes of this Part, in determining whether the price for a supply made by an entity does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal, have regard to the following matters:\n (a) the entity’s cost savings that are directly or indirectly attributable to the carbon tax repeal;\n (b) how the cost savings mentioned in paragraph (a) can reasonably be attributed to the different supplies that the entity makes;\n (c) the entity’s costs;\n (d) any other relevant matter that may reasonably influence the price.\n\n#### 60CA Failure to pass on cost savings—250% penalty\n\n (1) If:\n (a) either:\n (i) an entity contravenes subsection 60C(1) in relation to a particular supply of electricity or natural gas; or\n (ii) an entity that is a bulk SGG importer contravenes subsection 60C(1) in relation to a particular supply of synthetic greenhouse gas; and\n (b) the contravention involved a failure to pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal;\n there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount equal to 250% of those cost savings that were not passed through.\n When penalty becomes due and payable\n (2) An amount payable by an entity under subsection (1) is due and payable on 1 July 2015.\n Late payment penalty\n (3) If an amount payable by an entity under subsection (1) remains unpaid after the time when it became due for payment, there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount calculated at the rate of 6% per annum on the amount unpaid, computed from that time.\n Recovery of penalties\n (4) An amount payable by an entity under subsection (1) or (3):\n (a) is a debt due to the Commonwealth; and\n (b) shall be recovered by the Commission, on behalf of the Commonwealth, by action in a court of competent jurisdiction, unless the cost of doing so exceeds the amount.\n Report to Parliament\n (5) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of penalties payable by entities.\n\n#### 60D Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that the entity has engaged in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) identify:\n (i) the entity that made the supply; and\n (ii) the kind of supply made; and\n (iii) the circumstances in which the supply was made; and\n (c) state that, in the Commission’s opinion, the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (3) In any proceedings:\n (aa) under section 60CA; or\n (a) under section 76 for a pecuniary penalty order relating to section 60C; or\n (b) under section 80 for an injunction relating to section 60C; or\n (c) under section 80A, 82, 86C, 86D or 87 for an order relating to section 60C;\n the notice is prima facie evidence that the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (4) The Commission may vary or revoke the notice on its own initiative or on application made by the entity. The Commission must give the entity written notice of the variation or revocation.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60E Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that doing so will aid the prevention of the entity engaging in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) be expressed to relate to any supply that the entity makes that is:\n (i) of a kind specified in the notice; and\n (ii) made in circumstances specified in the notice; and\n (iii) made during the period specified in the notice (which must not be a period ending after the end of the carbon tax repeal transition period); and\n (c) specify the maximum price that, in the Commission’s opinion, may be charged for a supply to which the notice is expressed to relate.\n (3) The Commission may, on its own initiative or on application made by the entity:\n (a) vary the notice to:\n (i) change the period specified as required by subparagraph (2)(b)(iii); or\n (ii) change the price specified in the notice as required by paragraph (2)(c); or\n (b) revoke the notice.\n The Commission must give the entity written notice of the variation or revocation.\n (4) The Commission may publish the notice, or particulars of any variation or revocation of the notice, in such manner as the Commission considers appropriate.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60F Acquisition of property\n\n Scope\n (1) This section applies to the following provisions of this Act:\n (a) section 60C;\n (b) any other provision to the extent to which it relates to section 60C.\n Effect of provision\n (2) The provision has no effect to the extent (if any) to which its operation would result in the acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph).\n\n### Division 2A—Carbon tax removal substantiation notices\n\n#### 60FA Carbon tax removal substantiation notices\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation notice\n (2) The Commission must, within 30 days after the Royal Assent day, by written notice given to the entity, require the entity:\n (a) to give to the Commission, within the period specified in the notice, a written statement that explains:\n (i) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n (ii) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas; and\n (b) to do either or both of the following:\n (i) give to the Commission, within the period and in the manner and form specified in the notice, information that substantiates the explanation set out in the statement;\n (ii) produce to the Commission, within the period and in the manner specified in the notice, documents that substantiate the explanation set out in the statement.\n (3) A notice under subsection (2) is to be known as a carbon tax removal substantiation notice.\n (4) A period specified in a carbon tax removal substantiation notice must be 21 days after the notice is given.\n (5) A carbon tax removal substantiation notice must explain the effect of:\n (a) section 60FB; and\n (b) section 60FC; and\n (c) sections 137.1 and 137.2 of the Criminal Code.\n Section does not limit section 60H\n (6) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (7) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60FB Extending periods for complying with carbon tax removal substantiation notices\n\n (1) An entity that has been given a carbon tax removal substantiation notice may, at any time within 14 days after the notice was given to the entity by the Commission, apply in writing to the Commission for an extension of the period for complying with the notice.\n (2) The Commission may, by written notice given to the entity, extend the period within which the entity must comply with the notice, so long as the extension is for a period of not more than 28 days.\n\n#### 60FC Compliance with carbon tax removal substantiation notices\n\n (1) An entity that is given a carbon tax removal substantiation notice must comply with it within the applicable compliance period for the notice.\n (2) The applicable compliance period for a carbon tax removal substantiation notice is:\n (a) the period of 21 days specified in the notice; or\n (b) if the period for complying with the notice has been extended under section 60FB—the period as so extended;\n and includes (if an application has been made under section 60FB for an extension of the period for complying with the notice) the period up until the time when the applicant is given notice of the Commission’s decision on the application.\n (3) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (1); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 200 penalty units.\n\n (4) Subsection (3) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (5) If subsection (3) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (3) of this section has effect, in relation to the individual, as if the reference to 200 penalty units were a reference to 40 penalty units.\n (6) If subsection (1) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving information or producing a document in accordance with a carbon tax removal substantiation notice on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 2B—Carbon tax removal substantiation statements\n\n#### 60FD Carbon tax removal substantiation statements\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation statement\n (2) Within 30 days after the Royal Assent day, the entity must give to the Commission:\n (a) a written statement that sets out:\n (i) if the entity has electricity customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and\n (ii) if the entity has natural gas customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and\n (iii) if the entity has SGG customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and\n (b) information that substantiates the estimate or estimates set out in the statement.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n (3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement.\n (4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity’s website, in a way that is readily accessible by the public, until the end of 30 June 2015.\n Compliance\n (5) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (4); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 500 penalty units.\n\n (6) Subsection (5) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.\n (8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60H\n (9) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (10) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n Report to Parliament\n (11) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of compliance by all entities.\n\n### Division 2C—Statements for customers\n\n#### 60FE Statements for customers\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers.\n Preparation of statement\n (2) Within 30 days after the Royal Assent day, the entity must prepare a statement that:\n (a) if the entity has electricity customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014; and\n (b) if the entity has natural gas customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014.\n Communication of contents of statement to customers\n (3) During the period:\n (a) beginning 30 days after the Royal Assent day; and\n (b) ending 60 days after the Royal Assent day;\n the entity must ensure that the contents of the statement prepared by it under subsection (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n Compliance\n (4) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (3); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 400 penalty units.\n\n (5) Subsection (4) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (6) If subsection (4) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.\n (7) If subsection (2) or (3) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from:\n (a) preparing a statement under subsection (2) of this section; or\n (b) communicating the contents of a statement under subsection (3) of this section;\n on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 3—Price monitoring in relation to the carbon tax repeal etc.\n\n#### 60G Commission may monitor prices in relation to the carbon tax repeal etc.\n\n Price monitoring—carbon tax repeal transition period\n (1) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged by entities for supplies, in the carbon tax repeal transition period, of relevant goods.\n\n> Note: For relevant goods, see subsection (11).\n\n (2) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of relevant goods by entities.\n\n> Note: For relevant goods, see subsection (11).\n\n (3) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n (4) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n Price monitoring—price exploitation\n (5) The Commission may monitor prices to assist the Commission’s consideration of whether an entity has engaged, is engaging, or may in the future engage, in price exploitation in relation to the carbon tax repeal.\n Price monitoring—pre‑repeal transition period\n (6) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged by entities for supplies, in the pre‑repeal transition period, of relevant goods.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (7) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of relevant goods by entities.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (8) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n (9) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n Section does not limit Part VIIA\n (10) This section does not limit Part VIIA (which is about prices surveillance).\n Relevant goods\n (11) For the purposes of this section, the following are relevant goods:\n (a) regulated goods;\n (b) other goods of a kind specified in a legislative instrument under subsection (12).\n (12) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (11)(b).\n Pre‑repeal transition period\n (13) For the purposes of this section, pre‑repeal transition period means the period:\n (a) beginning at the commencement of this section; and\n (b) ending at the end of 30 June 2014.\n\n#### 60H Information‑gathering powers\n\n (1) A member of the Commission may, by written notice given to a person, require the person:\n (a) to give the Commission specified information in writing signed by:\n (i) the person; or\n (ii) if the person is a body corporate—a competent officer of the body corporate; or\n (b) to produce to the Commission specified documents;\n if:\n (c) the information, or information contained in the documents, relates to prices or the setting of prices; and\n (d) the member reasonably believes that the information, or information contained in the documents, will or may be useful to the Commission in monitoring prices as mentioned in any of subsections 60G(1) to (9).\n\n> Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.\n\n (2) Information or documents that may be required under subsection (1) may relate to prices, or the setting of prices:\n (a) before or after the carbon tax repeal; and\n (b) before or after the start of the carbon tax repeal transition period; and\n (c) in a situation, or during a period, specified in the notice.\n (3) Subsection (2) does not limit subsection (1).\n (4) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (1); and\n (b) the person is capable of complying with the requirement; and\n (c) the person omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 20 penalty units.\n\n (5) An individual is excused from giving information or producing a document in accordance with a requirement under subsection (1) on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60FA\n (5A) This section does not limit section 60FA (which is about carbon tax removal substantiation notices).\n Section does not limit section 155\n (6) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60J Reporting\n\n (1) The Commission must, within 28 days after the end of each quarter, give the Minister a written report about the operations of the Commission under this Part during the quarter.\n (2) A report under subsection (1) must include particulars of:\n (a) all notices given under section 60E during the quarter; and\n (b) all variations or revocations during the quarter of notices given under section 60E.\n (3) Subsection (2) does not limit subsection (1).\n (4) For the purposes of this section, a quarter is a period of 3 months:\n (a) that occurs wholly or partly during the carbon tax repeal transition period; and\n (b) that starts on any of the following days in a year:\n (i) 1 January;\n (ii) 1 April;\n (iii) 1 July;\n (iv) 1 October.\n (5) As soon as practicable after the Minister receives a report under subsection (1), the Minister must make the report public by such means as the Minister considers appropriate.\n (6) If this section commences during a quarter (but not on the first day of a quarter):\n (a) no report is to be made at the end of the quarter; but\n (b) the report made at the end of the next quarter is also to include the information required by subsections (1) and (2) in relation to the previous quarter.\n\n### Division 4—False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n#### 60K False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n An entity must not, in trade or commerce, in connection with:\n (a) the supply or possible supply of goods or services; or\n (b) the promotion by any means of the supply or use of goods or services;\n make a false or misleading representation, during the carbon tax repeal transition period, concerning the effect of:\n (c) the carbon tax repeal or a part of the carbon tax repeal; or\n (d) the carbon tax scheme or a part of the carbon tax scheme;\n on the price for the supply of the goods or services.\n\n### Division 5—Infringement notices\n\n#### 60L Issuing an infringement notice\n\n Issuing an infringement notice\n (1) If the Commission has reasonable grounds to believe that a person has contravened an infringement notice provision, the Commission may issue an infringement notice to the person.\n (2) The Commission must not issue more than one infringement notice to the person for the same alleged contravention of the infringement notice provision.\n (3) The infringement notice does not have any effect if the notice:\n (a) is issued more than 12 months after the day on which the contravention of the infringement notice provision is alleged to have occurred; or\n (b) relates to more than one alleged contravention of an infringement notice provision by the person.\n Matters to be included in an infringement notice\n (4) An infringement notice must:\n (a) be identified by a unique number; and\n (b) state the day on which it is issued; and\n (c) state the name and address of the person to whom it is issued; and\n (d) identify the Commission; and\n (e) state how the Commission may be contacted; and\n (f) give details of the alleged contravention by the person, including:\n (i) the date of the alleged contravention; and\n (ii) the particular infringement notice provision that was allegedly contravened; and\n (g) state the maximum pecuniary penalty that the court could order the person to pay under section 76 for the alleged contravention; and\n (h) specify the penalty that is payable in relation to the alleged contravention; and\n (i) state that the penalty is payable within the infringement notice compliance period for the notice; and\n (j) state that the penalty is payable to the Commission on behalf of the Commonwealth; and\n (k) explain how payment of the penalty is to be made; and\n (l) explain the effect of sections 60M, 60N, 60P and 60Q.\n Amount of penalty\n (5) The penalty to be specified in an infringement notice that is to be issued to a person in relation to an alleged contravention of an infringement notice provision must be:\n (a) if the person is a listed corporation—600 penalty units; or\n (b) if the person is a body corporate other than a listed corporation—60 penalty units; or\n (c) if the person is not a body corporate—12 penalty units.\n\n#### 60M Effect of compliance with an infringement notice\n\n Scope\n (1) This section applies if:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person pays the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q.\n Effect\n (2) The person is not, merely because of the payment, regarded as:\n (a) having contravened the infringement notice provision; or\n (b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the infringement notice provision.\n (3) No proceedings (whether criminal or civil) may be started or continued against the person, by or on behalf of the Commonwealth, in relation to:\n (a) the alleged contravention of the infringement notice provision; or\n (b) an offence constituted by the same conduct that constituted the alleged contravention.\n\n#### 60N Effect of failure to comply with an infringement notice\n\n If:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person fails to pay the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q;\n the person is liable to proceedings under Part VI in relation to the alleged contravention of the infringement notice provision.\n\n#### 60P Infringement notice compliance period for infringement notice\n\n (1) The infringement notice compliance period for an infringement notice is the period of 28 days beginning on the day after the day on which the infringement notice is issued by the Commission.\n (2) Subsection (1) has effect subject to subsection (7).\n (3) The Commission may extend, by notice in writing, the infringement notice compliance period for the notice if the Commission is satisfied that it is appropriate to do so.\n (4) Only one extension may be given, and the extension must not be for longer than 28 days.\n (5) Notice of the extension must be given to the person who was issued the infringement notice.\n (6) A failure to comply with subsection (5) does not affect the validity of the extension.\n (7) If the Commission extends the infringement notice compliance period for an infringement notice, a reference in this Division to the infringement notice compliance period for an infringement notice is taken to be a reference to the infringement notice compliance period as so extended.\n\n#### 60Q Withdrawal of an infringement notice\n\n Representations to the Commission\n (1) A person to whom an infringement notice has been issued for an alleged contravention of an infringement notice provision may make written representations to the Commission seeking the withdrawal of the infringement notice.\n (2) Evidence or information that the person, or a representative of the person, gives to the Commission in the course of making representations under subsection (1) is not admissible in evidence against the person or representative in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).\n Withdrawal by the Commission\n (3) The Commission may, by written notice (the withdrawal notice) given to the person to whom an infringement notice was issued, withdraw the infringement notice if the Commission is satisfied that it is appropriate to do so.\n (4) Subsection (3) applies whether or not the person has made representations seeking the withdrawal.\n Content of withdrawal notices\n (5) The withdrawal notice must state:\n (a) the name and address of the person; and\n (b) the day on which the infringement notice was issued to the person; and\n (c) that the infringement notice is withdrawn; and\n (d) that proceedings under Part VI may be started or continued against the person in relation to:\n (i) the alleged contravention the infringement notice provision; or\n (ii) an offence constituted by the same conduct that constituted the alleged contravention.\n Time limit for giving withdrawal notices\n (6) To be effective, the withdrawal notice must be given to the person within the infringement notice compliance period for the infringement notice.\n Refunds\n (7) If the infringement notice is withdrawn after the person has paid the penalty specified in the infringement notice, the Commission must, on behalf of the Commonwealth, refund to the person an amount equal to the amount paid.\n\n> Note: For appropriation, see section 28 of the Financial Management and Accountability Act 1997.\n\n#### 60R Effect of this Division\n\n This Division does not:\n (a) require an infringement notice to be issued to a person for an alleged contravention of an infringement notice provision; or\n (b) affect the liability of a person to proceedings under Part VI in relation to an alleged contravention of an infringement notice provision if:\n (i) an infringement notice is not issued to the person for the alleged contravention; or\n (ii) an infringement notice issued to a person for the alleged contravention is withdrawn under section 60Q; or\n (c) prevent a court from imposing a higher penalty than the penalty specified in the infringement notice if the person does not comply with the notice.\n\n4 Subsection 75B(1)\n\nAfter “section”, insert “60C, 60K or”.\n\n5 After subparagraph 76(1)(a)(i)\n\nInsert:\n\n (ii) section 60C;\n (iia) section 60K;\n\n6 After paragraph 76(1A)(b)\n\nInsert:\n\n (ba) for each act or omission to which this section applies that relates to section 60C or 60K—6,471 penalty units; and\n\n7 Before paragraph 76(1B)(a)\n\nInsert:\n\n (aa) for each act or omission to which this section applies that relates to section 60C or 60K—1,295 penalty units; and\n\n8 Paragraph 77A(3) (at the end of the definition of civil liability)\n\nAdd “or Part V”.\n\n9 Paragraph 80(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a contravention of any of the following provisions:\n (i) a provision of Part IV;\n (ii) a provision of Division 2 or 5 of Part IVB;\n (iii) section 60C;\n (iv) section 60K; or\n\n10 At the end of subsection 80(1A)\n\nAdd “, 60C or 60K”.\n\n11 After section 80\n\nInsert:\n\n#### 80A Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money\n\n (1) If, on the application of the Commission, the Court is satisfied that a person has engaged in conduct constituting a contravention of section 60C, the Court may make either or both of the following orders:\n (a) an order requiring that person, or a person involved in the contravention, not to make a regulated supply of a kind specified in the order for a price in excess of the price specified in the order while the order remains in force;\n (b) an order requiring that person, or a person involved in the contravention, to refund money to a person specified in the order.\n\n> Note: Section 60C is about price exploitation in relation to the carbon tax repeal.\n\n (2) This section does not limit section 80.\n (3) In this section:\n\n> price has the same meaning as in Part V.\n\n> regulated supply has the same meaning as in Part V.\n\n12 Subsection 82(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n13 Section 83\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n14 Paragraphs 84(1)(b) and (3)(b)\n\nAfter “IVB”, insert “or V”.\n\n15 After paragraph 85(a)\n\nInsert:\n\n (aa) engaged in conduct in contravention of section 60C or 60K; or\n\n16 Paragraph 86C(2)(a)\n\nBefore “a”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n17 Paragraph 86C(2)(b)\n\nBefore “a probation”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n18 Subsection 86C(4) (paragraph (a) of the definition of contravening conduct)\n\nAfter “section”, insert “60C, 60K or”.\n\n19 Subsection 87(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n20 Paragraph 87(1A)(a)\n\nAfter “IVB”, insert “or section 60C or 60K”.\n\n21 Paragraph 87(1A)(b)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n22 Paragraph 87(1B)(a)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n23 Subsection 87(1C)\n\nOmit “or Division 2 of Part IVB”, substitute “, Division 2 of Part IVB or section 60C or 60K”.\n\n24 Subsection 155AAA(21) (paragraph (a) of the definition of core statutory provision)\n\nAfter “Part IV,”, insert “V,”.\n\n25 Subsection 155AAA(21) (after paragraph (b) of the definition of protected information)\n\nInsert:\n\n (ba) information that was obtained by the Commission under paragraph 60FD(2)(b) or section 60FA or 60H; or\n\n26 Before subparagraph 163A(1)(a)(ii)\n\nInsert:\n\n (i) Part V;\n\nSchedule 3—Repeal of tax offset for conservation tillage\n\nClean Energy (Consequential Amendments) Act 2011\n\n1 Subsection 2(1) (table item 6)\n\nRepeal the item.\n\n2 Part 3 of Schedule 2\n\nRepeal the Part.\n\nIncome Tax Assessment Act 1997\n\n3 Section 67‑23 (table item 24)\n\nRepeal the item.\n\n4 Subdivision 385‑J\n\nRepeal the Subdivision.\n\n5 Subsection 995‑1(1) (definition of eligible no‑till seeder)\n\nRepeal the definition.\n\n6 Application of amendments\n\nThe amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.\n\nNote: The provisions of the Income Tax Assessment Act 1997 repealed by this Schedule will continue to apply to assessments for the 2012‑13 and 2013‑14 income years.\n\n7 Transitional—timing relating to 2013‑14 income year\n\nThe following provisions of the Income Tax Assessment Act 1997:\n\n (a) subparagraph 385‑175(1)(e)(ii);\n (b) subparagraph 385‑190(1)(c)(ii);\n\napply for the purposes of assessments for the 2013‑14 income year as if those provisions referred to 30 June 2014 rather than 30 June 2015.\n\nSchedule 4—Repeal of the Steel Transformation Plan Act 2011\n\nSteel Transformation Plan Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nNote: On the repeal of the Act, the Steel Transformation Plan 2012 (which was made under Part 3 of the Act) will also cease to have effect.\n\n2 Effect of repeal\n\n(1) To avoid doubt:\n\n (a) no assistance is payable under the old Act or the old Plan after the commencement of this Schedule, including in respect of the half‑year ending on 30 June 2014; and\n (b) a return is not required to be (and cannot be) provided under Part 4 of the old Plan in respect of the half‑year ending on 30 June 2014 (or any later half‑year); and\n (c) the following conditions cease to have effect on the commencement of this Schedule:\n (i) conditions to which payments of competitiveness assistance advances under the old Act were subject;\n (ii) conditions to which registrations of corporations under the old Plan as STP participants were subject; and\n (d) the Department’s annual report for the financial year ending on 30 June 2014 (or any later financial year) is not required to comply with section 26 of the old Act.\n\n(2) In this item:\n\nold Act means the Steel Transformation Plan Act 2011.\n\nold Plan means the Steel Transformation Plan 2012 made under Part 3 of the old Act.\n\nSchedule 5—Australian Renewable Energy Agency’s finances\n\nAustralian Renewable Energy Agency Act 2011\n\n1 Subsection 64(1) (table)\n\nRepeal the table, substitute:\n\n```html\n

Yearly maximum payments to ARENA

Item

Financial year

Amount for financial year

1

2013‑2014

$581,276,000.00

2

2014‑2015

$194,340,000.00

3

2015‑2016

$89,991,000.00

4

2016‑2017

$56,950,000.00

5

2017‑2018

$499,893,000.00

6

2018‑2019

$237,000,000.00

7

2019‑2020

$468,340,000.00

8

2020‑2021

$135,000,000.00

9

2021‑2022

$135,000,000.00

\n```\n\n2 Subsections 64(3) to (6)\n\nRepeal the subsections.\n\n3 Subsection 65(4) (note)\n\nOmit “subsections 64(2) to (6)”, substitute “subsection 64(2)”.\n\n4 Application\n\nTo avoid doubt:\n\n (a) the amendments made by this Part do not affect how the Australian Renewable Energy Agency Act 2011 applied, before the commencement of this Part, in relation to the financial year 2012‑2013; but\n (b) for the purposes of that Act as amended by this Part, subsection 64(2) of that Act does not apply so as to carry over to the 2013‑2014 financial year any unspent amount from the 2012‑2013 financial year.\n\nNote: The unspent amount from the 2012‑2013 financial year has instead been directly factored into amounts specified in the table substituted by item 1.","sortOrder":19},{"sectionNumber":"60","sectionType":"section","heading":"Simplified outline of this Part","content":"#### 60 Simplified outline of this Part\n\n• An entity must not engage in price exploitation in relation to the carbon tax repeal.\n\n• The Commission may monitor prices in relation to the carbon tax repeal and the carbon tax scheme.\n\n• An entity must not make false or misleading representations about the effect of the carbon tax repeal, or the carbon tax scheme, on the price for the supply of goods or services.\n\n• An entity that sells electricity or natural gas, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas, will be required to explain and substantiate:\n\n(a) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n\n(b) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n• An entity that sells electricity or natural gas to customers, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas to customers, must:\n\n(a) give a carbon tax removal substantiation statement to the Commission; and\n\n(b) include in the statement the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, attributable to the carbon tax repeal and that have been, are being, or will be, passed on to customers during the financial year that began on 1 July 2014; and\n\n(c) provide information with the statement that substantiates such an estimate; and\n\n(d) in a case where the entity sells electricity or natural gas to customers—communicate to customers a statement that identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings to customers that are for the financial year that began on 1 July 2014.\n\n• Infringement notices may be issued for certain contraventions of this Part.","sortOrder":20},{"sectionNumber":"60AA","sectionType":"section","heading":"Objects etc.","content":"#### 60AA Objects etc.\n\n (1) The main objects of this Part are:\n (a) to deter price exploitation in relation to the carbon tax repeal at each point in the supply chain for regulated goods; and\n (b) to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods.\n (2) The intention of the Parliament in enacting this Part is to ensure that all cost savings attributable to the carbon tax repeal are passed on to consumers of regulated goods through lower prices.","sortOrder":21},{"sectionNumber":"60A","sectionType":"section","heading":"Definitions","content":"#### 60A Definitions\n\n In this Part:\n\n> applicable compliance period, for a carbon tax removal substantiation notice, has the meaning given by subsection 60FC(2).\n\n> bulk SGG importer means an entity that:\n\n (a) holds a controlled substances licence under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 that allows the entity to import synthetic greenhouse gases; and\n (b) supplies synthetic greenhouse gas to SGG customers.\n\n> carbon charge component of levy means so much of the amount of the levy as is calculated by multiplying the number of tonnes of carbon dioxide equivalence by a per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit.\n\n> carbon tax removal substantiation notice has the meaning given by subsection 60FA(3).\n\n> carbon tax removal substantiation statement has the meaning given by subsection 60FD(3).\n\n> carbon tax repeal means:\n\n (a) the repeal of the following Acts by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Clean Energy Act 2011;\n (ii) the Clean Energy (Charges—Customs) Act 2011;\n (iii) the Clean Energy (Charges—Excise) Act 2011;\n (iv) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n (v) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n (vi) the Clean Energy (Unit Shortfall Charge—General) Act 2011; and\n (b) the amendments of the following Acts made by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Fuel Tax Act 2006;\n (ii) the Fuel Tax (Consequential and Transitional Provisions) Act 2006; and\n (c) the amendments made by the following Acts:\n (i) the Customs Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (ii) the Excise Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (iii) the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Act 2014;\n (iv) the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Carbon Tax Repeal) Act 2014.\n\n> carbon tax repeal transition period means the period:\n\n (a) beginning at the start of 1 July 2014; and\n (b) ending at the end of 30 June 2015.\n\n> carbon tax scheme means the scheme embodied in the following:\n\n (a) the Clean Energy Act 2011, as in force at the start of 1 January 2014;\n (b) the associated provisions (within the meaning of that Act as in force at that time);\n (c) the following provisions of the Fuel Tax Act 2006, as in force at the start of 1 January 2014:\n (i) Division 42A;\n (ii) section 43‑5, so far as that section relates to a carbon reduction;\n (iii) section 43‑8;\n (iv) section 43‑11;\n (d) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (e) section 4A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (f) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (g) sections 6FA, 6FB and 6FC of the Excise Tariff Act 1921, as in force at the start of 1 January 2014;\n (h) section 19A of the Customs Tariff Act 1995, as in force at the start of 1 January 2014.\n\n> electricity customer means an entity that purchases electricity.\n\n> electricity retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells electricity to electricity customers; or\n (b) an entity who is a retailer within the meaning of the Electricity Industry Act 2000 (Vic.); or\n (c) an entity who is a retail entity within the meaning of the Electricity Act 1994 (Qld); or\n (d) an entity who:\n (i) holds a retail licence within the meaning of the Electricity Industry Act 2004 (WA); or\n (ii) holds an integrated regional licence within the meaning of the Electricity Industry Act 2004 (WA) that authorises the entity to sell electricity; or\n (e) an entity who is an electricity entity within the meaning of the Electricity Reform Act (NT) and whose licence under that Act authorises the entity to sell electricity; or\n (f) any other entity who produces electricity in Australia.\n\n> engages in price exploitation in relation to the carbon tax repeal: see section 60C.\n\n> entity means any of the following:\n\n (a) a corporation (as defined by section 4);\n (b) an individual;\n (c) a body corporate;\n (d) a corporation sole;\n (e) a body politic;\n (f) a partnership;\n (g) any other unincorporated association or body of entities;\n (h) a trust;\n (i) any party or entity which can or does buy or sell electricity, natural gas or synthetic greenhouse gas.\n\n> infringement notice means an infringement notice issued under subsection 60L(1).\n\n> infringement notice compliance period: see section 60P.\n\n> infringement notice provision means section 60C or 60K.\n\n> listed corporation has the meaning given by section 9 of the Corporations Act 2001.\n\n> National Energy Retail Law means the National Energy Retail Law set out in the Schedule to the National Energy Retail Law (South Australia) Act 2011 (SA).\n\n> natural gas has the same meaning as in the National Gas (Commonwealth) Law (as defined by the Australian Energy Market Act 2004).\n\n> natural gas customer means an entity that purchases natural gas.\n\n> natural gas retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells natural gas to natural gas customers; or\n (b) an entity who is a gas retailer within the meaning of the Gas Industry Act 2001 (Vic.); or\n (c) an entity who is a retailer within the meaning of the Gas Supply Act 2003 (Qld); or\n (d) an entity who holds a trading licence under the Energy Coordination Act 1994 (WA); or\n (e) an entity who holds a licence under the Gas Act 2000 (Tas.) to sell gas by retail.\n\n> price, in relation to a supply, includes:\n\n (a) a charge of any description for the supply; and\n (b) any pecuniary or other benefit, whether direct or indirect, received or to be received by a person for or in connection with the supply.\n\n> regulated goods: see section 60B.\n\n> regulated supply means a supply that:\n\n (a) occurs during the carbon tax repeal transition period; and\n (b) is of regulated goods.\n\n> regulated supply input costs of an entity means the entity’s input costs in relation to the making by the entity of regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n> Royal Assent day means the day on which the Act that inserted this Part receives the Royal Assent.\n\n> SGG customer means an entity that purchases synthetic greenhouse gas.\n\n> SGG equipment has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n> synthetic greenhouse gas has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.","sortOrder":22},{"sectionNumber":"60B","sectionType":"section","heading":"Regulated goods","content":"#### 60B Regulated goods\n\n (1) For the purposes of this Part, regulated goods means:\n (a) natural gas; or\n (b) electricity; or\n (c) synthetic greenhouse gas; or\n (d) SGG equipment; or\n (e) other goods of a kind specified in a legislative instrument under subsection (2).\n (2) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (1)(e).","sortOrder":23},{"sectionNumber":"Division 2","sectionType":"division","heading":"Carbon tax price reduction obligation","content":"An Act to repeal the Clean Energy Act 2011, and for other purposes\n\n#### 1 Short title\n\n This Act may be cited as the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 July 2014

2. Schedule 1, Parts 1 and 2

1 July 2014.

1 July 2014

3. Schedule 1, Part 3, Divisions 1 to 4

1 July 2014.

1 July 2014

4. Schedule 1, Part 3, Division 5

The day this Act receives the Royal Assent.

17 July 2014

5. Schedule 1, Part 4

The day after this Act receives the Royal Assent.

However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.

18 July 2014

6. Schedule 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 January 2014.

18 July 2014

(paragraph (a) applies)

7. Schedule 3

The day after this Act receives the Royal Assent.

18 July 2014

8. Schedule 4

1 July 2014.

1 July 2014

9. Schedule 5

The day this Act receives the Royal Assent.

17 July 2014

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Schedule(s)\n\n Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\nSchedule 1—Repeal of the carbon tax\n\nPart 1—Repeal of Acts\n\nClean Energy Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Customs) Act 2011\n\n2 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Excise) Act 2011\n\n3 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Auctions) Act 2011\n\n4 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Fixed Charge) Act 2011\n\n5 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Shortfall Charge—General) Act 2011\n\n6 The whole of the Act\n\nRepeal the Act.\n\nPart 2—Amendments\n\nA New Tax System (Goods and Services Tax) Act 1999\n\n7 Section 195‑1\n\nInsert:\n\n> eligible Australian carbon credit unit means:\n\n (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or\n (b) a non‑Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:\n (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non‑Kyoto Australian carbon credit unit; and\n (ii) the non‑Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or\n (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.\n Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.\n\n8 Section 195‑1 (definition of eligible emissions unit)\n\nRepeal the definition, substitute:\n\n> eligible emissions unit means:\n\n (a) an \\*eligible international emissions unit; or\n (b) an \\*eligible Australian carbon credit unit.\n\n9 Section 195‑1\n\nInsert:\n\n> eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nAnti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n10 Section 5 (definition of carbon unit)\n\nRepeal the definition.\n\n11 Subsection 6(2) (paragraph (baa) of the cell at table item 33, column headed “Provision of a designated service”)\n\nRepeal the paragraph.\n\n12 Subsection 6(2) (paragraph (d) of the cell at table item 33, column headed “Provision of a designated service”)\n\nOmit “carbon units,”.\n\nAustralian National Registry of Emissions Units Act 2011\n\n13 Section 3\n\nOmit:\n\n• Entries may be made in Registry accounts for:\n\n(a) carbon units; and\n\n(b) Australian carbon credit units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\n• This Act sets out rules about dealings with:\n\n(a) Kyoto units; and\n\n(b) prescribed international units.\n\nsubstitute:\n\n• Entries may be made in Registry accounts for:\n\n(a) Australian carbon credit units; and\n\n(b) Kyoto units.\n\n• This Act sets out rules about dealings with Kyoto units.\n\n14 Section 4 (definition of Australian‑issued international unit)\n\nRepeal the definition.\n\n15 Section 4 (definition of benchmark average auction charge)\n\nRepeal the definition.\n\n16 Section 4 (definition of carbon unit)\n\nRepeal the definition.\n\n17 Section 4 (definition of Commonwealth foreign registry account)\n\nRepeal the definition.\n\n18 Section 4 (paragraph (d) of the definition of eligible international emissions unit)\n\nOmit “rules; or”, substitute “rules.”.\n\n19 Section 4 (paragraph (e) of the definition of eligible international emissions unit)\n\nRepeal the paragraph.\n\n20 Section 4 (definition of European allowance unit)\n\nRepeal the definition.\n\n21 Section 4 (definition of European Union Greenhouse Gas Emission Allowance Trading Directive)\n\nRepeal the definition.\n\n22 Section 4 (definition of fixed charge year)\n\nRepeal the definition.\n\n23 Section 4 (definition of foreign account)\n\nRepeal the definition, substitute:\n\n> foreign account, when used in relation to a Kyoto unit, means an account kept within a foreign Kyoto registry.\n\n24 Section 4 (definition of foreign government body)\n\nRepeal the definition.\n\n25 Section 4 (definition of hold)\n\nOmit “a carbon unit or”.\n\n26 Section 4 (definition of Information Database)\n\nRepeal the definition.\n\n27 Section 4 (definition of international arrangement)\n\nRepeal the definition.\n\n28 Section 4 (definition of international organisation)\n\nRepeal the definition.\n\n29 Section 4 (definition of issue)\n\nRepeal the definition, substitute:\n\n> issue, in relation to an Australian carbon credit unit, has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n30 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n31 Section 4 (definition of quarter)\n\nRepeal the definition.\n\n32 Section 4 (paragraph (aa) of the definition of registered holder)\n\nRepeal the paragraph.\n\n33 Section 4 (paragraph (b) of the definition of registered holder)\n\nOmit “unit; or”, substitute “unit.”.\n\n34 Section 4 (paragraph (c) of the definition of registered holder)\n\nRepeal the paragraph.\n\n35 Section 4 (definition of relinquish)\n\nRepeal the definition.\n\n36 Section 4 (definition of transfer)\n\nRepeal the definition, substitute:\n\n> transfer, in relation to a Kyoto unit, has the meaning given by section 33.\n\n37 Section 4 (definition of vintage year)\n\nRepeal the definition.\n\n38 Paragraph 9(4)(a)\n\nOmit “carbon units, Australian carbon credit units and prescribed international units”, substitute “Australian carbon credit units”.\n\n39 Paragraph 11(5)(a)\n\nOmit “carbon units or”.\n\n40 Section 14A\n\nRepeal the section.\n\n41 Paragraph 15(2)(aa)\n\nRepeal the paragraph.\n\n42 Paragraph 15(2)(c)\n\nOmit “account; and”, substitute “account.”.\n\n43 Paragraph 15(2)(d)\n\nRepeal the paragraph.\n\n44 Subparagraph 16(2)(b)(ii)\n\nOmit “(4), (5) and (6)”, substitute “(4) and (6)”.\n\n45 Subsection 16(2A)\n\nRepeal the subsection (not including the heading).\n\n46 Subsection 16(5)\n\nRepeal the subsection.\n\n47 Paragraph 16(7)(b)\n\nOmit “or (5)”.\n\n48 Subsection 17(1A)\n\nRepeal the subsection.\n\n49 Subsection 17(3)\n\nRepeal the subsection.\n\n50 Paragraph 19(3A)(a)\n\nOmit “or 49A”.\n\n51 Subsection 19(3B)\n\nRepeal the subsection.\n\n52 Section 21\n\nRepeal the section.\n\n53 Paragraph 22(4A)(a)\n\nOmit “or 49A”.\n\n54 Subsection 22(4B)\n\nRepeal the subsection.\n\n55 Subparagraph 26(3)(a)(ia)\n\nRepeal the subparagraph.\n\n56 Subparagraph 26(3)(a)(ii)\n\nOmit “or”.\n\n57 Subparagraph 26(3)(a)(iii)\n\nRepeal the subparagraph.\n\n58 Paragraph 27(3B)(b)\n\nOmit “account; or”, substitute “account.”.\n\n59 Paragraph 27(3B)(c)\n\nRepeal the paragraph.\n\n60 Paragraph 28A(1)(aa)\n\nRepeal the paragraph.\n\n61 Paragraph 28A(1)(b)\n\nOmit “or”.\n\n62 Paragraph 28A(1)(c)\n\nRepeal the paragraph.\n\n63 Paragraph 28A(4)(aa)\n\nRepeal the paragraph.\n\n64 Paragraph 28B(1)(aa)\n\nRepeal the paragraph.\n\n65 Paragraph 28B(1)(b)\n\nOmit “or”.\n\n66 Paragraph 28B(1)(c)\n\nRepeal the paragraph.\n\n67 Paragraph 28B(11)(aa)\n\nRepeal the paragraph.\n\n68 Subsection 28B(11) (paragraph (c) of the note)\n\nOmit “Act; and”, substitute “Act.”.\n\n69 Subsection 28B(11) (paragraphs (d) and (e) of the note)\n\nRepeal the paragraphs.\n\n70 Paragraph 28C(17)(aa)\n\nRepeal the paragraph.\n\n71 Subparagraph 28D(5)(a)(ii)\n\nOmit “carbon units or”.\n\n72 Paragraph 28D(5)(b)\n\nRepeal the paragraph, substitute:\n\n (b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.\n\n73 Paragraph 28D(16)(aa)\n\nRepeal the paragraph.\n\n74 Part 4\n\nRepeal the Part.\n\n75 Section 58\n\nOmit:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) carbon units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\nsubstitute:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) Kyoto units.\n\n76 Section 59A\n\nRepeal the section.\n\n77 Subsections 61(3) to (6)\n\nRepeal the subsections.\n\n78 Section 61A\n\nRepeal the section.\n\n79 Sections 63 to 63G\n\nRepeal the sections.\n\n80 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more carbon units, the person may request the Regulator to cancel any or all of those units. However, this rule does not apply to a unit that was issued for a fixed charge and has a vintage year that is a fixed charge year.\n\n81 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more prescribed international units, the person may request the Regulator to cancel any or all of those units.\n\n82 Section 64A\n\nRepeal the section.\n\n83 Section 66\n\nRepeal the section.\n\n84 Parts 6A and 6B\n\nRepeal the Parts.\n\n85 Paragraph 79(1)(c)\n\nOmit “27(4);”, substitute “27(4).”.\n\n86 Paragraph 79(1)(d)\n\nRepeal the paragraph.\n\n87 Section 82 (table item 2)\n\nOmit “or 53”.\n\n88 Section 82 (table item 3)\n\nRepeal the item.\n\n89 Section 82 (table items 8 and 9)\n\nOmit “or 21”.\n\n90 Section 82 (table items 15 and 16)\n\nRepeal the items.\n\n91 Section 86A\n\nRepeal the section.\n\nAustralian Securities and Investments Commission Act 2001\n\n92 Paragraph 12BAA(7)(ka)\n\nRepeal the paragraph.\n\n93 Paragraph 12BAB(1)(g)\n\nOmit “a carbon unit,”.\n\n94 At the end of the Act\n\nAdd:\n\n## Part 20—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 295 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 296 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\nClean Energy Regulator Act 2011\n\n95 Section 3\n\nOmit:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Clean Energy Act 2011; and\n\n(b) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(c) the National Greenhouse and Energy Reporting Act 2007; and\n\n(d) the Renewable Energy (Electricity) Act 2000; and\n\n(e) the Australian National Registry of Emissions Units Act 2011.\n\nsubstitute:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(b) the National Greenhouse and Energy Reporting Act 2007; and\n\n(c) the Renewable Energy (Electricity) Act 2000; and\n\n(d) the Australian National Registry of Emissions Units Act 2011.\n\n96 Section 4\n\nInsert:\n\n> Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.\n\n> Note: The text of the Convention is set out in Australian Treaty Series 1994 No. 2 (\\[1994\\] ATS 2). In 2013, the text of a Convention in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).\n\n97 Section 4 (paragraphs (b) to (h) of the definition of climate change law)\n\nRepeal the paragraphs.\n\n98 Section 4\n\nInsert:\n\n> greenhouse gas has the same meaning as in the National Greenhouse and Energy Reporting Act 2007.\n\n99 Section 4 (definition of international agreement)\n\nRepeal the definition, substitute:\n\n> international agreement means an agreement whose parties are:\n\n (a) Australia and a foreign country; or\n (b) Australia and 2 or more foreign countries.\n\n100 Section 4 (definition of international climate change agreement)\n\nRepeal the definition, substitute:\n\n> international climate change agreement means:\n\n (a) the Climate Change Convention; or\n (b) any other international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) imposes obligations on Australia to take action to reduce greenhouse gas emissions; or\n (c) an international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) is specified in a legislative instrument made by the Minister for the purposes of this definition.\n\n101 Section 4 (paragraph (a) of the definition of objectives of the Regulator)\n\nRepeal the paragraph.\n\n102 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n103 Paragraph 41(3)(a)\n\nRepeal the paragraph.\n\n104 Paragraph 49(1)(z)\n\nRepeal the paragraph, substitute:\n\n (z) a person or body responsible for the administration of a scheme that involves the issue or registration of prescribed eligible carbon units;\n\nCorporations Act 2001\n\n105 Section 9 (definition of carbon unit)\n\nRepeal the definition.\n\n106 Paragraph 764A(1)(kaa)\n\nRepeal the paragraph.\n\n107 At the end Chapter 10\n\nAdd:\n\n## Part 10.23—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 1542 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 1543 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n#### 1544 Transitional—variation of conditions on Australian financial services licences\n\n Scope\n (1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.\n Variation\n (2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.\n\n#### 1545 Transitional—immediate cancellation of Australian financial services licences\n\n Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:\n Licence relating to carbon units\n (5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.\n\n#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences\n\n Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).\n\nFuel Tax Act 2006\n\n108 Section 2‑1\n\nOmit:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n For fuel that is not \\*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced.\n Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax.\n Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n\n109 Subsection 40‑5(2)\n\nAfter “reduce”, insert “or remove”.\n\n110 Subsections 40‑5(3) and (4)\n\nRepeal the subsections.\n\n111 Section 41‑1\n\nOmit:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme.\n\nsubstitute:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft.\n\n112 Paragraph 41‑5(3)(b)\n\nOmit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”.\n\n113 Subsection 41‑15(1)\n\nOmit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”.\n\n114 Subparagraph 41‑25(2)(a)(ii)\n\nOmit “\\*agricultural property”, substitute “agricultural property”.\n\n115 Section 41‑30 (heading)\n\nRepeal the heading, substitute:\n\n#### 41‑30 No fuel tax credit for fuel to be used in an aircraft\n\n116 Subsection 41‑30(1)\n\nOmit “(1)”.\n\n117 Subsection 41‑30(2)\n\nRepeal the subsection.\n\n118 Section 41‑35\n\nRepeal the section.\n\n119 Division 42A\n\nRepeal the Division.\n\n120 Section 43‑1\n\nOmit:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:\n\n(a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and\n\n(b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).\n\nFor fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.\n\nFor gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).\n\n121 Subsection 43‑5(1)\n\nRepeal the subsection, substitute:\n\n (1) The \\*amount of your tax fuel credit for taxable fuel is the amount of \\*effective fuel tax that is payable on the fuel.\n\n> Note: The amount of the credit may be reduced under section 43‑10.\n\n122 Subsections 43‑5(4) and (5)\n\nRepeal the subsections.\n\n123 Section 43‑8\n\nRepeal the section.\n\n124 Section 43‑10 (heading)\n\nRepeal the heading, substitute:\n\n#### 43‑10 Reducing the amount of your fuel tax credit\n\n125 Subsection 43‑10(1A)\n\nRepeal the subsection.\n\n126 Section 43‑11\n\nRepeal the section.\n\n127 Subdivision 43‑B\n\nRepeal the Subdivision.\n\n128 Section 110‑5 (definition of agricultural activity)\n\nRepeal the definition.\n\n129 Section 110‑5 (definition of agricultural construction activity)\n\nRepeal the definition.\n\n130 Section 110‑5 (definition of agricultural property)\n\nRepeal the definition.\n\n131 Section 110‑5 (definition of agricultural soil/water activity)\n\nRepeal the definition.\n\n132 Section 110‑5 (definition of agricultural waste activity)\n\nRepeal the definition.\n\n133 Section 110‑5 (definition of agriculture)\n\nRepeal the definition.\n\n134 Section 110‑5 (definition of approved catchment area)\n\nRepeal the definition.\n\n135 Section 110‑5 (definition of carbon reduction)\n\nRepeal the definition.\n\n136 Section 110‑5 (definition of CNG)\n\nRepeal the definition.\n\n137 Section 110‑5 (definition of core agricultural activity)\n\nRepeal the definition.\n\n138 Section 110‑5 (definition of covered by the Opt‑in Scheme)\n\nRepeal the definition.\n\n139 Section 110‑5 (definition of earthworks)\n\nRepeal the definition.\n\n140 Section 110‑5 (definition of fish)\n\nRepeal the definition.\n\n141 Section 110‑5 (definition of fishing operations)\n\nRepeal the definition.\n\n142 Section 110‑5 (definition of forestry)\n\nRepeal the definition.\n\n143 Section 110‑5 (definition of half‑year)\n\nRepeal the definition.\n\n144 Section 110‑5 (definition of horticulture)\n\nRepeal the definition.\n\n145 Section 110‑5 (definition of livestock)\n\nRepeal the definition.\n\n146 Section 110‑5 (definition of livestock activity)\n\nRepeal the definition.\n\n147 Section 110‑5 (definition of LNG)\n\nRepeal the definition.\n\n148 Section 110‑5 (definition of pearling operations)\n\nRepeal the definition.\n\n149 Section 110‑5 (definition of port)\n\nRepeal the definition.\n\n150 Section 110‑5 (definition of processing of fish)\n\nRepeal the definition.\n\n151 Section 110‑5 (definition of public authority)\n\nRepeal the definition.\n\n152 Section 110‑5 (definition of renewable diesel)\n\nRepeal the definition.\n\n153 Section 110‑5 (definition of sundry agricultural activity)\n\nRepeal the definition.\n\n154 Section 110‑5 (definition of taxable fuel)\n\nRepeal the definition, substitute:\n\n> taxable fuel means fuel in respect of which duty is payable under:\n\n (a) the Excise Act 1901 and the Excise Tariff Act 1921; or\n (b) the Customs Act 1901 and the Customs Tariff Act 1995;\n but does not include fuel covered by:\n (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921; or\n (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921, if the goods had been manufactured in Australia.\n\n> Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate.\n\nFuel Tax (Consequential and Transitional Provisions) Act 2006\n\n155 Subitem 12(2A) of Schedule 3\n\nRepeal the subitem.\n\nIncome Tax Assessment Act 1997\n\n156 Section 12‑5 (table item headed “clean energy”)\n\nRepeal the item.\n\n157 Section 26‑18\n\nRepeal the section.\n\n158 Section 104‑5 (table item relating to CGT event K1, column headed “Event number and description”)\n\nOmit “\\*carbon unit, an \\*international emissions unit”, substitute “\\*Kyoto unit”.\n\n159 Subparagraphs 104‑205(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n160 Subparagraph 104‑205(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n161 Subparagraph 104‑205(1)(a)(iv)\n\nOmit “an \\*international emissions unit”, substitute “a Kyoto unit”.\n\n162 Section 112‑97 (table item 18A, column headed “In this situation”)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n163 Subsection 118‑15(2)\n\nRepeal the subsection.\n\n164 Paragraph 420‑10(a)\n\nRepeal the paragraph.\n\n165 Paragraph 420‑10(c)\n\nRepeal the paragraph.\n\n166 Subsection 420‑15(1) (note)\n\nRepeal the note.\n\n167 Subsection 420‑15(3)\n\nRepeal the subsection.\n\n168 Subsection 420‑20(3)\n\nRepeal the subsection (not including the note), substitute:\n\n (3) This section does not apply to the issue of an \\*Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n169 Subparagraphs 420‑21(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n170 Subparagraph 420‑21(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n171 Subparagraph 420‑21(1)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n172 Subsection 420‑21(1) (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n173 Subparagraphs 420‑21(2)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n174 Subparagraph 420‑21(2)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n175 Subparagraph 420‑21(2)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n176 Subparagraph 420‑35(b)(i)\n\nRepeal the subparagraph.\n\n177 Subparagraph 420‑35(b)(ii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n178 Section 420‑35 (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n179 Section 420‑43\n\nRepeal the section.\n\n180 Subsection 420‑51(1)\n\nOmit “(1)”.\n\n181 Subsection 420‑51(2)\n\nRepeal the subsection.\n\n182 Subparagraph 420‑52(a)(i)\n\nRepeal the subparagraph.\n\n183 Paragraph 420‑52(b)\n\nRepeal the paragraph.\n\n184 Subsection 420‑55(6)\n\nRepeal the subsection.\n\n185 Subsection 420‑57(9)\n\nRepeal the subsection.\n\n186 Section 420‑58\n\nRepeal the section.\n\n187 Subsections 420‑60(1) and (2)\n\nRepeal the subsections.\n\n188 Subsection 420‑60(4)\n\nOmit all the words from and including “If a \\*registered” to and including “cost of the unit”, substitute “The cost of a \\*registered emissions unit (other than an \\*Australian carbon credit unit)”.\n\n189 Subsection 420‑65(3)\n\nRepeal the subsection.\n\n190 Subsection 420‑70(3)\n\nRepeal the subsection.\n\n191 Subsection 995‑1(1) (definition of carbon unit)\n\nRepeal the definition.\n\n192 Subsection 995‑1(1) (definition of free carbon unit)\n\nRepeal the definition.\n\n193 Subsection 995‑1(1) (definition of international emissions unit)\n\nRepeal the definition.\n\n194 Subsection 995‑1(1) (definition of prescribed international unit)\n\nRepeal the definition.\n\n195 Subsection 995‑1(1) (definition of vintage year)\n\nRepeal the definition.\n\nNational Greenhouse and Energy Reporting Act 2007\n\n196 Section 3 (heading)\n\nRepeal the heading, substitute:\n\n#### 3 Object\n\n197 Subsection 3(1)\n\nOmit “(1) The first object”, substitute “The object”.\n\n198 Subsection 3(2)\n\nRepeal the subsection.\n\n199 Subsection 4(1)\n\nOmit “(1) This Act (except to the extent to which it underpins the Clean Energy Act 2011)”, substitute “This Act”.\n\n200 Subsection 4(2)\n\nRepeal the subsection.\n\n201 Subsection 5(1)\n\nOmit “(1)”.\n\n202 Before subparagraph 5(1)(a)(ii)\n\nInsert:\n\n (i) greenhouse gas emissions; or\n\n203 Subsection 5(2)\n\nRepeal the subsection.\n\n204 Section 7 (definition of carbon dioxide equivalence)\n\nRepeal the definition, substitute:\n\n> carbon dioxide equivalence, of an amount of greenhouse gas, means the amount of the gas multiplied by a value specified in the regulations in relation to that kind of greenhouse gas.\n\n205 Section 7\n\nInsert:\n\n> designated financial year means:\n\n (a) the financial year beginning on 1 July 2012; or\n (b) a later financial year.\n\n206 Section 7 (definition of designated fuel)\n\nRepeal the definition.\n\n207 Section 7 (definition of eligible financial year)\n\nRepeal the definition.\n\n208 Section 7 (definition of emissions number)\n\nRepeal the definition.\n\n209 Section 7 (definition of financial control liability transfer certificate)\n\nRepeal the definition.\n\n210 Section 7 (definition of fixed charge year)\n\nRepeal the definition.\n\n211 Section 7 (definition of foreign country)\n\nRepeal the definition, substitute:\n\n> foreign country includes a region where:\n\n (a) the region is a colony, territory or protectorate of a foreign country; or\n (b) the region is part of a foreign country; or\n (c) the region is under the protection of a foreign country; or\n (d) a foreign country exercises jurisdiction or control over the region; or\n (e) a foreign country is responsible for the region’s international relations.\n\n212 Section 7\n\nInsert:\n\n> foreign corporation means a corporation that:\n\n (a) is incorporated outside Australia; or\n (b) is an authority of a foreign country.\n\n213 Section 7 (definition of foreign person)\n\nRepeal the definition.\n\n214 Section 7\n\nInsert:\n\n> group entity means a corporation that is a member of a controlling corporation’s group.\n\n215 Section 7 (definition of interim emissions number)\n\nRepeal the definition.\n\n216 Section 7 (definition of liable entity)\n\nRepeal the definition.\n\n217 Section 7 (definition of liquefied natural gas)\n\nRepeal the definition.\n\n218 Section 7 (definition of liquefied petroleum gas)\n\nRepeal the definition.\n\n218A Section 7 (definition of local governing body)\n\nRepeal the definition.\n\n219 Section 7 (definition of natural gas supplier)\n\nRepeal the definition.\n\n220 Section 7 (definition of non‑group entity)\n\nRepeal the definition.\n\n221 Section 7 (definition of operational control)\n\nOmit “11A, 11B or 11C”, substitute “11A or 11B”.\n\n222 Section 7 (definition of Opt‑in Scheme)\n\nRepeal the definition.\n\n223 Section 7 (definition of OTN)\n\nRepeal the definition.\n\n224 Section 7 (definition of person)\n\nRepeal the definition.\n\n225 Section 7 (definition of potential greenhouse gas emissions)\n\nRepeal the definition.\n\n226 Section 7 (definition of provisional emissions number)\n\nRepeal the definition.\n\n227 Section 7 (definition of supply)\n\nRepeal the definition.\n\n228 Section 7 (definition of taxable fuel)\n\nRepeal the definition.\n\n229 Section 7 (definition of trust)\n\nRepeal the definition.\n\n230 Section 7 (definition of trustee)\n\nRepeal the definition.\n\n231 Section 7 (definition of trust estate)\n\nRepeal the definition.\n\n232 Section 7 (definition of unit shortfall charge)\n\nRepeal the definition.\n\n233 Subsection 7A(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n234 Sections 7B and 7C\n\nRepeal the sections.\n\n235 Subsection 8(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n236 Subsection 9(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n237 Paragraph 9(1)(b)\n\nOmit “or 54A”.\n\n238 Section 10 (heading)\n\nRepeal the heading, substitute:\n\n#### 10 Emissions, energy production, energy consumption etc.\n\n239 Subsection 10(1)\n\nOmit “or the Clean Energy Act 2011”.\n\n240 Subsection 10(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n241 Subsections 10(4) to (9)\n\nRepeal the subsections.\n\n242 Subsection 11(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n243 Subsection 11(1)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n244 Paragraph 11(1)(b)\n\nOmit “or 55A”.\n\n245 Subsection 11(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n246 Subsection 11(3)\n\nOmit “person”, substitute “group entity”.\n\n247 Subsection 11(4)\n\nOmit “11A, 11B and 11C”, substitute “11A and 11B”.\n\n248 Section 11A (heading)\n\nRepeal the heading, substitute:\n\n#### 11A Operational control—group entity with greatest authority\n\n249 Subsection 11A(1)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n250 Paragraph 11A(1)(a)\n\nOmit “persons”, substitute “group entities”.\n\n251 Paragraph 11A(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n252 Paragraph 11A(1)(c)\n\nOmit “or 55A”.\n\n253 Subsection 11A(2)\n\nOmit “person”, substitute “group entity”.\n\n254 Subsection 11A(2)\n\nOmit “and the Clean Energy Act 2011”.\n\n255 Section 11B (heading)\n\nRepeal the heading, substitute:\n\n#### 11B Operational control—nominated group entity\n\n256 Paragraph 11B(1)(a)\n\nOmit “more persons”, substitute “more group entities”.\n\n257 Paragraph 11B(1)(a)\n\nOmit “relevant persons”, substitute “relevant group entities”.\n\n258 Paragraph 11B(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n259 Paragraph 11B(1)(c)\n\nOmit “or 55A”.\n\n260 Paragraph 11B(1)(d)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n261 Subsection 11B(2)\n\nOmit “persons”, substitute “group entities”.\n\n262 Subsection 11B(2)\n\nOmit “person”, substitute “group entity”.\n\n263 Paragraph 11B(4)(a)\n\nOmit “persons is a foreign person”, substitute “group entities is a foreign corporation”.\n\n264 Paragraph 11B(4)(b)\n\nOmit “persons is not a foreign person”, substitute “group entities is not a foreign corporation”.\n\n265 Subsection 11B(4)\n\nOmit “foreign person cannot”, substitute “foreign corporation cannot”.\n\n266 Paragraph 11B(5)(b)\n\nOmit “persons”, substitute “group entities”.\n\n267 Subsection 11B(7)\n\nRepeal the subsection.\n\n268 Subsection 11B(8)\n\nOmit “eligible financial year” (wherever occurring), substitute “designated financial year”.\n\n269 Subsection 11B(10)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n270 Paragraph 11B(15)(b)\n\nOmit “and”.\n\n271 Paragraph 11B(15)(c)\n\nRepeal the paragraph.\n\n272 Subsection 11B(15)\n\nOmit “person”, substitute “group entity”.\n\n273 Subsection 11B(16)\n\nRepeal the subsection.\n\n274 Paragraph 11B(17)(b)\n\nOmit “and”.\n\n275 Paragraph 11B(17)(c)\n\nRepeal the paragraph.\n\n276 Subsection 11B(17)\n\nOmit “persons”, substitute “group entities”.\n\n277 Subsections 11B(18) and (19)\n\nRepeal the subsections.\n\n278 Subsection 11B(21)\n\nRepeal the subsection, substitute:\n\n Exceptions\n (21) A group entity is not required to comply with subsection (20) if the question of who has operational control of the facility is not relevant (whether directly or indirectly) to a requirement under this Act.\n\n279 Subsection 11B(22)\n\nOmit “person”, substitute “group entity”.\n\n280 Subsection 11B(22)\n\nOmit “or 55A”.\n\n281 Section 11C\n\nRepeal the section.\n\n282 Paragraph 11D(1)(c)\n\nRepeal the paragraph.\n\n283 Paragraphs 11D(1)(e) and (f)\n\nRepeal the paragraphs, substitute:\n\n (e) at any time during the preceding 5 years, the person has breached a civil penalty provision of this Act; or\n (f) if the person is a body corporate—at any time during the preceding 5 years, an executive officer of the body corporate has breached a civil penalty provision of this Act; or\n\n284 Paragraphs 11D(1)(i) and (j)\n\nRepeal the paragraphs, substitute:\n\n (i) the person has been convicted of an offence against this Act; or\n (j) if the person is a body corporate—an executive officer of the body corporate has been convicted of an offence against this Act.\n\n285 Subdivision A of Division 1 of Part 2 (heading)\n\nRepeal the heading.\n\n286 Subsections 13(2) and (3)\n\nOmit “member of a controlling corporation’s group”, substitute “group entity”.\n\n287 Subsection 13(4)\n\nRepeal the subsection.\n\n288 Subdivision B of Division 1 of Part 2\n\nRepeal the Subdivision.\n\n289 Division 4 of Part 2\n\nRepeal the Division.\n\n290 Paragraph 18B(3)(b)\n\nRepeal the paragraph.\n\n291 Subsection 19(1) (note 4)\n\nRepeal the note.\n\n292 Subsection 19(4)\n\nRepeal the subsection.\n\n293 Paragraphs 22(1)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n294 Paragraphs 22(2)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n295 Parts 3A and 3D\n\nRepeal the Parts.\n\n296 Paragraph 22X(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a facility is under the operational control of a member (the responsible member) of a controlling corporation’s group during the whole or a part of a financial year; and\n\n297 Subsection 24(1AA)\n\nRepeal the subsection.\n\n298 Subsection 24(1AD)\n\nOmit “22E or”.\n\n299 Paragraph 24(1AE)(a)\n\nOmit “22E(2)(b) or”.\n\n300 Subsection 24(1H)\n\nOmit “22E or”.\n\n301 Subsection 24(1J)\n\nOmit “or financial control liability transfer certificate”.\n\n302 Subsection 24(8)\n\nOmit “22E or”.\n\n303 Subsection 25(1)\n\nOmit “22G, a person required to provide information under section 20, or a person required to provide a report under section 22A, 22AA, 22E or 22X”, substitute “22G or 22X, or a person required to provide information under section 20,”.\n\n304 Subsection 30(2A)\n\nOmit “11C, 15A, 15AA, 22A, 22AA, 22E, 22X, 74AA”, substitute “22X”.\n\n305 Section 54A\n\nRepeal the section.\n\n306 Section 55A\n\nRepeal the section.\n\n307 Paragraphs 56(aab), (aa), (ga) and (gb)\n\nRepeal the paragraphs.\n\n308 Paragraph 56(j)\n\nOmit “75A;”, substitute “75A.”\n\n309 Paragraphs 56(k) and (l)\n\nRepeal the paragraphs.\n\n310 Section 74AA\n\nRepeal the section.\n\n311 Subsection 74B(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if:\n (a) the person is the responsible member mentioned in subsection 22X(1); and\n (b) the person is not a registered corporation; and\n (c) the Regulator has reasonable grounds to suspect that the person has contravened, is contravening, or is proposing to contravene, this Act or the regulations.\n\n312 Subsection 74C(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if the person:\n (a) is the responsible member mentioned in subsection 22X(1); and\n (b) is not a registered corporation.\n\nOzone Protection and Synthetic Greenhouse Gas Management Act 1989\n\n313 Paragraphs 65C(1)(aa), (ab) and (ac)\n\nOmit “equal to the prescribed rate component of an amount of levy”.\n\n314 Subsections 65C(4), (5) and (6)\n\nRepeal the subsections.\n\n315 Sections 69AA to 69AD\n\nRepeal the sections.\n\nPetroleum Resource Rent Tax Assessment Act 1987\n\n316 Subparagraph 28(1)(b)(iii)\n\nOmit “expenditure;”, substitute “expenditure.”.\n\n317 Paragraph 28(1)(c)\n\nRepeal the paragraph.\n\n318 Paragraph 44(1)(ia)\n\nRepeal the paragraph.\n\nTaxation Administration Act 1953\n\n319 Subsection 355‑65(7) in Schedule 1 (table item 3)\n\nRepeal the item.\n\nPart 3—Application and transitional provisions\n\nDivision 1—Preliminary\n\n320 Objects\n\n(1) The main objects of this Part are:\n\n (a) to provide for the winding‑up of the carbon tax scheme; and\n (b) to ensure that carbon tax liabilities relating to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n can be administered, collected and recovered after the start of 1 July 2014; and\n (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and\n (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and\n (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013.\n\n(2) The other objects of this Part are:\n\n (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and\n (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and\n (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.\n\n321 Definitions\n\nIn this Part:\n\ndesignated carbon unit day has the meaning given by item 322.\n\nRegistry has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegistry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegulator means the Clean Energy Regulator.\n\n322 Designated carbon unit day\n\n(1) For the purposes of this Part, designated carbon unit day means:\n\n (a) 9 February 2015; or\n (b) if a later day is specified in an instrument under subitem (2)—that later day.\n\n(2) The Regulator may, by legislative instrument, specify a day for the purposes of paragraph (1)(b).\n\n(3) The Regulator must not make an instrument under subitem (2) unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.\n\nNote: Subsection 142(3) of the Clean Energy Act 2011 enables the Regulator to extend the 2 February 2015 surrender deadline. See also item 345A (deadlines of 1 February and 15 June).\n\nDivision 2—Provisions relating to the Clean Energy Act 2011 and associated charge Acts\n\n323 Winding‑up of the carbon tax scheme—recovery of liabilities attributable to pre‑1 July 2014 emissions etc.\n\n(1) Despite the repeal of the Clean Energy Act 2011 by this Schedule, that Act continues in force, subject to:\n\n (a) this Part; and\n (b) the modifications set out in the following table;\n\nas if that repeal had not happened.\n\n```html\n

Modifications of the Clean Energy Act 2011

Item

Provision

Modification

1

section 4

Omit the section.

2

section 5 (definitions of average carbon unit auction price, benchmark average auction charge, carbon pollution cap, carbon pollution cap number, designated limit, and designated limit percentage)

Omit the definitions.

3

section 5 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

4

section 5 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

5

section 5 (definitions of flexible charge year and per‑tonne carbon price equivalent)

Omit the definitions.

6

section 5 (definition of unit shortfall)

Omit “128, 129 or 133”, substitute “128 or 129”.

7

section 5 (definition of vintage year)

Omit “eligible”.

8

Part 2

Omit the Part.

9

subsections 26(2), 27(2) and 28(2)

Omit all the words after “is taken to be”, substitute “zero”.

10

Subdivision A of Division 4 of Part 3

The Regulator must not issue an OTN under the Subdivision on or after 1 July 2014.

11

sections 42 and 43

Omit the sections.

12

section 43A

The section ceases to have effect at the end of 30 June 2015.

13

subsection 45(3)

The subsection ceases to have effect at the end of 30 June 2015.

14

subsections 45(4) to (13)

The subsections cease to have effect at the start of 1 September 2014.

15

subsection 46(1)

The subsection has effect, on and after 1 September 2014, as if the words “(as it stood at a particular time before the start of 1 September 2014)” were inserted after “OTN Register”.

16

section 47

The section ceases to have effect at the start of 1 August 2014.

17

section 64B

Omit the section.

18

paragraph 64F(1)(b)

Omit the paragraph.

19

subsection 66(4)

The subsection ceases to have effect at the start of 1 August 2014.

20

section 70

The Regulator must not make a declaration under the section on or after 1 July 2014.

21

section 71A

Omit the section.

22

section 72

The Regulator must not give a notice under the section on or after 1 July 2014.

24

section 83

The Regulator must not issue a certificate under the section on or after 1 July 2014.

25

section 87

The Regulator must not issue a certificate under the section on or after 1 July 2014.

26

sections 89 and 90

Omit the sections.

27

section 93

Omit the section.

28

subsection 96(2)

Omit “eligible”.

29

section 97 (note)

Omit the note.

30

subsection 100(1) (table items 5, 6, 7, 8 and 9)

Omit the table items.

31

subsection 100(2)

Omit the subsection.

32

subsection 100(3) (heading)

Omit “1, 3 and 5”, substitute “1 and 3”.

33

subsection 100(3)

Omit “1, 3 or 5”, substitute “1 or 3”.

34

subsection 100(4) (heading)

Omit “2, 4, 6, 7, 8 and 9”, substitute “2 and 4”.

35

subsection 100(4)

Omit “2, 4, 6, 7, 8 or 9”, substitute “2 or 4”.

36

subsections 100(9), (14) and (15)

Omit the subsections.

37

sections 101 and 102

Omit the sections.

38

sections 108 and 109

Omit the sections.

39

section 114

Omit the section.

40

Division 1 of Part 6

Omit the Division.

41

subsection 122(1)

Omit “during an eligible financial year”.

42

subsections 122(3), (4), (5), (9) and (11)

Omit the subsections.

43

sections 123 and 123A

Omit the sections.

44

paragraph 128(7)(d)

Before “this Division”, insert “if the eligible financial year began on 1 July 2012—“.

45

Subdivision B of Division 3 of Part 6

Omit the Subdivision.

46

subsection 134(3)

Omit the subsection.

47

subsection 134A(3) (paragraph (b) of the definition of applicable amount for the financial year)

Omit the paragraph.

48

paragraphs 142(3)(c), (e) and (f)

Omit the paragraphs.

48A

section 144

Omit the section.

49

paragraph 145(5)(b)

Omit the paragraph.

50

paragraph 145(5)(c)

Omit the paragraph, substitute:

(c) the principle that changes should not have a negative effect on recipients of assistance under the Jobs and Competitiveness Program;

51

Division 5 of Part 7

Omit the Division.

52

section 160

Omit the section.

53

paragraphs 161(2)(b) and (c)

Omit the paragraphs.

54

subsection 161(3)

Omit the subsection.

55

subsection 161(4)

Omit “or (3)”.

56

subsection 161(5)

Omit “a later”, substitute “an”.

57

subsections 161(6), (7), (8) and (9)

Omit “or (3)”.

58

Part 9

The Part ceases to have effect at the end of 30 June 2015.

59

Division 3 of Part 9

Omit the Division.

60

sections 196 and 196A

Omit the sections.

61

subsections 197(3) to (6)

Omit the subsections.

62

section 199

After “each quarter”, insert “that ends on or before 31 March 2015”.

63

section 200

Omit the section.

64

subsection 212(2) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

65

subsection 212(3) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

66

Part 12

Omit the Part.

67

paragraphs 262(1)(ma), (r), (u) and (v) and 263(2)(g), (i) and (j)

Omit the paragraphs.

68

section 281 (table items 3, 4, 5, 7, 8, 11, 12, 13 and 16)

Omit the table items.

69

Part 22

Omit the Part.

70

subparagraph 295(d)(iii)

Omit the subparagraph.

71

subparagraph 295(e)(ii)

Omit the subparagraph.

72

subparagraph 295(i)(iii)

Omit the subparagraph.

73

sections 303A and 303B

Omit the sections.

\n```\n\nCarbon units with a vintage year beginning on or after 1 July 2014\n\n(2) The modification made by item 3 of the table in subitem (1) does not apply in relation to the issue of a carbon unit with a vintage year beginning on or after 1 July 2014, if the carbon unit was issued as a result of an auction conducted before 1 July 2014.\n\nReview of decisions\n\n(3) The modification of section 281 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a decision made before 1 July 2014.\n\nCivil penalty orders\n\n(4) The modification of section 262 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a contravention that occurred before 1 July 2014.\n\n324 Application—repeal of Charge Acts\n\nCharge for issue of carbon units for a fixed charge\n\n(1) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units in accordance with section 100 of the Clean Energy Act 2011:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n\ndoes not apply to the issue of carbon units with a vintage year beginning on 1 July 2012 or 1 July 2013.\n\nCharge for issue of carbon units as a result of an auction\n\n(2) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units as a result of an auction:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n\ndoes not apply to the issue of carbon units if the carbon units were issued as a result of an auction conducted before 1 July 2014.\n\nCharge on unit shortfall\n\n(3) The repeal by this Schedule of the following Acts, so far as they relate to a unit shortfall for a financial year:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011;\n\ndoes not apply to:\n\n (d) a unit shortfall for the financial year beginning on 1 July 2012; or\n (e) a unit shortfall for the financial year beginning on 1 July 2013.\n\n325 Issue of carbon units\n\nThe Regulator must not issue any carbon units after the start of the designated carbon unit day.\n\n327 Cancellation of carbon units—designated carbon unit day\n\nScope\n\n(1) This item applies if there was an entry for a carbon unit in a person’s Registry account at the start of the designated carbon unit day.\n\nCancellation of unit\n\n(2) The Regulator must cancel the unit.\n\n(3) The Regulator must remove the entry for the unit from the person’s Registry account.\n\n(4) The Registry must set out a record of each cancellation under subitem (2).\n\n328 Surrender of eligible Australian carbon credit units\n\n(1) If:\n\n (a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and\n (b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and\n (c) the person has a Registry account;\n\nthen:\n\n (d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:\n (i) during that period; and\n (ii) in relation to the financial year beginning on 1 July 2013;\n are restored units for the purposes of this item; and\n (e) a restored unit is taken never to have been surrendered or cancelled; and\n (f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.\n\n(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).\n\n(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.\n\n(4) A determination under paragraph (1)(d) is not a legislative instrument.\n\n329 Opt‑in Scheme\n\n(1) A reference in the Opt‑in Scheme to a financial year does not include a reference to a financial year beginning on or after 1 July 2014.\n\n(2) Regulations 3.48 and 3.50 of the Clean Energy Regulations 2011 cease to have effect at the end of 30 June 2014.\n\nDivision 3—Provisions relating to other Acts\n\n330 Transitional—A New Tax System (Goods and Services Tax) Act 1999\n\nDespite the amendments of the A New Tax System (Goods and Services Tax) Act 1999 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n331 Transitional—Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\nDespite the amendments of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n332 Transitional—Australian National Registry of Emissions Units Act 2011\n\nDespite the amendments of the Australian National Registry of Emissions Units Act 2011 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n333 Transitional—Clean Energy Regulator Act 2011\n\n(1) Despite the amendment of the definition of climate change law in section 4 of the Clean Energy Regulator Act 2011 made by this Schedule, that definition continues to apply, in relation to paragraph 12(a) and subsection 43(3) and section 44 of that Act, as if that amendment had not been made.\n\n(2) Each of the following:\n\n (a) this Act;\n (b) a legislative instrument under this Act;\n (c) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (d) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014;\n\nis taken to be a climate change law for the purposes of paragraph 12(a) and subsection 43(3) and section 44 of the Clean Energy Regulator Act 2011.\n\n334 Application—amendments of the Fuel Tax Act 2006\n\nThe amendments of the Fuel Tax Act 2006 made by this Schedule apply to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n335 Application—amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006\n\nThe amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 made by this Act applies to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n336 Application—amendments of the Income Tax Assessment Act 1997\n\n(1) The repeal of section 26‑18 of the Income Tax Assessment Act 1997 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n(2) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule (other than the amendment of section 12‑5 or the repeal of section 26‑18), that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n337 Transitional—National Greenhouse and Energy Reporting Act 2007\n\nGeneral\n\n(1) Despite the amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to the following matters:\n\n (a) determining the meaning of the following expressions, when used in the Clean Energy Act 2011:\n (i) carbon dioxide equivalence;\n (ii) facility;\n (iii) greenhouse gas;\n (iv) group;\n (v) member, when used in relation to a group;\n (vi) non‑group entity;\n (vii) operational control;\n (viii) potential greenhouse gas emissions;\n (ix) provisional emissions number;\n (x) scope 1 emission of greenhouse gas;\n (b) the matters mentioned in subsections 10(3) to (9) of the National Greenhouse and Energy Reporting Act 2007, so far as those matters are relevant to the Clean Energy Act 2011;\n (c) reports under section 22A, 22AA or 22E of the National Greenhouse and Energy Reporting Act 2007;\n (d) records under section 22B, 22C or 22F of the National Greenhouse and Energy Reporting Act 2007;\n (e) applications under section 15A or 15AA of the National Greenhouse and Energy Reporting Act 2007;\n (f) the registration of persons under section 18A of the National Greenhouse and Energy Reporting Act 2007;\n (g) the publication of information under section 24 of the National Greenhouse and Energy Reporting Act 2007, so far as the information relates to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n (h) audits under section 74AA of the National Greenhouse and Energy Reporting Act 2007;\n (i) audits under section 74B or 74C of the National Greenhouse and Energy Reporting Act 2007, so far as the audits relate to a person’s compliance with obligations under that Act (or regulations under that Act) in relation to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n\nas if:\n\n (j) the National Greenhouse and Energy Reporting Act 2007 were modified as set out in the following table; and\n (k) those amendments had not been made; and\n (l) subitem (6) had not been enacted.\n\n```html\n

Modifications of the National Greenhouse and Energy Reporting Act 2007

Item

Provision

Modification

1

section 7 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

2

section 7 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

\n```\n\nThresholds\n\n(2) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they are relevant to determining whether a controlling corporation’s group meets a threshold under section 13 of that Act for a financial year, apply in relation to a threshold for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nReports\n\n(3) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 19 of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\n(4) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 22G or 22X of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nUnsatisfactory compliance record\n\n(5) Despite the amendments of section 11D of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to:\n\n (a) unpaid unit shortfall charge; and\n (b) a breach of a civil penalty provision of:\n (ii) the Clean Energy Act 2011; or\n (iii) a determination under section 113 of the Clean Energy Act 2011; and\n (c) a conviction of an offence against the Clean Energy Act 2011;\n\nas if those amendments had not been made.\n\nRegulations—carbon dioxide equivalence\n\n(6) If, immediately before the commencement of this item, regulations were in force for the purposes of paragraph (a) of the definition of carbon dioxide equivalence in section 7 of the National Greenhouse and Energy Reporting Act 2007, the regulations have effect, after that commencement, as if they had been made for the purposes of the definition of carbon dioxide equivalence in section 7 of that Act as amended by this Schedule.\n\nDeregistration—section 18A registrations\n\n(7) If:\n\n (a) a person was registered under the National Greenhouse and Energy Reporting Act 2007 because of the operation of section 18A of that Act; and\n (b) the person is registered under that Act as at the start of 1 July 2014;\n\nthe Regulator must remove the person’s name from the Register.\n\n338 Transitional—Ozone Protection and Synthetic Greenhouse Gas Management Act 1989\n\nAmounts to be credited to the Ozone Protection and SGG Account\n\n(1) Despite the amendments of section 65C of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 made by this Schedule, that section continues to apply, in relation to levy for a quarter ending before 1 July 2014, as if those amendments had not been made.\n\nRemission or refund of levy for a quarter ending before 1 July 2014\n\n(2) Despite the repeal of sections 69AA to 69AD of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 by this Schedule, those sections continue to apply, in relation to levy for a quarter ending before 1 July 2014, as if:\n\n (a) that Act provided that an application under section 69AA, 69AB or 69AC of that Act must be made before 1 January 2016; and\n (b) that repeal had not happened.\n\n339 Transitional—Petroleum Resource Rent Tax Assessment Act 1987\n\n(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n340 Transitional—Taxation Administration Act 1953\n\nDespite the amendment of the Taxation Administration Act 1953 made by this Schedule, that Act continues to apply, in relation to records or disclosures made for the purpose of:\n\n (a) the verification from the Regulator of information provided to the Commissioner under or for the purposes of the Fuel Tax Act 2006 so far as that Act applies to taxable fuel acquired, manufactured or imported before 1 July 2014; or\n (b) administering the Clean Energy Act 2011 or the associated provisions (within the meaning of that Act);\n\nas if that amendment had not been made.\n\nDivision 4—Miscellaneous\n\n342 Transitional rules\n\nThe Minister may, by legislative instrument, make rules in relation to transitional matters arising out of the amendments and repeals made by this Schedule.\n\nDivision 5—Transitional provisions commencing on Royal Assent\n\n343 Auctions of carbon units\n\n(1) The Regulator must not conduct an auction of carbon units after the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014.\n\n(2) Any determination under subsection 113(1) of the Clean Energy Act 2011 ceases to have effect at the end of the day (the relevant day) that is the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014;\n\nexcept to the extent to which the determination relates to auctions conducted on or before the relevant day.\n\n343A Carbon units issued as a result of an auction conducted by the Regulator\n\n(1) If:\n\n (a) a carbon unit was issued as a result of an auction conducted by the Regulator; and\n (b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;\n\nthe Regulator must:\n\n (c) cancel the unit; and\n (d) remove the entry for the unit from the person’s Registry account; and\n (e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.\n\n(2) The Registry must set out a record of each cancellation under paragraph (1)(c).\n\n(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.\n\n(4) In this item:\n\nbusiness day means a day that is not:\n\n (a) a Saturday; or\n (b) a Sunday; or\n (c) a public holiday in the Australian Capital Territory.\n\n344 Carbon pollution cap regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if section 16 of that Act had not been enacted.\n\n345 Fixed charge regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if subsections 100(14) and (15) of that Act had not been enacted.\n\n345A Deadlines of 1 February and 15 June\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the following definitions were inserted in section 5 of that Act:\n\n> 15 June means:\n\n (a) if the 15 June concerned is a business day—that 15 June; or\n (b) if the 15 June concerned is not a business day—the first business day after that 15 June.\n\n> 1 February means:\n\n (a) if the 1 February concerned is a business day—that 1 February; or\n (b) if the 1 February concerned is not a business day—the first business day after that 1 February.\n\n345B Surplus and estimation error adjustment number\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the formula in subsection 131(3) of that Act were omitted and the following formula substituted:![Start formula Total estimation error numbers plus Provisional surplus surrender number end formula](image.002.png)\n\n345C Definitions\n\nIf this Division commences before 1 July 2014, this Division has effect as if item 321 (definitions) had commenced at the same time as this Division commences.\n\n345D Compensation for acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\nPart 4—Jobs and Competitiveness Program\n\nDivision 1—Preliminary\n\n346 Definitions\n\n(1) In this Part:\n\nlevy means levy imposed by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\nover‑allocation of free carbon units has the meaning given by item 354.\n\nrules means rules made under item 359.\n\ntrue‑up shortfall has the meaning given by item 355.\n\nunder‑allocation of free carbon units has the meaning given by item 352.\n\n(2) An expression used in this Part and in the Clean Energy Act 2011 has the same meaning in this Part as in that Act.\n\n347 Crown to be bound\n\nThis Part binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.\n\n348 Extension to external Territories\n\nThis Part extends to every external Territory.\n\n349 Extension to exclusive economic zone and continental shelf\n\nThis Part extends to Australia’s exclusive economic zone and continental shelf.\n\n350 Extension to Joint Petroleum Development Area\n\nThis Part extends to the Joint Petroleum Development Area.\n\nDivision 2—Reporting requirements\n\n351 Reporting requirements\n\nReport\n\n(1) The rules may make provision for and in relation to requiring a designated person to give a written report to the Regulator for the purposes of this Part.\n\nDesignated person\n\n(2) For the purposes of this item, a person is a designated person if free carbon units with a vintage year beginning on 1 July 2013 are or were issued to the person in accordance with the Jobs and Competitiveness Program.\n\nCompliance with reporting requirements\n\n(3) Subsection 151(1) of the Clean Energy Act 2011 has effect as if a requirement under rules made for the purposes of subitem (1) were a requirement under the Jobs and Competitiveness Program.\n\nDivision 3—Issue of additional free carbon units\n\n352 Under‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an under‑allocation of free carbon units; and\n (d) the number of units in that under‑allocation is equal to the number ascertained in accordance with the rules.\n\n353 Issue of additional free carbon units\n\n(1) If:\n\n (a) a person has an under‑allocation of free carbon units; and\n (b) the person has a Registry account;\n\nthe Regulator must:\n\n (c) issue to the person, under section 94 of the Clean Energy Act 2011, a number of free carbon units equal to the number of units in the under‑allocation; and\n (d) do so within the period ascertained in accordance with the rules.\n\n(2) Free carbon units issued in accordance with subitem (1):\n\n (a) are to have a vintage year beginning on 1 July 2013; and\n (b) are taken (except for the purposes of this Part) to have been issued in accordance with the Jobs and Competitiveness Program.\n\nDivision 4—True‑up shortfalls\n\n354 Over‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an over‑allocation of free carbon units; and\n (d) the number of units in that over‑allocation is equal to the number ascertained in accordance with the rules.\n\n355 True‑up shortfall\n\n(1) For the purposes of this Part, if:\n\n (a) a person has an over‑allocation of free carbon units; and\n (b) the number worked out using the formula in subitem (2) exceeds zero;\n\nthen:\n\n (c) the person has a true‑up shortfall; and\n (d) the number of units in that shortfall is equal to the number worked out using that formula.\n\nNote: Levy is imposed on a true‑up shortfall by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n(2) The formula is as follows:\n\n![Start formula Number of units in the over-allocation minus Number of units relinquished end formula](image.003.png)\n\nwhere:\n\nnumber of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.\n\nDivision 5—Collection of levy\n\n356 When levy is due and payable\n\nLevy imposed on a true‑up shortfall of a person is due and payable at the end of the period ascertained in accordance with the rules.\n\n357 Late payment penalty\n\n(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:\n\n (a) 20% per annum; or\n (b) if a lower percentage is specified in the rules—that lower percentage per annum;\n\non the amount unpaid, computed from that time.\n\nPower to remit\n\n(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).\n\n(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.\n\n358 Recovery of levy and late payment penalty\n\nScope\n\n(1) This item applies to the following amounts:\n\n (a) an amount of levy;\n (b) an amount payable under item 357.\n\nRecovery\n\n(2) The amount:\n\n (a) is a debt due to the Commonwealth; and\n (b) may be recovered by the Regulator, on behalf of the Commonwealth, by action in a court of competent jurisdiction.\n\nDivision 6—Miscellaneous\n\n358A Associated provisions\n\nA reference in the Clean Energy Act 2011 (other than section 307) to the associated provisions includes a reference to:\n\n (a) the provisions of this Part; and\n (b) the provisions of the rules; and\n (c) the provisions of the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014; and\n (d) the provisions of the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n359 Rules\n\n(1) The Minister may, by legislative instrument, make rules prescribing matters:\n\n (a) required or permitted by this Part to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.\n\n(2) Conditions specified in rules made for the purposes of paragraph 352(b) or 354(b) may relate to events or things that occurred, or circumstances that existed, before the rules were registered under the Legislation Act 2003.\n\n(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the rules.\n\nSchedule 2—Carbon tax price reduction obligation\n\nCompetition and Consumer Act 2010\n\n1 After paragraph 2B(1)(a)\n\nInsert:\n\n (aa) Part V;\n\n2 After subparagraph 6(2)(b)(i)\n\nInsert:\n\n (ia) Part V (other than Division 5);\n\n3 After Part IVB\n\nInsert:\n\n## Part V—Carbon tax price reduction obligation\n\n### Division 1—Preliminary\n\n#### 60 Simplified outline of this Part\n\n• An entity must not engage in price exploitation in relation to the carbon tax repeal.\n\n• The Commission may monitor prices in relation to the carbon tax repeal and the carbon tax scheme.\n\n• An entity must not make false or misleading representations about the effect of the carbon tax repeal, or the carbon tax scheme, on the price for the supply of goods or services.\n\n• An entity that sells electricity or natural gas, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas, will be required to explain and substantiate:\n\n(a) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n\n(b) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n• An entity that sells electricity or natural gas to customers, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas to customers, must:\n\n(a) give a carbon tax removal substantiation statement to the Commission; and\n\n(b) include in the statement the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, attributable to the carbon tax repeal and that have been, are being, or will be, passed on to customers during the financial year that began on 1 July 2014; and\n\n(c) provide information with the statement that substantiates such an estimate; and\n\n(d) in a case where the entity sells electricity or natural gas to customers—communicate to customers a statement that identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings to customers that are for the financial year that began on 1 July 2014.\n\n• Infringement notices may be issued for certain contraventions of this Part.\n\n#### 60AA Objects etc.\n\n (1) The main objects of this Part are:\n (a) to deter price exploitation in relation to the carbon tax repeal at each point in the supply chain for regulated goods; and\n (b) to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods.\n (2) The intention of the Parliament in enacting this Part is to ensure that all cost savings attributable to the carbon tax repeal are passed on to consumers of regulated goods through lower prices.\n\n#### 60A Definitions\n\n In this Part:\n\n> applicable compliance period, for a carbon tax removal substantiation notice, has the meaning given by subsection 60FC(2).\n\n> bulk SGG importer means an entity that:\n\n (a) holds a controlled substances licence under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 that allows the entity to import synthetic greenhouse gases; and\n (b) supplies synthetic greenhouse gas to SGG customers.\n\n> carbon charge component of levy means so much of the amount of the levy as is calculated by multiplying the number of tonnes of carbon dioxide equivalence by a per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit.\n\n> carbon tax removal substantiation notice has the meaning given by subsection 60FA(3).\n\n> carbon tax removal substantiation statement has the meaning given by subsection 60FD(3).\n\n> carbon tax repeal means:\n\n (a) the repeal of the following Acts by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Clean Energy Act 2011;\n (ii) the Clean Energy (Charges—Customs) Act 2011;\n (iii) the Clean Energy (Charges—Excise) Act 2011;\n (iv) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n (v) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n (vi) the Clean Energy (Unit Shortfall Charge—General) Act 2011; and\n (b) the amendments of the following Acts made by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Fuel Tax Act 2006;\n (ii) the Fuel Tax (Consequential and Transitional Provisions) Act 2006; and\n (c) the amendments made by the following Acts:\n (i) the Customs Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (ii) the Excise Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (iii) the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Act 2014;\n (iv) the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Carbon Tax Repeal) Act 2014.\n\n> carbon tax repeal transition period means the period:\n\n (a) beginning at the start of 1 July 2014; and\n (b) ending at the end of 30 June 2015.\n\n> carbon tax scheme means the scheme embodied in the following:\n\n (a) the Clean Energy Act 2011, as in force at the start of 1 January 2014;\n (b) the associated provisions (within the meaning of that Act as in force at that time);\n (c) the following provisions of the Fuel Tax Act 2006, as in force at the start of 1 January 2014:\n (i) Division 42A;\n (ii) section 43‑5, so far as that section relates to a carbon reduction;\n (iii) section 43‑8;\n (iv) section 43‑11;\n (d) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (e) section 4A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (f) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (g) sections 6FA, 6FB and 6FC of the Excise Tariff Act 1921, as in force at the start of 1 January 2014;\n (h) section 19A of the Customs Tariff Act 1995, as in force at the start of 1 January 2014.\n\n> electricity customer means an entity that purchases electricity.\n\n> electricity retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells electricity to electricity customers; or\n (b) an entity who is a retailer within the meaning of the Electricity Industry Act 2000 (Vic.); or\n (c) an entity who is a retail entity within the meaning of the Electricity Act 1994 (Qld); or\n (d) an entity who:\n (i) holds a retail licence within the meaning of the Electricity Industry Act 2004 (WA); or\n (ii) holds an integrated regional licence within the meaning of the Electricity Industry Act 2004 (WA) that authorises the entity to sell electricity; or\n (e) an entity who is an electricity entity within the meaning of the Electricity Reform Act (NT) and whose licence under that Act authorises the entity to sell electricity; or\n (f) any other entity who produces electricity in Australia.\n\n> engages in price exploitation in relation to the carbon tax repeal: see section 60C.\n\n> entity means any of the following:\n\n (a) a corporation (as defined by section 4);\n (b) an individual;\n (c) a body corporate;\n (d) a corporation sole;\n (e) a body politic;\n (f) a partnership;\n (g) any other unincorporated association or body of entities;\n (h) a trust;\n (i) any party or entity which can or does buy or sell electricity, natural gas or synthetic greenhouse gas.\n\n> infringement notice means an infringement notice issued under subsection 60L(1).\n\n> infringement notice compliance period: see section 60P.\n\n> infringement notice provision means section 60C or 60K.\n\n> listed corporation has the meaning given by section 9 of the Corporations Act 2001.\n\n> National Energy Retail Law means the National Energy Retail Law set out in the Schedule to the National Energy Retail Law (South Australia) Act 2011 (SA).\n\n> natural gas has the same meaning as in the National Gas (Commonwealth) Law (as defined by the Australian Energy Market Act 2004).\n\n> natural gas customer means an entity that purchases natural gas.\n\n> natural gas retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells natural gas to natural gas customers; or\n (b) an entity who is a gas retailer within the meaning of the Gas Industry Act 2001 (Vic.); or\n (c) an entity who is a retailer within the meaning of the Gas Supply Act 2003 (Qld); or\n (d) an entity who holds a trading licence under the Energy Coordination Act 1994 (WA); or\n (e) an entity who holds a licence under the Gas Act 2000 (Tas.) to sell gas by retail.\n\n> price, in relation to a supply, includes:\n\n (a) a charge of any description for the supply; and\n (b) any pecuniary or other benefit, whether direct or indirect, received or to be received by a person for or in connection with the supply.\n\n> regulated goods: see section 60B.\n\n> regulated supply means a supply that:\n\n (a) occurs during the carbon tax repeal transition period; and\n (b) is of regulated goods.\n\n> regulated supply input costs of an entity means the entity’s input costs in relation to the making by the entity of regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n> Royal Assent day means the day on which the Act that inserted this Part receives the Royal Assent.\n\n> SGG customer means an entity that purchases synthetic greenhouse gas.\n\n> SGG equipment has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n> synthetic greenhouse gas has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n#### 60B Regulated goods\n\n (1) For the purposes of this Part, regulated goods means:\n (a) natural gas; or\n (b) electricity; or\n (c) synthetic greenhouse gas; or\n (d) SGG equipment; or\n (e) other goods of a kind specified in a legislative instrument under subsection (2).\n (2) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (1)(e).\n\n### Division 2—Carbon tax price reduction obligation\n\n#### 60C Price exploitation in relation to the carbon tax repeal\n\n (1) An entity must not engage in price exploitation in relation to the carbon tax repeal.\n (2) For the purposes of this Part, an entity engages in price exploitation in relation to the carbon tax repeal if, and only if:\n (a) it makes a regulated supply; and\n (b) the price for the supply does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal.\n (3) For the purposes of this Part, in determining whether the price for a supply made by an entity does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal, have regard to the following matters:\n (a) the entity’s cost savings that are directly or indirectly attributable to the carbon tax repeal;\n (b) how the cost savings mentioned in paragraph (a) can reasonably be attributed to the different supplies that the entity makes;\n (c) the entity’s costs;\n (d) any other relevant matter that may reasonably influence the price.\n\n#### 60CA Failure to pass on cost savings—250% penalty\n\n (1) If:\n (a) either:\n (i) an entity contravenes subsection 60C(1) in relation to a particular supply of electricity or natural gas; or\n (ii) an entity that is a bulk SGG importer contravenes subsection 60C(1) in relation to a particular supply of synthetic greenhouse gas; and\n (b) the contravention involved a failure to pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal;\n there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount equal to 250% of those cost savings that were not passed through.\n When penalty becomes due and payable\n (2) An amount payable by an entity under subsection (1) is due and payable on 1 July 2015.\n Late payment penalty\n (3) If an amount payable by an entity under subsection (1) remains unpaid after the time when it became due for payment, there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount calculated at the rate of 6% per annum on the amount unpaid, computed from that time.\n Recovery of penalties\n (4) An amount payable by an entity under subsection (1) or (3):\n (a) is a debt due to the Commonwealth; and\n (b) shall be recovered by the Commission, on behalf of the Commonwealth, by action in a court of competent jurisdiction, unless the cost of doing so exceeds the amount.\n Report to Parliament\n (5) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of penalties payable by entities.\n\n#### 60D Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that the entity has engaged in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) identify:\n (i) the entity that made the supply; and\n (ii) the kind of supply made; and\n (iii) the circumstances in which the supply was made; and\n (c) state that, in the Commission’s opinion, the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (3) In any proceedings:\n (aa) under section 60CA; or\n (a) under section 76 for a pecuniary penalty order relating to section 60C; or\n (b) under section 80 for an injunction relating to section 60C; or\n (c) under section 80A, 82, 86C, 86D or 87 for an order relating to section 60C;\n the notice is prima facie evidence that the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (4) The Commission may vary or revoke the notice on its own initiative or on application made by the entity. The Commission must give the entity written notice of the variation or revocation.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60E Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that doing so will aid the prevention of the entity engaging in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) be expressed to relate to any supply that the entity makes that is:\n (i) of a kind specified in the notice; and\n (ii) made in circumstances specified in the notice; and\n (iii) made during the period specified in the notice (which must not be a period ending after the end of the carbon tax repeal transition period); and\n (c) specify the maximum price that, in the Commission’s opinion, may be charged for a supply to which the notice is expressed to relate.\n (3) The Commission may, on its own initiative or on application made by the entity:\n (a) vary the notice to:\n (i) change the period specified as required by subparagraph (2)(b)(iii); or\n (ii) change the price specified in the notice as required by paragraph (2)(c); or\n (b) revoke the notice.\n The Commission must give the entity written notice of the variation or revocation.\n (4) The Commission may publish the notice, or particulars of any variation or revocation of the notice, in such manner as the Commission considers appropriate.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60F Acquisition of property\n\n Scope\n (1) This section applies to the following provisions of this Act:\n (a) section 60C;\n (b) any other provision to the extent to which it relates to section 60C.\n Effect of provision\n (2) The provision has no effect to the extent (if any) to which its operation would result in the acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph).\n\n### Division 2A—Carbon tax removal substantiation notices\n\n#### 60FA Carbon tax removal substantiation notices\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation notice\n (2) The Commission must, within 30 days after the Royal Assent day, by written notice given to the entity, require the entity:\n (a) to give to the Commission, within the period specified in the notice, a written statement that explains:\n (i) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n (ii) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas; and\n (b) to do either or both of the following:\n (i) give to the Commission, within the period and in the manner and form specified in the notice, information that substantiates the explanation set out in the statement;\n (ii) produce to the Commission, within the period and in the manner specified in the notice, documents that substantiate the explanation set out in the statement.\n (3) A notice under subsection (2) is to be known as a carbon tax removal substantiation notice.\n (4) A period specified in a carbon tax removal substantiation notice must be 21 days after the notice is given.\n (5) A carbon tax removal substantiation notice must explain the effect of:\n (a) section 60FB; and\n (b) section 60FC; and\n (c) sections 137.1 and 137.2 of the Criminal Code.\n Section does not limit section 60H\n (6) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (7) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60FB Extending periods for complying with carbon tax removal substantiation notices\n\n (1) An entity that has been given a carbon tax removal substantiation notice may, at any time within 14 days after the notice was given to the entity by the Commission, apply in writing to the Commission for an extension of the period for complying with the notice.\n (2) The Commission may, by written notice given to the entity, extend the period within which the entity must comply with the notice, so long as the extension is for a period of not more than 28 days.\n\n#### 60FC Compliance with carbon tax removal substantiation notices\n\n (1) An entity that is given a carbon tax removal substantiation notice must comply with it within the applicable compliance period for the notice.\n (2) The applicable compliance period for a carbon tax removal substantiation notice is:\n (a) the period of 21 days specified in the notice; or\n (b) if the period for complying with the notice has been extended under section 60FB—the period as so extended;\n and includes (if an application has been made under section 60FB for an extension of the period for complying with the notice) the period up until the time when the applicant is given notice of the Commission’s decision on the application.\n (3) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (1); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 200 penalty units.\n\n (4) Subsection (3) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (5) If subsection (3) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (3) of this section has effect, in relation to the individual, as if the reference to 200 penalty units were a reference to 40 penalty units.\n (6) If subsection (1) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving information or producing a document in accordance with a carbon tax removal substantiation notice on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 2B—Carbon tax removal substantiation statements\n\n#### 60FD Carbon tax removal substantiation statements\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation statement\n (2) Within 30 days after the Royal Assent day, the entity must give to the Commission:\n (a) a written statement that sets out:\n (i) if the entity has electricity customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and\n (ii) if the entity has natural gas customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and\n (iii) if the entity has SGG customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and\n (b) information that substantiates the estimate or estimates set out in the statement.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n (3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement.\n (4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity’s website, in a way that is readily accessible by the public, until the end of 30 June 2015.\n Compliance\n (5) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (4); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 500 penalty units.\n\n (6) Subsection (5) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.\n (8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60H\n (9) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (10) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n Report to Parliament\n (11) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of compliance by all entities.\n\n### Division 2C—Statements for customers\n\n#### 60FE Statements for customers\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers.\n Preparation of statement\n (2) Within 30 days after the Royal Assent day, the entity must prepare a statement that:\n (a) if the entity has electricity customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014; and\n (b) if the entity has natural gas customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014.\n Communication of contents of statement to customers\n (3) During the period:\n (a) beginning 30 days after the Royal Assent day; and\n (b) ending 60 days after the Royal Assent day;\n the entity must ensure that the contents of the statement prepared by it under subsection (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n Compliance\n (4) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (3); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 400 penalty units.\n\n (5) Subsection (4) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (6) If subsection (4) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.\n (7) If subsection (2) or (3) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from:\n (a) preparing a statement under subsection (2) of this section; or\n (b) communicating the contents of a statement under subsection (3) of this section;\n on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 3—Price monitoring in relation to the carbon tax repeal etc.\n\n#### 60G Commission may monitor prices in relation to the carbon tax repeal etc.\n\n Price monitoring—carbon tax repeal transition period\n (1) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged by entities for supplies, in the carbon tax repeal transition period, of relevant goods.\n\n> Note: For relevant goods, see subsection (11).\n\n (2) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of relevant goods by entities.\n\n> Note: For relevant goods, see subsection (11).\n\n (3) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n (4) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n Price monitoring—price exploitation\n (5) The Commission may monitor prices to assist the Commission’s consideration of whether an entity has engaged, is engaging, or may in the future engage, in price exploitation in relation to the carbon tax repeal.\n Price monitoring—pre‑repeal transition period\n (6) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged by entities for supplies, in the pre‑repeal transition period, of relevant goods.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (7) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of relevant goods by entities.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (8) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n (9) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n Section does not limit Part VIIA\n (10) This section does not limit Part VIIA (which is about prices surveillance).\n Relevant goods\n (11) For the purposes of this section, the following are relevant goods:\n (a) regulated goods;\n (b) other goods of a kind specified in a legislative instrument under subsection (12).\n (12) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (11)(b).\n Pre‑repeal transition period\n (13) For the purposes of this section, pre‑repeal transition period means the period:\n (a) beginning at the commencement of this section; and\n (b) ending at the end of 30 June 2014.\n\n#### 60H Information‑gathering powers\n\n (1) A member of the Commission may, by written notice given to a person, require the person:\n (a) to give the Commission specified information in writing signed by:\n (i) the person; or\n (ii) if the person is a body corporate—a competent officer of the body corporate; or\n (b) to produce to the Commission specified documents;\n if:\n (c) the information, or information contained in the documents, relates to prices or the setting of prices; and\n (d) the member reasonably believes that the information, or information contained in the documents, will or may be useful to the Commission in monitoring prices as mentioned in any of subsections 60G(1) to (9).\n\n> Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.\n\n (2) Information or documents that may be required under subsection (1) may relate to prices, or the setting of prices:\n (a) before or after the carbon tax repeal; and\n (b) before or after the start of the carbon tax repeal transition period; and\n (c) in a situation, or during a period, specified in the notice.\n (3) Subsection (2) does not limit subsection (1).\n (4) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (1); and\n (b) the person is capable of complying with the requirement; and\n (c) the person omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 20 penalty units.\n\n (5) An individual is excused from giving information or producing a document in accordance with a requirement under subsection (1) on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60FA\n (5A) This section does not limit section 60FA (which is about carbon tax removal substantiation notices).\n Section does not limit section 155\n (6) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60J Reporting\n\n (1) The Commission must, within 28 days after the end of each quarter, give the Minister a written report about the operations of the Commission under this Part during the quarter.\n (2) A report under subsection (1) must include particulars of:\n (a) all notices given under section 60E during the quarter; and\n (b) all variations or revocations during the quarter of notices given under section 60E.\n (3) Subsection (2) does not limit subsection (1).\n (4) For the purposes of this section, a quarter is a period of 3 months:\n (a) that occurs wholly or partly during the carbon tax repeal transition period; and\n (b) that starts on any of the following days in a year:\n (i) 1 January;\n (ii) 1 April;\n (iii) 1 July;\n (iv) 1 October.\n (5) As soon as practicable after the Minister receives a report under subsection (1), the Minister must make the report public by such means as the Minister considers appropriate.\n (6) If this section commences during a quarter (but not on the first day of a quarter):\n (a) no report is to be made at the end of the quarter; but\n (b) the report made at the end of the next quarter is also to include the information required by subsections (1) and (2) in relation to the previous quarter.\n\n### Division 4—False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n#### 60K False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n An entity must not, in trade or commerce, in connection with:\n (a) the supply or possible supply of goods or services; or\n (b) the promotion by any means of the supply or use of goods or services;\n make a false or misleading representation, during the carbon tax repeal transition period, concerning the effect of:\n (c) the carbon tax repeal or a part of the carbon tax repeal; or\n (d) the carbon tax scheme or a part of the carbon tax scheme;\n on the price for the supply of the goods or services.\n\n### Division 5—Infringement notices\n\n#### 60L Issuing an infringement notice\n\n Issuing an infringement notice\n (1) If the Commission has reasonable grounds to believe that a person has contravened an infringement notice provision, the Commission may issue an infringement notice to the person.\n (2) The Commission must not issue more than one infringement notice to the person for the same alleged contravention of the infringement notice provision.\n (3) The infringement notice does not have any effect if the notice:\n (a) is issued more than 12 months after the day on which the contravention of the infringement notice provision is alleged to have occurred; or\n (b) relates to more than one alleged contravention of an infringement notice provision by the person.\n Matters to be included in an infringement notice\n (4) An infringement notice must:\n (a) be identified by a unique number; and\n (b) state the day on which it is issued; and\n (c) state the name and address of the person to whom it is issued; and\n (d) identify the Commission; and\n (e) state how the Commission may be contacted; and\n (f) give details of the alleged contravention by the person, including:\n (i) the date of the alleged contravention; and\n (ii) the particular infringement notice provision that was allegedly contravened; and\n (g) state the maximum pecuniary penalty that the court could order the person to pay under section 76 for the alleged contravention; and\n (h) specify the penalty that is payable in relation to the alleged contravention; and\n (i) state that the penalty is payable within the infringement notice compliance period for the notice; and\n (j) state that the penalty is payable to the Commission on behalf of the Commonwealth; and\n (k) explain how payment of the penalty is to be made; and\n (l) explain the effect of sections 60M, 60N, 60P and 60Q.\n Amount of penalty\n (5) The penalty to be specified in an infringement notice that is to be issued to a person in relation to an alleged contravention of an infringement notice provision must be:\n (a) if the person is a listed corporation—600 penalty units; or\n (b) if the person is a body corporate other than a listed corporation—60 penalty units; or\n (c) if the person is not a body corporate—12 penalty units.\n\n#### 60M Effect of compliance with an infringement notice\n\n Scope\n (1) This section applies if:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person pays the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q.\n Effect\n (2) The person is not, merely because of the payment, regarded as:\n (a) having contravened the infringement notice provision; or\n (b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the infringement notice provision.\n (3) No proceedings (whether criminal or civil) may be started or continued against the person, by or on behalf of the Commonwealth, in relation to:\n (a) the alleged contravention of the infringement notice provision; or\n (b) an offence constituted by the same conduct that constituted the alleged contravention.\n\n#### 60N Effect of failure to comply with an infringement notice\n\n If:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person fails to pay the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q;\n the person is liable to proceedings under Part VI in relation to the alleged contravention of the infringement notice provision.\n\n#### 60P Infringement notice compliance period for infringement notice\n\n (1) The infringement notice compliance period for an infringement notice is the period of 28 days beginning on the day after the day on which the infringement notice is issued by the Commission.\n (2) Subsection (1) has effect subject to subsection (7).\n (3) The Commission may extend, by notice in writing, the infringement notice compliance period for the notice if the Commission is satisfied that it is appropriate to do so.\n (4) Only one extension may be given, and the extension must not be for longer than 28 days.\n (5) Notice of the extension must be given to the person who was issued the infringement notice.\n (6) A failure to comply with subsection (5) does not affect the validity of the extension.\n (7) If the Commission extends the infringement notice compliance period for an infringement notice, a reference in this Division to the infringement notice compliance period for an infringement notice is taken to be a reference to the infringement notice compliance period as so extended.\n\n#### 60Q Withdrawal of an infringement notice\n\n Representations to the Commission\n (1) A person to whom an infringement notice has been issued for an alleged contravention of an infringement notice provision may make written representations to the Commission seeking the withdrawal of the infringement notice.\n (2) Evidence or information that the person, or a representative of the person, gives to the Commission in the course of making representations under subsection (1) is not admissible in evidence against the person or representative in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).\n Withdrawal by the Commission\n (3) The Commission may, by written notice (the withdrawal notice) given to the person to whom an infringement notice was issued, withdraw the infringement notice if the Commission is satisfied that it is appropriate to do so.\n (4) Subsection (3) applies whether or not the person has made representations seeking the withdrawal.\n Content of withdrawal notices\n (5) The withdrawal notice must state:\n (a) the name and address of the person; and\n (b) the day on which the infringement notice was issued to the person; and\n (c) that the infringement notice is withdrawn; and\n (d) that proceedings under Part VI may be started or continued against the person in relation to:\n (i) the alleged contravention the infringement notice provision; or\n (ii) an offence constituted by the same conduct that constituted the alleged contravention.\n Time limit for giving withdrawal notices\n (6) To be effective, the withdrawal notice must be given to the person within the infringement notice compliance period for the infringement notice.\n Refunds\n (7) If the infringement notice is withdrawn after the person has paid the penalty specified in the infringement notice, the Commission must, on behalf of the Commonwealth, refund to the person an amount equal to the amount paid.\n\n> Note: For appropriation, see section 28 of the Financial Management and Accountability Act 1997.\n\n#### 60R Effect of this Division\n\n This Division does not:\n (a) require an infringement notice to be issued to a person for an alleged contravention of an infringement notice provision; or\n (b) affect the liability of a person to proceedings under Part VI in relation to an alleged contravention of an infringement notice provision if:\n (i) an infringement notice is not issued to the person for the alleged contravention; or\n (ii) an infringement notice issued to a person for the alleged contravention is withdrawn under section 60Q; or\n (c) prevent a court from imposing a higher penalty than the penalty specified in the infringement notice if the person does not comply with the notice.\n\n4 Subsection 75B(1)\n\nAfter “section”, insert “60C, 60K or”.\n\n5 After subparagraph 76(1)(a)(i)\n\nInsert:\n\n (ii) section 60C;\n (iia) section 60K;\n\n6 After paragraph 76(1A)(b)\n\nInsert:\n\n (ba) for each act or omission to which this section applies that relates to section 60C or 60K—6,471 penalty units; and\n\n7 Before paragraph 76(1B)(a)\n\nInsert:\n\n (aa) for each act or omission to which this section applies that relates to section 60C or 60K—1,295 penalty units; and\n\n8 Paragraph 77A(3) (at the end of the definition of civil liability)\n\nAdd “or Part V”.\n\n9 Paragraph 80(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a contravention of any of the following provisions:\n (i) a provision of Part IV;\n (ii) a provision of Division 2 or 5 of Part IVB;\n (iii) section 60C;\n (iv) section 60K; or\n\n10 At the end of subsection 80(1A)\n\nAdd “, 60C or 60K”.\n\n11 After section 80\n\nInsert:\n\n#### 80A Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money\n\n (1) If, on the application of the Commission, the Court is satisfied that a person has engaged in conduct constituting a contravention of section 60C, the Court may make either or both of the following orders:\n (a) an order requiring that person, or a person involved in the contravention, not to make a regulated supply of a kind specified in the order for a price in excess of the price specified in the order while the order remains in force;\n (b) an order requiring that person, or a person involved in the contravention, to refund money to a person specified in the order.\n\n> Note: Section 60C is about price exploitation in relation to the carbon tax repeal.\n\n (2) This section does not limit section 80.\n (3) In this section:\n\n> price has the same meaning as in Part V.\n\n> regulated supply has the same meaning as in Part V.\n\n12 Subsection 82(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n13 Section 83\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n14 Paragraphs 84(1)(b) and (3)(b)\n\nAfter “IVB”, insert “or V”.\n\n15 After paragraph 85(a)\n\nInsert:\n\n (aa) engaged in conduct in contravention of section 60C or 60K; or\n\n16 Paragraph 86C(2)(a)\n\nBefore “a”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n17 Paragraph 86C(2)(b)\n\nBefore “a probation”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n18 Subsection 86C(4) (paragraph (a) of the definition of contravening conduct)\n\nAfter “section”, insert “60C, 60K or”.\n\n19 Subsection 87(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n20 Paragraph 87(1A)(a)\n\nAfter “IVB”, insert “or section 60C or 60K”.\n\n21 Paragraph 87(1A)(b)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n22 Paragraph 87(1B)(a)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n23 Subsection 87(1C)\n\nOmit “or Division 2 of Part IVB”, substitute “, Division 2 of Part IVB or section 60C or 60K”.\n\n24 Subsection 155AAA(21) (paragraph (a) of the definition of core statutory provision)\n\nAfter “Part IV,”, insert “V,”.\n\n25 Subsection 155AAA(21) (after paragraph (b) of the definition of protected information)\n\nInsert:\n\n (ba) information that was obtained by the Commission under paragraph 60FD(2)(b) or section 60FA or 60H; or\n\n26 Before subparagraph 163A(1)(a)(ii)\n\nInsert:\n\n (i) Part V;\n\nSchedule 3—Repeal of tax offset for conservation tillage\n\nClean Energy (Consequential Amendments) Act 2011\n\n1 Subsection 2(1) (table item 6)\n\nRepeal the item.\n\n2 Part 3 of Schedule 2\n\nRepeal the Part.\n\nIncome Tax Assessment Act 1997\n\n3 Section 67‑23 (table item 24)\n\nRepeal the item.\n\n4 Subdivision 385‑J\n\nRepeal the Subdivision.\n\n5 Subsection 995‑1(1) (definition of eligible no‑till seeder)\n\nRepeal the definition.\n\n6 Application of amendments\n\nThe amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.\n\nNote: The provisions of the Income Tax Assessment Act 1997 repealed by this Schedule will continue to apply to assessments for the 2012‑13 and 2013‑14 income years.\n\n7 Transitional—timing relating to 2013‑14 income year\n\nThe following provisions of the Income Tax Assessment Act 1997:\n\n (a) subparagraph 385‑175(1)(e)(ii);\n (b) subparagraph 385‑190(1)(c)(ii);\n\napply for the purposes of assessments for the 2013‑14 income year as if those provisions referred to 30 June 2014 rather than 30 June 2015.\n\nSchedule 4—Repeal of the Steel Transformation Plan Act 2011\n\nSteel Transformation Plan Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nNote: On the repeal of the Act, the Steel Transformation Plan 2012 (which was made under Part 3 of the Act) will also cease to have effect.\n\n2 Effect of repeal\n\n(1) To avoid doubt:\n\n (a) no assistance is payable under the old Act or the old Plan after the commencement of this Schedule, including in respect of the half‑year ending on 30 June 2014; and\n (b) a return is not required to be (and cannot be) provided under Part 4 of the old Plan in respect of the half‑year ending on 30 June 2014 (or any later half‑year); and\n (c) the following conditions cease to have effect on the commencement of this Schedule:\n (i) conditions to which payments of competitiveness assistance advances under the old Act were subject;\n (ii) conditions to which registrations of corporations under the old Plan as STP participants were subject; and\n (d) the Department’s annual report for the financial year ending on 30 June 2014 (or any later financial year) is not required to comply with section 26 of the old Act.\n\n(2) In this item:\n\nold Act means the Steel Transformation Plan Act 2011.\n\nold Plan means the Steel Transformation Plan 2012 made under Part 3 of the old Act.\n\nSchedule 5—Australian Renewable Energy Agency’s finances\n\nAustralian Renewable Energy Agency Act 2011\n\n1 Subsection 64(1) (table)\n\nRepeal the table, substitute:\n\n```html\n

Yearly maximum payments to ARENA

Item

Financial year

Amount for financial year

1

2013‑2014

$581,276,000.00

2

2014‑2015

$194,340,000.00

3

2015‑2016

$89,991,000.00

4

2016‑2017

$56,950,000.00

5

2017‑2018

$499,893,000.00

6

2018‑2019

$237,000,000.00

7

2019‑2020

$468,340,000.00

8

2020‑2021

$135,000,000.00

9

2021‑2022

$135,000,000.00

\n```\n\n2 Subsections 64(3) to (6)\n\nRepeal the subsections.\n\n3 Subsection 65(4) (note)\n\nOmit “subsections 64(2) to (6)”, substitute “subsection 64(2)”.\n\n4 Application\n\nTo avoid doubt:\n\n (a) the amendments made by this Part do not affect how the Australian Renewable Energy Agency Act 2011 applied, before the commencement of this Part, in relation to the financial year 2012‑2013; but\n (b) for the purposes of that Act as amended by this Part, subsection 64(2) of that Act does not apply so as to carry over to the 2013‑2014 financial year any unspent amount from the 2012‑2013 financial year.\n\nNote: The unspent amount from the 2012‑2013 financial year has instead been directly factored into amounts specified in the table substituted by item 1.","sortOrder":24},{"sectionNumber":"60C","sectionType":"section","heading":"Price exploitation in relation to the carbon tax repeal","content":"#### 60C Price exploitation in relation to the carbon tax repeal\n\n (1) An entity must not engage in price exploitation in relation to the carbon tax repeal.\n (2) For the purposes of this Part, an entity engages in price exploitation in relation to the carbon tax repeal if, and only if:\n (a) it makes a regulated supply; and\n (b) the price for the supply does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal.\n (3) For the purposes of this Part, in determining whether the price for a supply made by an entity does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal, have regard to the following matters:\n (a) the entity’s cost savings that are directly or indirectly attributable to the carbon tax repeal;\n (b) how the cost savings mentioned in paragraph (a) can reasonably be attributed to the different supplies that the entity makes;\n (c) the entity’s costs;\n (d) any other relevant matter that may reasonably influence the price.","sortOrder":25},{"sectionNumber":"60CA","sectionType":"section","heading":"Failure to pass on cost savings—250% penalty","content":"#### 60CA Failure to pass on cost savings—250% penalty\n\n (1) If:\n (a) either:\n (i) an entity contravenes subsection 60C(1) in relation to a particular supply of electricity or natural gas; or\n (ii) an entity that is a bulk SGG importer contravenes subsection 60C(1) in relation to a particular supply of synthetic greenhouse gas; and\n (b) the contravention involved a failure to pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal;\n there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount equal to 250% of those cost savings that were not passed through.\n When penalty becomes due and payable\n (2) An amount payable by an entity under subsection (1) is due and payable on 1 July 2015.\n Late payment penalty\n (3) If an amount payable by an entity under subsection (1) remains unpaid after the time when it became due for payment, there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount calculated at the rate of 6% per annum on the amount unpaid, computed from that time.\n Recovery of penalties\n (4) An amount payable by an entity under subsection (1) or (3):\n (a) is a debt due to the Commonwealth; and\n (b) shall be recovered by the Commission, on behalf of the Commonwealth, by action in a court of competent jurisdiction, unless the cost of doing so exceeds the amount.\n Report to Parliament\n (5) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of penalties payable by entities.","sortOrder":26},{"sectionNumber":"60D","sectionType":"section","heading":"Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal","content":"#### 60D Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that the entity has engaged in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) identify:\n (i) the entity that made the supply; and\n (ii) the kind of supply made; and\n (iii) the circumstances in which the supply was made; and\n (c) state that, in the Commission’s opinion, the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (3) In any proceedings:\n (aa) under section 60CA; or\n (a) under section 76 for a pecuniary penalty order relating to section 60C; or\n (b) under section 80 for an injunction relating to section 60C; or\n (c) under section 80A, 82, 86C, 86D or 87 for an order relating to section 60C;\n the notice is prima facie evidence that the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (4) The Commission may vary or revoke the notice on its own initiative or on application made by the entity. The Commission must give the entity written notice of the variation or revocation.\n (5) A notice under this section is not a legislative instrument.","sortOrder":27},{"sectionNumber":"60E","sectionType":"section","heading":"Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal","content":"#### 60E Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that doing so will aid the prevention of the entity engaging in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) be expressed to relate to any supply that the entity makes that is:\n (i) of a kind specified in the notice; and\n (ii) made in circumstances specified in the notice; and\n (iii) made during the period specified in the notice (which must not be a period ending after the end of the carbon tax repeal transition period); and\n (c) specify the maximum price that, in the Commission’s opinion, may be charged for a supply to which the notice is expressed to relate.\n (3) The Commission may, on its own initiative or on application made by the entity:\n (a) vary the notice to:\n (i) change the period specified as required by subparagraph (2)(b)(iii); or\n (ii) change the price specified in the notice as required by paragraph (2)(c); or\n (b) revoke the notice.\n The Commission must give the entity written notice of the variation or revocation.\n (4) The Commission may publish the notice, or particulars of any variation or revocation of the notice, in such manner as the Commission considers appropriate.\n (5) A notice under this section is not a legislative instrument.","sortOrder":28},{"sectionNumber":"60F","sectionType":"section","heading":"Acquisition of property","content":"#### 60F Acquisition of property\n\n Scope\n (1) This section applies to the following provisions of this Act:\n (a) section 60C;\n (b) any other provision to the extent to which it relates to section 60C.\n Effect of provision\n (2) The provision has no effect to the extent (if any) to which its operation would result in the acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph).","sortOrder":29},{"sectionNumber":"Division 2A","sectionType":"division","heading":"Carbon tax removal substantiation notices","content":"An Act to repeal the Clean Energy Act 2011, and for other purposes\n\n#### 1 Short title\n\n This Act may be cited as the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 July 2014

2. Schedule 1, Parts 1 and 2

1 July 2014.

1 July 2014

3. Schedule 1, Part 3, Divisions 1 to 4

1 July 2014.

1 July 2014

4. Schedule 1, Part 3, Division 5

The day this Act receives the Royal Assent.

17 July 2014

5. Schedule 1, Part 4

The day after this Act receives the Royal Assent.

However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.

18 July 2014

6. Schedule 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 January 2014.

18 July 2014

(paragraph (a) applies)

7. Schedule 3

The day after this Act receives the Royal Assent.

18 July 2014

8. Schedule 4

1 July 2014.

1 July 2014

9. Schedule 5

The day this Act receives the Royal Assent.

17 July 2014

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Schedule(s)\n\n Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\nSchedule 1—Repeal of the carbon tax\n\nPart 1—Repeal of Acts\n\nClean Energy Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Customs) Act 2011\n\n2 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Excise) Act 2011\n\n3 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Auctions) Act 2011\n\n4 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Fixed Charge) Act 2011\n\n5 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Shortfall Charge—General) Act 2011\n\n6 The whole of the Act\n\nRepeal the Act.\n\nPart 2—Amendments\n\nA New Tax System (Goods and Services Tax) Act 1999\n\n7 Section 195‑1\n\nInsert:\n\n> eligible Australian carbon credit unit means:\n\n (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or\n (b) a non‑Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:\n (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non‑Kyoto Australian carbon credit unit; and\n (ii) the non‑Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or\n (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.\n Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.\n\n8 Section 195‑1 (definition of eligible emissions unit)\n\nRepeal the definition, substitute:\n\n> eligible emissions unit means:\n\n (a) an \\*eligible international emissions unit; or\n (b) an \\*eligible Australian carbon credit unit.\n\n9 Section 195‑1\n\nInsert:\n\n> eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nAnti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n10 Section 5 (definition of carbon unit)\n\nRepeal the definition.\n\n11 Subsection 6(2) (paragraph (baa) of the cell at table item 33, column headed “Provision of a designated service”)\n\nRepeal the paragraph.\n\n12 Subsection 6(2) (paragraph (d) of the cell at table item 33, column headed “Provision of a designated service”)\n\nOmit “carbon units,”.\n\nAustralian National Registry of Emissions Units Act 2011\n\n13 Section 3\n\nOmit:\n\n• Entries may be made in Registry accounts for:\n\n(a) carbon units; and\n\n(b) Australian carbon credit units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\n• This Act sets out rules about dealings with:\n\n(a) Kyoto units; and\n\n(b) prescribed international units.\n\nsubstitute:\n\n• Entries may be made in Registry accounts for:\n\n(a) Australian carbon credit units; and\n\n(b) Kyoto units.\n\n• This Act sets out rules about dealings with Kyoto units.\n\n14 Section 4 (definition of Australian‑issued international unit)\n\nRepeal the definition.\n\n15 Section 4 (definition of benchmark average auction charge)\n\nRepeal the definition.\n\n16 Section 4 (definition of carbon unit)\n\nRepeal the definition.\n\n17 Section 4 (definition of Commonwealth foreign registry account)\n\nRepeal the definition.\n\n18 Section 4 (paragraph (d) of the definition of eligible international emissions unit)\n\nOmit “rules; or”, substitute “rules.”.\n\n19 Section 4 (paragraph (e) of the definition of eligible international emissions unit)\n\nRepeal the paragraph.\n\n20 Section 4 (definition of European allowance unit)\n\nRepeal the definition.\n\n21 Section 4 (definition of European Union Greenhouse Gas Emission Allowance Trading Directive)\n\nRepeal the definition.\n\n22 Section 4 (definition of fixed charge year)\n\nRepeal the definition.\n\n23 Section 4 (definition of foreign account)\n\nRepeal the definition, substitute:\n\n> foreign account, when used in relation to a Kyoto unit, means an account kept within a foreign Kyoto registry.\n\n24 Section 4 (definition of foreign government body)\n\nRepeal the definition.\n\n25 Section 4 (definition of hold)\n\nOmit “a carbon unit or”.\n\n26 Section 4 (definition of Information Database)\n\nRepeal the definition.\n\n27 Section 4 (definition of international arrangement)\n\nRepeal the definition.\n\n28 Section 4 (definition of international organisation)\n\nRepeal the definition.\n\n29 Section 4 (definition of issue)\n\nRepeal the definition, substitute:\n\n> issue, in relation to an Australian carbon credit unit, has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n30 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n31 Section 4 (definition of quarter)\n\nRepeal the definition.\n\n32 Section 4 (paragraph (aa) of the definition of registered holder)\n\nRepeal the paragraph.\n\n33 Section 4 (paragraph (b) of the definition of registered holder)\n\nOmit “unit; or”, substitute “unit.”.\n\n34 Section 4 (paragraph (c) of the definition of registered holder)\n\nRepeal the paragraph.\n\n35 Section 4 (definition of relinquish)\n\nRepeal the definition.\n\n36 Section 4 (definition of transfer)\n\nRepeal the definition, substitute:\n\n> transfer, in relation to a Kyoto unit, has the meaning given by section 33.\n\n37 Section 4 (definition of vintage year)\n\nRepeal the definition.\n\n38 Paragraph 9(4)(a)\n\nOmit “carbon units, Australian carbon credit units and prescribed international units”, substitute “Australian carbon credit units”.\n\n39 Paragraph 11(5)(a)\n\nOmit “carbon units or”.\n\n40 Section 14A\n\nRepeal the section.\n\n41 Paragraph 15(2)(aa)\n\nRepeal the paragraph.\n\n42 Paragraph 15(2)(c)\n\nOmit “account; and”, substitute “account.”.\n\n43 Paragraph 15(2)(d)\n\nRepeal the paragraph.\n\n44 Subparagraph 16(2)(b)(ii)\n\nOmit “(4), (5) and (6)”, substitute “(4) and (6)”.\n\n45 Subsection 16(2A)\n\nRepeal the subsection (not including the heading).\n\n46 Subsection 16(5)\n\nRepeal the subsection.\n\n47 Paragraph 16(7)(b)\n\nOmit “or (5)”.\n\n48 Subsection 17(1A)\n\nRepeal the subsection.\n\n49 Subsection 17(3)\n\nRepeal the subsection.\n\n50 Paragraph 19(3A)(a)\n\nOmit “or 49A”.\n\n51 Subsection 19(3B)\n\nRepeal the subsection.\n\n52 Section 21\n\nRepeal the section.\n\n53 Paragraph 22(4A)(a)\n\nOmit “or 49A”.\n\n54 Subsection 22(4B)\n\nRepeal the subsection.\n\n55 Subparagraph 26(3)(a)(ia)\n\nRepeal the subparagraph.\n\n56 Subparagraph 26(3)(a)(ii)\n\nOmit “or”.\n\n57 Subparagraph 26(3)(a)(iii)\n\nRepeal the subparagraph.\n\n58 Paragraph 27(3B)(b)\n\nOmit “account; or”, substitute “account.”.\n\n59 Paragraph 27(3B)(c)\n\nRepeal the paragraph.\n\n60 Paragraph 28A(1)(aa)\n\nRepeal the paragraph.\n\n61 Paragraph 28A(1)(b)\n\nOmit “or”.\n\n62 Paragraph 28A(1)(c)\n\nRepeal the paragraph.\n\n63 Paragraph 28A(4)(aa)\n\nRepeal the paragraph.\n\n64 Paragraph 28B(1)(aa)\n\nRepeal the paragraph.\n\n65 Paragraph 28B(1)(b)\n\nOmit “or”.\n\n66 Paragraph 28B(1)(c)\n\nRepeal the paragraph.\n\n67 Paragraph 28B(11)(aa)\n\nRepeal the paragraph.\n\n68 Subsection 28B(11) (paragraph (c) of the note)\n\nOmit “Act; and”, substitute “Act.”.\n\n69 Subsection 28B(11) (paragraphs (d) and (e) of the note)\n\nRepeal the paragraphs.\n\n70 Paragraph 28C(17)(aa)\n\nRepeal the paragraph.\n\n71 Subparagraph 28D(5)(a)(ii)\n\nOmit “carbon units or”.\n\n72 Paragraph 28D(5)(b)\n\nRepeal the paragraph, substitute:\n\n (b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.\n\n73 Paragraph 28D(16)(aa)\n\nRepeal the paragraph.\n\n74 Part 4\n\nRepeal the Part.\n\n75 Section 58\n\nOmit:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) carbon units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\nsubstitute:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) Kyoto units.\n\n76 Section 59A\n\nRepeal the section.\n\n77 Subsections 61(3) to (6)\n\nRepeal the subsections.\n\n78 Section 61A\n\nRepeal the section.\n\n79 Sections 63 to 63G\n\nRepeal the sections.\n\n80 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more carbon units, the person may request the Regulator to cancel any or all of those units. However, this rule does not apply to a unit that was issued for a fixed charge and has a vintage year that is a fixed charge year.\n\n81 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more prescribed international units, the person may request the Regulator to cancel any or all of those units.\n\n82 Section 64A\n\nRepeal the section.\n\n83 Section 66\n\nRepeal the section.\n\n84 Parts 6A and 6B\n\nRepeal the Parts.\n\n85 Paragraph 79(1)(c)\n\nOmit “27(4);”, substitute “27(4).”.\n\n86 Paragraph 79(1)(d)\n\nRepeal the paragraph.\n\n87 Section 82 (table item 2)\n\nOmit “or 53”.\n\n88 Section 82 (table item 3)\n\nRepeal the item.\n\n89 Section 82 (table items 8 and 9)\n\nOmit “or 21”.\n\n90 Section 82 (table items 15 and 16)\n\nRepeal the items.\n\n91 Section 86A\n\nRepeal the section.\n\nAustralian Securities and Investments Commission Act 2001\n\n92 Paragraph 12BAA(7)(ka)\n\nRepeal the paragraph.\n\n93 Paragraph 12BAB(1)(g)\n\nOmit “a carbon unit,”.\n\n94 At the end of the Act\n\nAdd:\n\n## Part 20—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 295 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 296 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\nClean Energy Regulator Act 2011\n\n95 Section 3\n\nOmit:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Clean Energy Act 2011; and\n\n(b) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(c) the National Greenhouse and Energy Reporting Act 2007; and\n\n(d) the Renewable Energy (Electricity) Act 2000; and\n\n(e) the Australian National Registry of Emissions Units Act 2011.\n\nsubstitute:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(b) the National Greenhouse and Energy Reporting Act 2007; and\n\n(c) the Renewable Energy (Electricity) Act 2000; and\n\n(d) the Australian National Registry of Emissions Units Act 2011.\n\n96 Section 4\n\nInsert:\n\n> Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.\n\n> Note: The text of the Convention is set out in Australian Treaty Series 1994 No. 2 (\\[1994\\] ATS 2). In 2013, the text of a Convention in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).\n\n97 Section 4 (paragraphs (b) to (h) of the definition of climate change law)\n\nRepeal the paragraphs.\n\n98 Section 4\n\nInsert:\n\n> greenhouse gas has the same meaning as in the National Greenhouse and Energy Reporting Act 2007.\n\n99 Section 4 (definition of international agreement)\n\nRepeal the definition, substitute:\n\n> international agreement means an agreement whose parties are:\n\n (a) Australia and a foreign country; or\n (b) Australia and 2 or more foreign countries.\n\n100 Section 4 (definition of international climate change agreement)\n\nRepeal the definition, substitute:\n\n> international climate change agreement means:\n\n (a) the Climate Change Convention; or\n (b) any other international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) imposes obligations on Australia to take action to reduce greenhouse gas emissions; or\n (c) an international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) is specified in a legislative instrument made by the Minister for the purposes of this definition.\n\n101 Section 4 (paragraph (a) of the definition of objectives of the Regulator)\n\nRepeal the paragraph.\n\n102 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n103 Paragraph 41(3)(a)\n\nRepeal the paragraph.\n\n104 Paragraph 49(1)(z)\n\nRepeal the paragraph, substitute:\n\n (z) a person or body responsible for the administration of a scheme that involves the issue or registration of prescribed eligible carbon units;\n\nCorporations Act 2001\n\n105 Section 9 (definition of carbon unit)\n\nRepeal the definition.\n\n106 Paragraph 764A(1)(kaa)\n\nRepeal the paragraph.\n\n107 At the end Chapter 10\n\nAdd:\n\n## Part 10.23—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 1542 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 1543 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n#### 1544 Transitional—variation of conditions on Australian financial services licences\n\n Scope\n (1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.\n Variation\n (2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.\n\n#### 1545 Transitional—immediate cancellation of Australian financial services licences\n\n Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:\n Licence relating to carbon units\n (5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.\n\n#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences\n\n Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).\n\nFuel Tax Act 2006\n\n108 Section 2‑1\n\nOmit:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n For fuel that is not \\*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced.\n Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax.\n Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n\n109 Subsection 40‑5(2)\n\nAfter “reduce”, insert “or remove”.\n\n110 Subsections 40‑5(3) and (4)\n\nRepeal the subsections.\n\n111 Section 41‑1\n\nOmit:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme.\n\nsubstitute:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft.\n\n112 Paragraph 41‑5(3)(b)\n\nOmit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”.\n\n113 Subsection 41‑15(1)\n\nOmit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”.\n\n114 Subparagraph 41‑25(2)(a)(ii)\n\nOmit “\\*agricultural property”, substitute “agricultural property”.\n\n115 Section 41‑30 (heading)\n\nRepeal the heading, substitute:\n\n#### 41‑30 No fuel tax credit for fuel to be used in an aircraft\n\n116 Subsection 41‑30(1)\n\nOmit “(1)”.\n\n117 Subsection 41‑30(2)\n\nRepeal the subsection.\n\n118 Section 41‑35\n\nRepeal the section.\n\n119 Division 42A\n\nRepeal the Division.\n\n120 Section 43‑1\n\nOmit:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:\n\n(a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and\n\n(b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).\n\nFor fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.\n\nFor gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).\n\n121 Subsection 43‑5(1)\n\nRepeal the subsection, substitute:\n\n (1) The \\*amount of your tax fuel credit for taxable fuel is the amount of \\*effective fuel tax that is payable on the fuel.\n\n> Note: The amount of the credit may be reduced under section 43‑10.\n\n122 Subsections 43‑5(4) and (5)\n\nRepeal the subsections.\n\n123 Section 43‑8\n\nRepeal the section.\n\n124 Section 43‑10 (heading)\n\nRepeal the heading, substitute:\n\n#### 43‑10 Reducing the amount of your fuel tax credit\n\n125 Subsection 43‑10(1A)\n\nRepeal the subsection.\n\n126 Section 43‑11\n\nRepeal the section.\n\n127 Subdivision 43‑B\n\nRepeal the Subdivision.\n\n128 Section 110‑5 (definition of agricultural activity)\n\nRepeal the definition.\n\n129 Section 110‑5 (definition of agricultural construction activity)\n\nRepeal the definition.\n\n130 Section 110‑5 (definition of agricultural property)\n\nRepeal the definition.\n\n131 Section 110‑5 (definition of agricultural soil/water activity)\n\nRepeal the definition.\n\n132 Section 110‑5 (definition of agricultural waste activity)\n\nRepeal the definition.\n\n133 Section 110‑5 (definition of agriculture)\n\nRepeal the definition.\n\n134 Section 110‑5 (definition of approved catchment area)\n\nRepeal the definition.\n\n135 Section 110‑5 (definition of carbon reduction)\n\nRepeal the definition.\n\n136 Section 110‑5 (definition of CNG)\n\nRepeal the definition.\n\n137 Section 110‑5 (definition of core agricultural activity)\n\nRepeal the definition.\n\n138 Section 110‑5 (definition of covered by the Opt‑in Scheme)\n\nRepeal the definition.\n\n139 Section 110‑5 (definition of earthworks)\n\nRepeal the definition.\n\n140 Section 110‑5 (definition of fish)\n\nRepeal the definition.\n\n141 Section 110‑5 (definition of fishing operations)\n\nRepeal the definition.\n\n142 Section 110‑5 (definition of forestry)\n\nRepeal the definition.\n\n143 Section 110‑5 (definition of half‑year)\n\nRepeal the definition.\n\n144 Section 110‑5 (definition of horticulture)\n\nRepeal the definition.\n\n145 Section 110‑5 (definition of livestock)\n\nRepeal the definition.\n\n146 Section 110‑5 (definition of livestock activity)\n\nRepeal the definition.\n\n147 Section 110‑5 (definition of LNG)\n\nRepeal the definition.\n\n148 Section 110‑5 (definition of pearling operations)\n\nRepeal the definition.\n\n149 Section 110‑5 (definition of port)\n\nRepeal the definition.\n\n150 Section 110‑5 (definition of processing of fish)\n\nRepeal the definition.\n\n151 Section 110‑5 (definition of public authority)\n\nRepeal the definition.\n\n152 Section 110‑5 (definition of renewable diesel)\n\nRepeal the definition.\n\n153 Section 110‑5 (definition of sundry agricultural activity)\n\nRepeal the definition.\n\n154 Section 110‑5 (definition of taxable fuel)\n\nRepeal the definition, substitute:\n\n> taxable fuel means fuel in respect of which duty is payable under:\n\n (a) the Excise Act 1901 and the Excise Tariff Act 1921; or\n (b) the Customs Act 1901 and the Customs Tariff Act 1995;\n but does not include fuel covered by:\n (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921; or\n (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921, if the goods had been manufactured in Australia.\n\n> Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate.\n\nFuel Tax (Consequential and Transitional Provisions) Act 2006\n\n155 Subitem 12(2A) of Schedule 3\n\nRepeal the subitem.\n\nIncome Tax Assessment Act 1997\n\n156 Section 12‑5 (table item headed “clean energy”)\n\nRepeal the item.\n\n157 Section 26‑18\n\nRepeal the section.\n\n158 Section 104‑5 (table item relating to CGT event K1, column headed “Event number and description”)\n\nOmit “\\*carbon unit, an \\*international emissions unit”, substitute “\\*Kyoto unit”.\n\n159 Subparagraphs 104‑205(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n160 Subparagraph 104‑205(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n161 Subparagraph 104‑205(1)(a)(iv)\n\nOmit “an \\*international emissions unit”, substitute “a Kyoto unit”.\n\n162 Section 112‑97 (table item 18A, column headed “In this situation”)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n163 Subsection 118‑15(2)\n\nRepeal the subsection.\n\n164 Paragraph 420‑10(a)\n\nRepeal the paragraph.\n\n165 Paragraph 420‑10(c)\n\nRepeal the paragraph.\n\n166 Subsection 420‑15(1) (note)\n\nRepeal the note.\n\n167 Subsection 420‑15(3)\n\nRepeal the subsection.\n\n168 Subsection 420‑20(3)\n\nRepeal the subsection (not including the note), substitute:\n\n (3) This section does not apply to the issue of an \\*Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n169 Subparagraphs 420‑21(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n170 Subparagraph 420‑21(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n171 Subparagraph 420‑21(1)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n172 Subsection 420‑21(1) (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n173 Subparagraphs 420‑21(2)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n174 Subparagraph 420‑21(2)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n175 Subparagraph 420‑21(2)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n176 Subparagraph 420‑35(b)(i)\n\nRepeal the subparagraph.\n\n177 Subparagraph 420‑35(b)(ii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n178 Section 420‑35 (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n179 Section 420‑43\n\nRepeal the section.\n\n180 Subsection 420‑51(1)\n\nOmit “(1)”.\n\n181 Subsection 420‑51(2)\n\nRepeal the subsection.\n\n182 Subparagraph 420‑52(a)(i)\n\nRepeal the subparagraph.\n\n183 Paragraph 420‑52(b)\n\nRepeal the paragraph.\n\n184 Subsection 420‑55(6)\n\nRepeal the subsection.\n\n185 Subsection 420‑57(9)\n\nRepeal the subsection.\n\n186 Section 420‑58\n\nRepeal the section.\n\n187 Subsections 420‑60(1) and (2)\n\nRepeal the subsections.\n\n188 Subsection 420‑60(4)\n\nOmit all the words from and including “If a \\*registered” to and including “cost of the unit”, substitute “The cost of a \\*registered emissions unit (other than an \\*Australian carbon credit unit)”.\n\n189 Subsection 420‑65(3)\n\nRepeal the subsection.\n\n190 Subsection 420‑70(3)\n\nRepeal the subsection.\n\n191 Subsection 995‑1(1) (definition of carbon unit)\n\nRepeal the definition.\n\n192 Subsection 995‑1(1) (definition of free carbon unit)\n\nRepeal the definition.\n\n193 Subsection 995‑1(1) (definition of international emissions unit)\n\nRepeal the definition.\n\n194 Subsection 995‑1(1) (definition of prescribed international unit)\n\nRepeal the definition.\n\n195 Subsection 995‑1(1) (definition of vintage year)\n\nRepeal the definition.\n\nNational Greenhouse and Energy Reporting Act 2007\n\n196 Section 3 (heading)\n\nRepeal the heading, substitute:\n\n#### 3 Object\n\n197 Subsection 3(1)\n\nOmit “(1) The first object”, substitute “The object”.\n\n198 Subsection 3(2)\n\nRepeal the subsection.\n\n199 Subsection 4(1)\n\nOmit “(1) This Act (except to the extent to which it underpins the Clean Energy Act 2011)”, substitute “This Act”.\n\n200 Subsection 4(2)\n\nRepeal the subsection.\n\n201 Subsection 5(1)\n\nOmit “(1)”.\n\n202 Before subparagraph 5(1)(a)(ii)\n\nInsert:\n\n (i) greenhouse gas emissions; or\n\n203 Subsection 5(2)\n\nRepeal the subsection.\n\n204 Section 7 (definition of carbon dioxide equivalence)\n\nRepeal the definition, substitute:\n\n> carbon dioxide equivalence, of an amount of greenhouse gas, means the amount of the gas multiplied by a value specified in the regulations in relation to that kind of greenhouse gas.\n\n205 Section 7\n\nInsert:\n\n> designated financial year means:\n\n (a) the financial year beginning on 1 July 2012; or\n (b) a later financial year.\n\n206 Section 7 (definition of designated fuel)\n\nRepeal the definition.\n\n207 Section 7 (definition of eligible financial year)\n\nRepeal the definition.\n\n208 Section 7 (definition of emissions number)\n\nRepeal the definition.\n\n209 Section 7 (definition of financial control liability transfer certificate)\n\nRepeal the definition.\n\n210 Section 7 (definition of fixed charge year)\n\nRepeal the definition.\n\n211 Section 7 (definition of foreign country)\n\nRepeal the definition, substitute:\n\n> foreign country includes a region where:\n\n (a) the region is a colony, territory or protectorate of a foreign country; or\n (b) the region is part of a foreign country; or\n (c) the region is under the protection of a foreign country; or\n (d) a foreign country exercises jurisdiction or control over the region; or\n (e) a foreign country is responsible for the region’s international relations.\n\n212 Section 7\n\nInsert:\n\n> foreign corporation means a corporation that:\n\n (a) is incorporated outside Australia; or\n (b) is an authority of a foreign country.\n\n213 Section 7 (definition of foreign person)\n\nRepeal the definition.\n\n214 Section 7\n\nInsert:\n\n> group entity means a corporation that is a member of a controlling corporation’s group.\n\n215 Section 7 (definition of interim emissions number)\n\nRepeal the definition.\n\n216 Section 7 (definition of liable entity)\n\nRepeal the definition.\n\n217 Section 7 (definition of liquefied natural gas)\n\nRepeal the definition.\n\n218 Section 7 (definition of liquefied petroleum gas)\n\nRepeal the definition.\n\n218A Section 7 (definition of local governing body)\n\nRepeal the definition.\n\n219 Section 7 (definition of natural gas supplier)\n\nRepeal the definition.\n\n220 Section 7 (definition of non‑group entity)\n\nRepeal the definition.\n\n221 Section 7 (definition of operational control)\n\nOmit “11A, 11B or 11C”, substitute “11A or 11B”.\n\n222 Section 7 (definition of Opt‑in Scheme)\n\nRepeal the definition.\n\n223 Section 7 (definition of OTN)\n\nRepeal the definition.\n\n224 Section 7 (definition of person)\n\nRepeal the definition.\n\n225 Section 7 (definition of potential greenhouse gas emissions)\n\nRepeal the definition.\n\n226 Section 7 (definition of provisional emissions number)\n\nRepeal the definition.\n\n227 Section 7 (definition of supply)\n\nRepeal the definition.\n\n228 Section 7 (definition of taxable fuel)\n\nRepeal the definition.\n\n229 Section 7 (definition of trust)\n\nRepeal the definition.\n\n230 Section 7 (definition of trustee)\n\nRepeal the definition.\n\n231 Section 7 (definition of trust estate)\n\nRepeal the definition.\n\n232 Section 7 (definition of unit shortfall charge)\n\nRepeal the definition.\n\n233 Subsection 7A(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n234 Sections 7B and 7C\n\nRepeal the sections.\n\n235 Subsection 8(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n236 Subsection 9(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n237 Paragraph 9(1)(b)\n\nOmit “or 54A”.\n\n238 Section 10 (heading)\n\nRepeal the heading, substitute:\n\n#### 10 Emissions, energy production, energy consumption etc.\n\n239 Subsection 10(1)\n\nOmit “or the Clean Energy Act 2011”.\n\n240 Subsection 10(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n241 Subsections 10(4) to (9)\n\nRepeal the subsections.\n\n242 Subsection 11(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n243 Subsection 11(1)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n244 Paragraph 11(1)(b)\n\nOmit “or 55A”.\n\n245 Subsection 11(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n246 Subsection 11(3)\n\nOmit “person”, substitute “group entity”.\n\n247 Subsection 11(4)\n\nOmit “11A, 11B and 11C”, substitute “11A and 11B”.\n\n248 Section 11A (heading)\n\nRepeal the heading, substitute:\n\n#### 11A Operational control—group entity with greatest authority\n\n249 Subsection 11A(1)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n250 Paragraph 11A(1)(a)\n\nOmit “persons”, substitute “group entities”.\n\n251 Paragraph 11A(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n252 Paragraph 11A(1)(c)\n\nOmit “or 55A”.\n\n253 Subsection 11A(2)\n\nOmit “person”, substitute “group entity”.\n\n254 Subsection 11A(2)\n\nOmit “and the Clean Energy Act 2011”.\n\n255 Section 11B (heading)\n\nRepeal the heading, substitute:\n\n#### 11B Operational control—nominated group entity\n\n256 Paragraph 11B(1)(a)\n\nOmit “more persons”, substitute “more group entities”.\n\n257 Paragraph 11B(1)(a)\n\nOmit “relevant persons”, substitute “relevant group entities”.\n\n258 Paragraph 11B(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n259 Paragraph 11B(1)(c)\n\nOmit “or 55A”.\n\n260 Paragraph 11B(1)(d)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n261 Subsection 11B(2)\n\nOmit “persons”, substitute “group entities”.\n\n262 Subsection 11B(2)\n\nOmit “person”, substitute “group entity”.\n\n263 Paragraph 11B(4)(a)\n\nOmit “persons is a foreign person”, substitute “group entities is a foreign corporation”.\n\n264 Paragraph 11B(4)(b)\n\nOmit “persons is not a foreign person”, substitute “group entities is not a foreign corporation”.\n\n265 Subsection 11B(4)\n\nOmit “foreign person cannot”, substitute “foreign corporation cannot”.\n\n266 Paragraph 11B(5)(b)\n\nOmit “persons”, substitute “group entities”.\n\n267 Subsection 11B(7)\n\nRepeal the subsection.\n\n268 Subsection 11B(8)\n\nOmit “eligible financial year” (wherever occurring), substitute “designated financial year”.\n\n269 Subsection 11B(10)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n270 Paragraph 11B(15)(b)\n\nOmit “and”.\n\n271 Paragraph 11B(15)(c)\n\nRepeal the paragraph.\n\n272 Subsection 11B(15)\n\nOmit “person”, substitute “group entity”.\n\n273 Subsection 11B(16)\n\nRepeal the subsection.\n\n274 Paragraph 11B(17)(b)\n\nOmit “and”.\n\n275 Paragraph 11B(17)(c)\n\nRepeal the paragraph.\n\n276 Subsection 11B(17)\n\nOmit “persons”, substitute “group entities”.\n\n277 Subsections 11B(18) and (19)\n\nRepeal the subsections.\n\n278 Subsection 11B(21)\n\nRepeal the subsection, substitute:\n\n Exceptions\n (21) A group entity is not required to comply with subsection (20) if the question of who has operational control of the facility is not relevant (whether directly or indirectly) to a requirement under this Act.\n\n279 Subsection 11B(22)\n\nOmit “person”, substitute “group entity”.\n\n280 Subsection 11B(22)\n\nOmit “or 55A”.\n\n281 Section 11C\n\nRepeal the section.\n\n282 Paragraph 11D(1)(c)\n\nRepeal the paragraph.\n\n283 Paragraphs 11D(1)(e) and (f)\n\nRepeal the paragraphs, substitute:\n\n (e) at any time during the preceding 5 years, the person has breached a civil penalty provision of this Act; or\n (f) if the person is a body corporate—at any time during the preceding 5 years, an executive officer of the body corporate has breached a civil penalty provision of this Act; or\n\n284 Paragraphs 11D(1)(i) and (j)\n\nRepeal the paragraphs, substitute:\n\n (i) the person has been convicted of an offence against this Act; or\n (j) if the person is a body corporate—an executive officer of the body corporate has been convicted of an offence against this Act.\n\n285 Subdivision A of Division 1 of Part 2 (heading)\n\nRepeal the heading.\n\n286 Subsections 13(2) and (3)\n\nOmit “member of a controlling corporation’s group”, substitute “group entity”.\n\n287 Subsection 13(4)\n\nRepeal the subsection.\n\n288 Subdivision B of Division 1 of Part 2\n\nRepeal the Subdivision.\n\n289 Division 4 of Part 2\n\nRepeal the Division.\n\n290 Paragraph 18B(3)(b)\n\nRepeal the paragraph.\n\n291 Subsection 19(1) (note 4)\n\nRepeal the note.\n\n292 Subsection 19(4)\n\nRepeal the subsection.\n\n293 Paragraphs 22(1)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n294 Paragraphs 22(2)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n295 Parts 3A and 3D\n\nRepeal the Parts.\n\n296 Paragraph 22X(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a facility is under the operational control of a member (the responsible member) of a controlling corporation’s group during the whole or a part of a financial year; and\n\n297 Subsection 24(1AA)\n\nRepeal the subsection.\n\n298 Subsection 24(1AD)\n\nOmit “22E or”.\n\n299 Paragraph 24(1AE)(a)\n\nOmit “22E(2)(b) or”.\n\n300 Subsection 24(1H)\n\nOmit “22E or”.\n\n301 Subsection 24(1J)\n\nOmit “or financial control liability transfer certificate”.\n\n302 Subsection 24(8)\n\nOmit “22E or”.\n\n303 Subsection 25(1)\n\nOmit “22G, a person required to provide information under section 20, or a person required to provide a report under section 22A, 22AA, 22E or 22X”, substitute “22G or 22X, or a person required to provide information under section 20,”.\n\n304 Subsection 30(2A)\n\nOmit “11C, 15A, 15AA, 22A, 22AA, 22E, 22X, 74AA”, substitute “22X”.\n\n305 Section 54A\n\nRepeal the section.\n\n306 Section 55A\n\nRepeal the section.\n\n307 Paragraphs 56(aab), (aa), (ga) and (gb)\n\nRepeal the paragraphs.\n\n308 Paragraph 56(j)\n\nOmit “75A;”, substitute “75A.”\n\n309 Paragraphs 56(k) and (l)\n\nRepeal the paragraphs.\n\n310 Section 74AA\n\nRepeal the section.\n\n311 Subsection 74B(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if:\n (a) the person is the responsible member mentioned in subsection 22X(1); and\n (b) the person is not a registered corporation; and\n (c) the Regulator has reasonable grounds to suspect that the person has contravened, is contravening, or is proposing to contravene, this Act or the regulations.\n\n312 Subsection 74C(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if the person:\n (a) is the responsible member mentioned in subsection 22X(1); and\n (b) is not a registered corporation.\n\nOzone Protection and Synthetic Greenhouse Gas Management Act 1989\n\n313 Paragraphs 65C(1)(aa), (ab) and (ac)\n\nOmit “equal to the prescribed rate component of an amount of levy”.\n\n314 Subsections 65C(4), (5) and (6)\n\nRepeal the subsections.\n\n315 Sections 69AA to 69AD\n\nRepeal the sections.\n\nPetroleum Resource Rent Tax Assessment Act 1987\n\n316 Subparagraph 28(1)(b)(iii)\n\nOmit “expenditure;”, substitute “expenditure.”.\n\n317 Paragraph 28(1)(c)\n\nRepeal the paragraph.\n\n318 Paragraph 44(1)(ia)\n\nRepeal the paragraph.\n\nTaxation Administration Act 1953\n\n319 Subsection 355‑65(7) in Schedule 1 (table item 3)\n\nRepeal the item.\n\nPart 3—Application and transitional provisions\n\nDivision 1—Preliminary\n\n320 Objects\n\n(1) The main objects of this Part are:\n\n (a) to provide for the winding‑up of the carbon tax scheme; and\n (b) to ensure that carbon tax liabilities relating to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n can be administered, collected and recovered after the start of 1 July 2014; and\n (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and\n (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and\n (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013.\n\n(2) The other objects of this Part are:\n\n (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and\n (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and\n (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.\n\n321 Definitions\n\nIn this Part:\n\ndesignated carbon unit day has the meaning given by item 322.\n\nRegistry has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegistry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegulator means the Clean Energy Regulator.\n\n322 Designated carbon unit day\n\n(1) For the purposes of this Part, designated carbon unit day means:\n\n (a) 9 February 2015; or\n (b) if a later day is specified in an instrument under subitem (2)—that later day.\n\n(2) The Regulator may, by legislative instrument, specify a day for the purposes of paragraph (1)(b).\n\n(3) The Regulator must not make an instrument under subitem (2) unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.\n\nNote: Subsection 142(3) of the Clean Energy Act 2011 enables the Regulator to extend the 2 February 2015 surrender deadline. See also item 345A (deadlines of 1 February and 15 June).\n\nDivision 2—Provisions relating to the Clean Energy Act 2011 and associated charge Acts\n\n323 Winding‑up of the carbon tax scheme—recovery of liabilities attributable to pre‑1 July 2014 emissions etc.\n\n(1) Despite the repeal of the Clean Energy Act 2011 by this Schedule, that Act continues in force, subject to:\n\n (a) this Part; and\n (b) the modifications set out in the following table;\n\nas if that repeal had not happened.\n\n```html\n

Modifications of the Clean Energy Act 2011

Item

Provision

Modification

1

section 4

Omit the section.

2

section 5 (definitions of average carbon unit auction price, benchmark average auction charge, carbon pollution cap, carbon pollution cap number, designated limit, and designated limit percentage)

Omit the definitions.

3

section 5 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

4

section 5 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

5

section 5 (definitions of flexible charge year and per‑tonne carbon price equivalent)

Omit the definitions.

6

section 5 (definition of unit shortfall)

Omit “128, 129 or 133”, substitute “128 or 129”.

7

section 5 (definition of vintage year)

Omit “eligible”.

8

Part 2

Omit the Part.

9

subsections 26(2), 27(2) and 28(2)

Omit all the words after “is taken to be”, substitute “zero”.

10

Subdivision A of Division 4 of Part 3

The Regulator must not issue an OTN under the Subdivision on or after 1 July 2014.

11

sections 42 and 43

Omit the sections.

12

section 43A

The section ceases to have effect at the end of 30 June 2015.

13

subsection 45(3)

The subsection ceases to have effect at the end of 30 June 2015.

14

subsections 45(4) to (13)

The subsections cease to have effect at the start of 1 September 2014.

15

subsection 46(1)

The subsection has effect, on and after 1 September 2014, as if the words “(as it stood at a particular time before the start of 1 September 2014)” were inserted after “OTN Register”.

16

section 47

The section ceases to have effect at the start of 1 August 2014.

17

section 64B

Omit the section.

18

paragraph 64F(1)(b)

Omit the paragraph.

19

subsection 66(4)

The subsection ceases to have effect at the start of 1 August 2014.

20

section 70

The Regulator must not make a declaration under the section on or after 1 July 2014.

21

section 71A

Omit the section.

22

section 72

The Regulator must not give a notice under the section on or after 1 July 2014.

24

section 83

The Regulator must not issue a certificate under the section on or after 1 July 2014.

25

section 87

The Regulator must not issue a certificate under the section on or after 1 July 2014.

26

sections 89 and 90

Omit the sections.

27

section 93

Omit the section.

28

subsection 96(2)

Omit “eligible”.

29

section 97 (note)

Omit the note.

30

subsection 100(1) (table items 5, 6, 7, 8 and 9)

Omit the table items.

31

subsection 100(2)

Omit the subsection.

32

subsection 100(3) (heading)

Omit “1, 3 and 5”, substitute “1 and 3”.

33

subsection 100(3)

Omit “1, 3 or 5”, substitute “1 or 3”.

34

subsection 100(4) (heading)

Omit “2, 4, 6, 7, 8 and 9”, substitute “2 and 4”.

35

subsection 100(4)

Omit “2, 4, 6, 7, 8 or 9”, substitute “2 or 4”.

36

subsections 100(9), (14) and (15)

Omit the subsections.

37

sections 101 and 102

Omit the sections.

38

sections 108 and 109

Omit the sections.

39

section 114

Omit the section.

40

Division 1 of Part 6

Omit the Division.

41

subsection 122(1)

Omit “during an eligible financial year”.

42

subsections 122(3), (4), (5), (9) and (11)

Omit the subsections.

43

sections 123 and 123A

Omit the sections.

44

paragraph 128(7)(d)

Before “this Division”, insert “if the eligible financial year began on 1 July 2012—“.

45

Subdivision B of Division 3 of Part 6

Omit the Subdivision.

46

subsection 134(3)

Omit the subsection.

47

subsection 134A(3) (paragraph (b) of the definition of applicable amount for the financial year)

Omit the paragraph.

48

paragraphs 142(3)(c), (e) and (f)

Omit the paragraphs.

48A

section 144

Omit the section.

49

paragraph 145(5)(b)

Omit the paragraph.

50

paragraph 145(5)(c)

Omit the paragraph, substitute:

(c) the principle that changes should not have a negative effect on recipients of assistance under the Jobs and Competitiveness Program;

51

Division 5 of Part 7

Omit the Division.

52

section 160

Omit the section.

53

paragraphs 161(2)(b) and (c)

Omit the paragraphs.

54

subsection 161(3)

Omit the subsection.

55

subsection 161(4)

Omit “or (3)”.

56

subsection 161(5)

Omit “a later”, substitute “an”.

57

subsections 161(6), (7), (8) and (9)

Omit “or (3)”.

58

Part 9

The Part ceases to have effect at the end of 30 June 2015.

59

Division 3 of Part 9

Omit the Division.

60

sections 196 and 196A

Omit the sections.

61

subsections 197(3) to (6)

Omit the subsections.

62

section 199

After “each quarter”, insert “that ends on or before 31 March 2015”.

63

section 200

Omit the section.

64

subsection 212(2) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

65

subsection 212(3) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

66

Part 12

Omit the Part.

67

paragraphs 262(1)(ma), (r), (u) and (v) and 263(2)(g), (i) and (j)

Omit the paragraphs.

68

section 281 (table items 3, 4, 5, 7, 8, 11, 12, 13 and 16)

Omit the table items.

69

Part 22

Omit the Part.

70

subparagraph 295(d)(iii)

Omit the subparagraph.

71

subparagraph 295(e)(ii)

Omit the subparagraph.

72

subparagraph 295(i)(iii)

Omit the subparagraph.

73

sections 303A and 303B

Omit the sections.

\n```\n\nCarbon units with a vintage year beginning on or after 1 July 2014\n\n(2) The modification made by item 3 of the table in subitem (1) does not apply in relation to the issue of a carbon unit with a vintage year beginning on or after 1 July 2014, if the carbon unit was issued as a result of an auction conducted before 1 July 2014.\n\nReview of decisions\n\n(3) The modification of section 281 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a decision made before 1 July 2014.\n\nCivil penalty orders\n\n(4) The modification of section 262 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a contravention that occurred before 1 July 2014.\n\n324 Application—repeal of Charge Acts\n\nCharge for issue of carbon units for a fixed charge\n\n(1) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units in accordance with section 100 of the Clean Energy Act 2011:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n\ndoes not apply to the issue of carbon units with a vintage year beginning on 1 July 2012 or 1 July 2013.\n\nCharge for issue of carbon units as a result of an auction\n\n(2) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units as a result of an auction:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n\ndoes not apply to the issue of carbon units if the carbon units were issued as a result of an auction conducted before 1 July 2014.\n\nCharge on unit shortfall\n\n(3) The repeal by this Schedule of the following Acts, so far as they relate to a unit shortfall for a financial year:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011;\n\ndoes not apply to:\n\n (d) a unit shortfall for the financial year beginning on 1 July 2012; or\n (e) a unit shortfall for the financial year beginning on 1 July 2013.\n\n325 Issue of carbon units\n\nThe Regulator must not issue any carbon units after the start of the designated carbon unit day.\n\n327 Cancellation of carbon units—designated carbon unit day\n\nScope\n\n(1) This item applies if there was an entry for a carbon unit in a person’s Registry account at the start of the designated carbon unit day.\n\nCancellation of unit\n\n(2) The Regulator must cancel the unit.\n\n(3) The Regulator must remove the entry for the unit from the person’s Registry account.\n\n(4) The Registry must set out a record of each cancellation under subitem (2).\n\n328 Surrender of eligible Australian carbon credit units\n\n(1) If:\n\n (a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and\n (b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and\n (c) the person has a Registry account;\n\nthen:\n\n (d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:\n (i) during that period; and\n (ii) in relation to the financial year beginning on 1 July 2013;\n are restored units for the purposes of this item; and\n (e) a restored unit is taken never to have been surrendered or cancelled; and\n (f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.\n\n(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).\n\n(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.\n\n(4) A determination under paragraph (1)(d) is not a legislative instrument.\n\n329 Opt‑in Scheme\n\n(1) A reference in the Opt‑in Scheme to a financial year does not include a reference to a financial year beginning on or after 1 July 2014.\n\n(2) Regulations 3.48 and 3.50 of the Clean Energy Regulations 2011 cease to have effect at the end of 30 June 2014.\n\nDivision 3—Provisions relating to other Acts\n\n330 Transitional—A New Tax System (Goods and Services Tax) Act 1999\n\nDespite the amendments of the A New Tax System (Goods and Services Tax) Act 1999 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n331 Transitional—Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\nDespite the amendments of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n332 Transitional—Australian National Registry of Emissions Units Act 2011\n\nDespite the amendments of the Australian National Registry of Emissions Units Act 2011 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n333 Transitional—Clean Energy Regulator Act 2011\n\n(1) Despite the amendment of the definition of climate change law in section 4 of the Clean Energy Regulator Act 2011 made by this Schedule, that definition continues to apply, in relation to paragraph 12(a) and subsection 43(3) and section 44 of that Act, as if that amendment had not been made.\n\n(2) Each of the following:\n\n (a) this Act;\n (b) a legislative instrument under this Act;\n (c) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (d) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014;\n\nis taken to be a climate change law for the purposes of paragraph 12(a) and subsection 43(3) and section 44 of the Clean Energy Regulator Act 2011.\n\n334 Application—amendments of the Fuel Tax Act 2006\n\nThe amendments of the Fuel Tax Act 2006 made by this Schedule apply to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n335 Application—amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006\n\nThe amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 made by this Act applies to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n336 Application—amendments of the Income Tax Assessment Act 1997\n\n(1) The repeal of section 26‑18 of the Income Tax Assessment Act 1997 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n(2) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule (other than the amendment of section 12‑5 or the repeal of section 26‑18), that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n337 Transitional—National Greenhouse and Energy Reporting Act 2007\n\nGeneral\n\n(1) Despite the amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to the following matters:\n\n (a) determining the meaning of the following expressions, when used in the Clean Energy Act 2011:\n (i) carbon dioxide equivalence;\n (ii) facility;\n (iii) greenhouse gas;\n (iv) group;\n (v) member, when used in relation to a group;\n (vi) non‑group entity;\n (vii) operational control;\n (viii) potential greenhouse gas emissions;\n (ix) provisional emissions number;\n (x) scope 1 emission of greenhouse gas;\n (b) the matters mentioned in subsections 10(3) to (9) of the National Greenhouse and Energy Reporting Act 2007, so far as those matters are relevant to the Clean Energy Act 2011;\n (c) reports under section 22A, 22AA or 22E of the National Greenhouse and Energy Reporting Act 2007;\n (d) records under section 22B, 22C or 22F of the National Greenhouse and Energy Reporting Act 2007;\n (e) applications under section 15A or 15AA of the National Greenhouse and Energy Reporting Act 2007;\n (f) the registration of persons under section 18A of the National Greenhouse and Energy Reporting Act 2007;\n (g) the publication of information under section 24 of the National Greenhouse and Energy Reporting Act 2007, so far as the information relates to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n (h) audits under section 74AA of the National Greenhouse and Energy Reporting Act 2007;\n (i) audits under section 74B or 74C of the National Greenhouse and Energy Reporting Act 2007, so far as the audits relate to a person’s compliance with obligations under that Act (or regulations under that Act) in relation to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n\nas if:\n\n (j) the National Greenhouse and Energy Reporting Act 2007 were modified as set out in the following table; and\n (k) those amendments had not been made; and\n (l) subitem (6) had not been enacted.\n\n```html\n

Modifications of the National Greenhouse and Energy Reporting Act 2007

Item

Provision

Modification

1

section 7 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

2

section 7 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

\n```\n\nThresholds\n\n(2) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they are relevant to determining whether a controlling corporation’s group meets a threshold under section 13 of that Act for a financial year, apply in relation to a threshold for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nReports\n\n(3) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 19 of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\n(4) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 22G or 22X of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nUnsatisfactory compliance record\n\n(5) Despite the amendments of section 11D of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to:\n\n (a) unpaid unit shortfall charge; and\n (b) a breach of a civil penalty provision of:\n (ii) the Clean Energy Act 2011; or\n (iii) a determination under section 113 of the Clean Energy Act 2011; and\n (c) a conviction of an offence against the Clean Energy Act 2011;\n\nas if those amendments had not been made.\n\nRegulations—carbon dioxide equivalence\n\n(6) If, immediately before the commencement of this item, regulations were in force for the purposes of paragraph (a) of the definition of carbon dioxide equivalence in section 7 of the National Greenhouse and Energy Reporting Act 2007, the regulations have effect, after that commencement, as if they had been made for the purposes of the definition of carbon dioxide equivalence in section 7 of that Act as amended by this Schedule.\n\nDeregistration—section 18A registrations\n\n(7) If:\n\n (a) a person was registered under the National Greenhouse and Energy Reporting Act 2007 because of the operation of section 18A of that Act; and\n (b) the person is registered under that Act as at the start of 1 July 2014;\n\nthe Regulator must remove the person’s name from the Register.\n\n338 Transitional—Ozone Protection and Synthetic Greenhouse Gas Management Act 1989\n\nAmounts to be credited to the Ozone Protection and SGG Account\n\n(1) Despite the amendments of section 65C of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 made by this Schedule, that section continues to apply, in relation to levy for a quarter ending before 1 July 2014, as if those amendments had not been made.\n\nRemission or refund of levy for a quarter ending before 1 July 2014\n\n(2) Despite the repeal of sections 69AA to 69AD of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 by this Schedule, those sections continue to apply, in relation to levy for a quarter ending before 1 July 2014, as if:\n\n (a) that Act provided that an application under section 69AA, 69AB or 69AC of that Act must be made before 1 January 2016; and\n (b) that repeal had not happened.\n\n339 Transitional—Petroleum Resource Rent Tax Assessment Act 1987\n\n(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n340 Transitional—Taxation Administration Act 1953\n\nDespite the amendment of the Taxation Administration Act 1953 made by this Schedule, that Act continues to apply, in relation to records or disclosures made for the purpose of:\n\n (a) the verification from the Regulator of information provided to the Commissioner under or for the purposes of the Fuel Tax Act 2006 so far as that Act applies to taxable fuel acquired, manufactured or imported before 1 July 2014; or\n (b) administering the Clean Energy Act 2011 or the associated provisions (within the meaning of that Act);\n\nas if that amendment had not been made.\n\nDivision 4—Miscellaneous\n\n342 Transitional rules\n\nThe Minister may, by legislative instrument, make rules in relation to transitional matters arising out of the amendments and repeals made by this Schedule.\n\nDivision 5—Transitional provisions commencing on Royal Assent\n\n343 Auctions of carbon units\n\n(1) The Regulator must not conduct an auction of carbon units after the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014.\n\n(2) Any determination under subsection 113(1) of the Clean Energy Act 2011 ceases to have effect at the end of the day (the relevant day) that is the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014;\n\nexcept to the extent to which the determination relates to auctions conducted on or before the relevant day.\n\n343A Carbon units issued as a result of an auction conducted by the Regulator\n\n(1) If:\n\n (a) a carbon unit was issued as a result of an auction conducted by the Regulator; and\n (b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;\n\nthe Regulator must:\n\n (c) cancel the unit; and\n (d) remove the entry for the unit from the person’s Registry account; and\n (e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.\n\n(2) The Registry must set out a record of each cancellation under paragraph (1)(c).\n\n(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.\n\n(4) In this item:\n\nbusiness day means a day that is not:\n\n (a) a Saturday; or\n (b) a Sunday; or\n (c) a public holiday in the Australian Capital Territory.\n\n344 Carbon pollution cap regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if section 16 of that Act had not been enacted.\n\n345 Fixed charge regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if subsections 100(14) and (15) of that Act had not been enacted.\n\n345A Deadlines of 1 February and 15 June\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the following definitions were inserted in section 5 of that Act:\n\n> 15 June means:\n\n (a) if the 15 June concerned is a business day—that 15 June; or\n (b) if the 15 June concerned is not a business day—the first business day after that 15 June.\n\n> 1 February means:\n\n (a) if the 1 February concerned is a business day—that 1 February; or\n (b) if the 1 February concerned is not a business day—the first business day after that 1 February.\n\n345B Surplus and estimation error adjustment number\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the formula in subsection 131(3) of that Act were omitted and the following formula substituted:![Start formula Total estimation error numbers plus Provisional surplus surrender number end formula](image.002.png)\n\n345C Definitions\n\nIf this Division commences before 1 July 2014, this Division has effect as if item 321 (definitions) had commenced at the same time as this Division commences.\n\n345D Compensation for acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\nPart 4—Jobs and Competitiveness Program\n\nDivision 1—Preliminary\n\n346 Definitions\n\n(1) In this Part:\n\nlevy means levy imposed by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\nover‑allocation of free carbon units has the meaning given by item 354.\n\nrules means rules made under item 359.\n\ntrue‑up shortfall has the meaning given by item 355.\n\nunder‑allocation of free carbon units has the meaning given by item 352.\n\n(2) An expression used in this Part and in the Clean Energy Act 2011 has the same meaning in this Part as in that Act.\n\n347 Crown to be bound\n\nThis Part binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.\n\n348 Extension to external Territories\n\nThis Part extends to every external Territory.\n\n349 Extension to exclusive economic zone and continental shelf\n\nThis Part extends to Australia’s exclusive economic zone and continental shelf.\n\n350 Extension to Joint Petroleum Development Area\n\nThis Part extends to the Joint Petroleum Development Area.\n\nDivision 2—Reporting requirements\n\n351 Reporting requirements\n\nReport\n\n(1) The rules may make provision for and in relation to requiring a designated person to give a written report to the Regulator for the purposes of this Part.\n\nDesignated person\n\n(2) For the purposes of this item, a person is a designated person if free carbon units with a vintage year beginning on 1 July 2013 are or were issued to the person in accordance with the Jobs and Competitiveness Program.\n\nCompliance with reporting requirements\n\n(3) Subsection 151(1) of the Clean Energy Act 2011 has effect as if a requirement under rules made for the purposes of subitem (1) were a requirement under the Jobs and Competitiveness Program.\n\nDivision 3—Issue of additional free carbon units\n\n352 Under‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an under‑allocation of free carbon units; and\n (d) the number of units in that under‑allocation is equal to the number ascertained in accordance with the rules.\n\n353 Issue of additional free carbon units\n\n(1) If:\n\n (a) a person has an under‑allocation of free carbon units; and\n (b) the person has a Registry account;\n\nthe Regulator must:\n\n (c) issue to the person, under section 94 of the Clean Energy Act 2011, a number of free carbon units equal to the number of units in the under‑allocation; and\n (d) do so within the period ascertained in accordance with the rules.\n\n(2) Free carbon units issued in accordance with subitem (1):\n\n (a) are to have a vintage year beginning on 1 July 2013; and\n (b) are taken (except for the purposes of this Part) to have been issued in accordance with the Jobs and Competitiveness Program.\n\nDivision 4—True‑up shortfalls\n\n354 Over‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an over‑allocation of free carbon units; and\n (d) the number of units in that over‑allocation is equal to the number ascertained in accordance with the rules.\n\n355 True‑up shortfall\n\n(1) For the purposes of this Part, if:\n\n (a) a person has an over‑allocation of free carbon units; and\n (b) the number worked out using the formula in subitem (2) exceeds zero;\n\nthen:\n\n (c) the person has a true‑up shortfall; and\n (d) the number of units in that shortfall is equal to the number worked out using that formula.\n\nNote: Levy is imposed on a true‑up shortfall by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n(2) The formula is as follows:\n\n![Start formula Number of units in the over-allocation minus Number of units relinquished end formula](image.003.png)\n\nwhere:\n\nnumber of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.\n\nDivision 5—Collection of levy\n\n356 When levy is due and payable\n\nLevy imposed on a true‑up shortfall of a person is due and payable at the end of the period ascertained in accordance with the rules.\n\n357 Late payment penalty\n\n(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:\n\n (a) 20% per annum; or\n (b) if a lower percentage is specified in the rules—that lower percentage per annum;\n\non the amount unpaid, computed from that time.\n\nPower to remit\n\n(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).\n\n(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.\n\n358 Recovery of levy and late payment penalty\n\nScope\n\n(1) This item applies to the following amounts:\n\n (a) an amount of levy;\n (b) an amount payable under item 357.\n\nRecovery\n\n(2) The amount:\n\n (a) is a debt due to the Commonwealth; and\n (b) may be recovered by the Regulator, on behalf of the Commonwealth, by action in a court of competent jurisdiction.\n\nDivision 6—Miscellaneous\n\n358A Associated provisions\n\nA reference in the Clean Energy Act 2011 (other than section 307) to the associated provisions includes a reference to:\n\n (a) the provisions of this Part; and\n (b) the provisions of the rules; and\n (c) the provisions of the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014; and\n (d) the provisions of the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n359 Rules\n\n(1) The Minister may, by legislative instrument, make rules prescribing matters:\n\n (a) required or permitted by this Part to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.\n\n(2) Conditions specified in rules made for the purposes of paragraph 352(b) or 354(b) may relate to events or things that occurred, or circumstances that existed, before the rules were registered under the Legislation Act 2003.\n\n(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the rules.\n\nSchedule 2—Carbon tax price reduction obligation\n\nCompetition and Consumer Act 2010\n\n1 After paragraph 2B(1)(a)\n\nInsert:\n\n (aa) Part V;\n\n2 After subparagraph 6(2)(b)(i)\n\nInsert:\n\n (ia) Part V (other than Division 5);\n\n3 After Part IVB\n\nInsert:\n\n## Part V—Carbon tax price reduction obligation\n\n### Division 1—Preliminary\n\n#### 60 Simplified outline of this Part\n\n• An entity must not engage in price exploitation in relation to the carbon tax repeal.\n\n• The Commission may monitor prices in relation to the carbon tax repeal and the carbon tax scheme.\n\n• An entity must not make false or misleading representations about the effect of the carbon tax repeal, or the carbon tax scheme, on the price for the supply of goods or services.\n\n• An entity that sells electricity or natural gas, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas, will be required to explain and substantiate:\n\n(a) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n\n(b) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n• An entity that sells electricity or natural gas to customers, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas to customers, must:\n\n(a) give a carbon tax removal substantiation statement to the Commission; and\n\n(b) include in the statement the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, attributable to the carbon tax repeal and that have been, are being, or will be, passed on to customers during the financial year that began on 1 July 2014; and\n\n(c) provide information with the statement that substantiates such an estimate; and\n\n(d) in a case where the entity sells electricity or natural gas to customers—communicate to customers a statement that identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings to customers that are for the financial year that began on 1 July 2014.\n\n• Infringement notices may be issued for certain contraventions of this Part.\n\n#### 60AA Objects etc.\n\n (1) The main objects of this Part are:\n (a) to deter price exploitation in relation to the carbon tax repeal at each point in the supply chain for regulated goods; and\n (b) to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods.\n (2) The intention of the Parliament in enacting this Part is to ensure that all cost savings attributable to the carbon tax repeal are passed on to consumers of regulated goods through lower prices.\n\n#### 60A Definitions\n\n In this Part:\n\n> applicable compliance period, for a carbon tax removal substantiation notice, has the meaning given by subsection 60FC(2).\n\n> bulk SGG importer means an entity that:\n\n (a) holds a controlled substances licence under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 that allows the entity to import synthetic greenhouse gases; and\n (b) supplies synthetic greenhouse gas to SGG customers.\n\n> carbon charge component of levy means so much of the amount of the levy as is calculated by multiplying the number of tonnes of carbon dioxide equivalence by a per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit.\n\n> carbon tax removal substantiation notice has the meaning given by subsection 60FA(3).\n\n> carbon tax removal substantiation statement has the meaning given by subsection 60FD(3).\n\n> carbon tax repeal means:\n\n (a) the repeal of the following Acts by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Clean Energy Act 2011;\n (ii) the Clean Energy (Charges—Customs) Act 2011;\n (iii) the Clean Energy (Charges—Excise) Act 2011;\n (iv) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n (v) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n (vi) the Clean Energy (Unit Shortfall Charge—General) Act 2011; and\n (b) the amendments of the following Acts made by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Fuel Tax Act 2006;\n (ii) the Fuel Tax (Consequential and Transitional Provisions) Act 2006; and\n (c) the amendments made by the following Acts:\n (i) the Customs Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (ii) the Excise Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (iii) the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Act 2014;\n (iv) the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Carbon Tax Repeal) Act 2014.\n\n> carbon tax repeal transition period means the period:\n\n (a) beginning at the start of 1 July 2014; and\n (b) ending at the end of 30 June 2015.\n\n> carbon tax scheme means the scheme embodied in the following:\n\n (a) the Clean Energy Act 2011, as in force at the start of 1 January 2014;\n (b) the associated provisions (within the meaning of that Act as in force at that time);\n (c) the following provisions of the Fuel Tax Act 2006, as in force at the start of 1 January 2014:\n (i) Division 42A;\n (ii) section 43‑5, so far as that section relates to a carbon reduction;\n (iii) section 43‑8;\n (iv) section 43‑11;\n (d) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (e) section 4A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (f) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (g) sections 6FA, 6FB and 6FC of the Excise Tariff Act 1921, as in force at the start of 1 January 2014;\n (h) section 19A of the Customs Tariff Act 1995, as in force at the start of 1 January 2014.\n\n> electricity customer means an entity that purchases electricity.\n\n> electricity retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells electricity to electricity customers; or\n (b) an entity who is a retailer within the meaning of the Electricity Industry Act 2000 (Vic.); or\n (c) an entity who is a retail entity within the meaning of the Electricity Act 1994 (Qld); or\n (d) an entity who:\n (i) holds a retail licence within the meaning of the Electricity Industry Act 2004 (WA); or\n (ii) holds an integrated regional licence within the meaning of the Electricity Industry Act 2004 (WA) that authorises the entity to sell electricity; or\n (e) an entity who is an electricity entity within the meaning of the Electricity Reform Act (NT) and whose licence under that Act authorises the entity to sell electricity; or\n (f) any other entity who produces electricity in Australia.\n\n> engages in price exploitation in relation to the carbon tax repeal: see section 60C.\n\n> entity means any of the following:\n\n (a) a corporation (as defined by section 4);\n (b) an individual;\n (c) a body corporate;\n (d) a corporation sole;\n (e) a body politic;\n (f) a partnership;\n (g) any other unincorporated association or body of entities;\n (h) a trust;\n (i) any party or entity which can or does buy or sell electricity, natural gas or synthetic greenhouse gas.\n\n> infringement notice means an infringement notice issued under subsection 60L(1).\n\n> infringement notice compliance period: see section 60P.\n\n> infringement notice provision means section 60C or 60K.\n\n> listed corporation has the meaning given by section 9 of the Corporations Act 2001.\n\n> National Energy Retail Law means the National Energy Retail Law set out in the Schedule to the National Energy Retail Law (South Australia) Act 2011 (SA).\n\n> natural gas has the same meaning as in the National Gas (Commonwealth) Law (as defined by the Australian Energy Market Act 2004).\n\n> natural gas customer means an entity that purchases natural gas.\n\n> natural gas retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells natural gas to natural gas customers; or\n (b) an entity who is a gas retailer within the meaning of the Gas Industry Act 2001 (Vic.); or\n (c) an entity who is a retailer within the meaning of the Gas Supply Act 2003 (Qld); or\n (d) an entity who holds a trading licence under the Energy Coordination Act 1994 (WA); or\n (e) an entity who holds a licence under the Gas Act 2000 (Tas.) to sell gas by retail.\n\n> price, in relation to a supply, includes:\n\n (a) a charge of any description for the supply; and\n (b) any pecuniary or other benefit, whether direct or indirect, received or to be received by a person for or in connection with the supply.\n\n> regulated goods: see section 60B.\n\n> regulated supply means a supply that:\n\n (a) occurs during the carbon tax repeal transition period; and\n (b) is of regulated goods.\n\n> regulated supply input costs of an entity means the entity’s input costs in relation to the making by the entity of regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n> Royal Assent day means the day on which the Act that inserted this Part receives the Royal Assent.\n\n> SGG customer means an entity that purchases synthetic greenhouse gas.\n\n> SGG equipment has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n> synthetic greenhouse gas has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n#### 60B Regulated goods\n\n (1) For the purposes of this Part, regulated goods means:\n (a) natural gas; or\n (b) electricity; or\n (c) synthetic greenhouse gas; or\n (d) SGG equipment; or\n (e) other goods of a kind specified in a legislative instrument under subsection (2).\n (2) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (1)(e).\n\n### Division 2—Carbon tax price reduction obligation\n\n#### 60C Price exploitation in relation to the carbon tax repeal\n\n (1) An entity must not engage in price exploitation in relation to the carbon tax repeal.\n (2) For the purposes of this Part, an entity engages in price exploitation in relation to the carbon tax repeal if, and only if:\n (a) it makes a regulated supply; and\n (b) the price for the supply does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal.\n (3) For the purposes of this Part, in determining whether the price for a supply made by an entity does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal, have regard to the following matters:\n (a) the entity’s cost savings that are directly or indirectly attributable to the carbon tax repeal;\n (b) how the cost savings mentioned in paragraph (a) can reasonably be attributed to the different supplies that the entity makes;\n (c) the entity’s costs;\n (d) any other relevant matter that may reasonably influence the price.\n\n#### 60CA Failure to pass on cost savings—250% penalty\n\n (1) If:\n (a) either:\n (i) an entity contravenes subsection 60C(1) in relation to a particular supply of electricity or natural gas; or\n (ii) an entity that is a bulk SGG importer contravenes subsection 60C(1) in relation to a particular supply of synthetic greenhouse gas; and\n (b) the contravention involved a failure to pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal;\n there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount equal to 250% of those cost savings that were not passed through.\n When penalty becomes due and payable\n (2) An amount payable by an entity under subsection (1) is due and payable on 1 July 2015.\n Late payment penalty\n (3) If an amount payable by an entity under subsection (1) remains unpaid after the time when it became due for payment, there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount calculated at the rate of 6% per annum on the amount unpaid, computed from that time.\n Recovery of penalties\n (4) An amount payable by an entity under subsection (1) or (3):\n (a) is a debt due to the Commonwealth; and\n (b) shall be recovered by the Commission, on behalf of the Commonwealth, by action in a court of competent jurisdiction, unless the cost of doing so exceeds the amount.\n Report to Parliament\n (5) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of penalties payable by entities.\n\n#### 60D Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that the entity has engaged in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) identify:\n (i) the entity that made the supply; and\n (ii) the kind of supply made; and\n (iii) the circumstances in which the supply was made; and\n (c) state that, in the Commission’s opinion, the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (3) In any proceedings:\n (aa) under section 60CA; or\n (a) under section 76 for a pecuniary penalty order relating to section 60C; or\n (b) under section 80 for an injunction relating to section 60C; or\n (c) under section 80A, 82, 86C, 86D or 87 for an order relating to section 60C;\n the notice is prima facie evidence that the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (4) The Commission may vary or revoke the notice on its own initiative or on application made by the entity. The Commission must give the entity written notice of the variation or revocation.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60E Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that doing so will aid the prevention of the entity engaging in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) be expressed to relate to any supply that the entity makes that is:\n (i) of a kind specified in the notice; and\n (ii) made in circumstances specified in the notice; and\n (iii) made during the period specified in the notice (which must not be a period ending after the end of the carbon tax repeal transition period); and\n (c) specify the maximum price that, in the Commission’s opinion, may be charged for a supply to which the notice is expressed to relate.\n (3) The Commission may, on its own initiative or on application made by the entity:\n (a) vary the notice to:\n (i) change the period specified as required by subparagraph (2)(b)(iii); or\n (ii) change the price specified in the notice as required by paragraph (2)(c); or\n (b) revoke the notice.\n The Commission must give the entity written notice of the variation or revocation.\n (4) The Commission may publish the notice, or particulars of any variation or revocation of the notice, in such manner as the Commission considers appropriate.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60F Acquisition of property\n\n Scope\n (1) This section applies to the following provisions of this Act:\n (a) section 60C;\n (b) any other provision to the extent to which it relates to section 60C.\n Effect of provision\n (2) The provision has no effect to the extent (if any) to which its operation would result in the acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph).\n\n### Division 2A—Carbon tax removal substantiation notices\n\n#### 60FA Carbon tax removal substantiation notices\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation notice\n (2) The Commission must, within 30 days after the Royal Assent day, by written notice given to the entity, require the entity:\n (a) to give to the Commission, within the period specified in the notice, a written statement that explains:\n (i) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n (ii) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas; and\n (b) to do either or both of the following:\n (i) give to the Commission, within the period and in the manner and form specified in the notice, information that substantiates the explanation set out in the statement;\n (ii) produce to the Commission, within the period and in the manner specified in the notice, documents that substantiate the explanation set out in the statement.\n (3) A notice under subsection (2) is to be known as a carbon tax removal substantiation notice.\n (4) A period specified in a carbon tax removal substantiation notice must be 21 days after the notice is given.\n (5) A carbon tax removal substantiation notice must explain the effect of:\n (a) section 60FB; and\n (b) section 60FC; and\n (c) sections 137.1 and 137.2 of the Criminal Code.\n Section does not limit section 60H\n (6) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (7) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60FB Extending periods for complying with carbon tax removal substantiation notices\n\n (1) An entity that has been given a carbon tax removal substantiation notice may, at any time within 14 days after the notice was given to the entity by the Commission, apply in writing to the Commission for an extension of the period for complying with the notice.\n (2) The Commission may, by written notice given to the entity, extend the period within which the entity must comply with the notice, so long as the extension is for a period of not more than 28 days.\n\n#### 60FC Compliance with carbon tax removal substantiation notices\n\n (1) An entity that is given a carbon tax removal substantiation notice must comply with it within the applicable compliance period for the notice.\n (2) The applicable compliance period for a carbon tax removal substantiation notice is:\n (a) the period of 21 days specified in the notice; or\n (b) if the period for complying with the notice has been extended under section 60FB—the period as so extended;\n and includes (if an application has been made under section 60FB for an extension of the period for complying with the notice) the period up until the time when the applicant is given notice of the Commission’s decision on the application.\n (3) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (1); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 200 penalty units.\n\n (4) Subsection (3) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (5) If subsection (3) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (3) of this section has effect, in relation to the individual, as if the reference to 200 penalty units were a reference to 40 penalty units.\n (6) If subsection (1) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving information or producing a document in accordance with a carbon tax removal substantiation notice on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 2B—Carbon tax removal substantiation statements\n\n#### 60FD Carbon tax removal substantiation statements\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation statement\n (2) Within 30 days after the Royal Assent day, the entity must give to the Commission:\n (a) a written statement that sets out:\n (i) if the entity has electricity customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and\n (ii) if the entity has natural gas customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and\n (iii) if the entity has SGG customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and\n (b) information that substantiates the estimate or estimates set out in the statement.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n (3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement.\n (4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity’s website, in a way that is readily accessible by the public, until the end of 30 June 2015.\n Compliance\n (5) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (4); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 500 penalty units.\n\n (6) Subsection (5) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.\n (8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60H\n (9) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (10) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n Report to Parliament\n (11) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of compliance by all entities.\n\n### Division 2C—Statements for customers\n\n#### 60FE Statements for customers\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers.\n Preparation of statement\n (2) Within 30 days after the Royal Assent day, the entity must prepare a statement that:\n (a) if the entity has electricity customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014; and\n (b) if the entity has natural gas customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014.\n Communication of contents of statement to customers\n (3) During the period:\n (a) beginning 30 days after the Royal Assent day; and\n (b) ending 60 days after the Royal Assent day;\n the entity must ensure that the contents of the statement prepared by it under subsection (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n Compliance\n (4) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (3); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 400 penalty units.\n\n (5) Subsection (4) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (6) If subsection (4) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.\n (7) If subsection (2) or (3) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from:\n (a) preparing a statement under subsection (2) of this section; or\n (b) communicating the contents of a statement under subsection (3) of this section;\n on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 3—Price monitoring in relation to the carbon tax repeal etc.\n\n#### 60G Commission may monitor prices in relation to the carbon tax repeal etc.\n\n Price monitoring—carbon tax repeal transition period\n (1) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged by entities for supplies, in the carbon tax repeal transition period, of relevant goods.\n\n> Note: For relevant goods, see subsection (11).\n\n (2) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of relevant goods by entities.\n\n> Note: For relevant goods, see subsection (11).\n\n (3) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n (4) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n Price monitoring—price exploitation\n (5) The Commission may monitor prices to assist the Commission’s consideration of whether an entity has engaged, is engaging, or may in the future engage, in price exploitation in relation to the carbon tax repeal.\n Price monitoring—pre‑repeal transition period\n (6) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged by entities for supplies, in the pre‑repeal transition period, of relevant goods.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (7) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of relevant goods by entities.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (8) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n (9) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n Section does not limit Part VIIA\n (10) This section does not limit Part VIIA (which is about prices surveillance).\n Relevant goods\n (11) For the purposes of this section, the following are relevant goods:\n (a) regulated goods;\n (b) other goods of a kind specified in a legislative instrument under subsection (12).\n (12) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (11)(b).\n Pre‑repeal transition period\n (13) For the purposes of this section, pre‑repeal transition period means the period:\n (a) beginning at the commencement of this section; and\n (b) ending at the end of 30 June 2014.\n\n#### 60H Information‑gathering powers\n\n (1) A member of the Commission may, by written notice given to a person, require the person:\n (a) to give the Commission specified information in writing signed by:\n (i) the person; or\n (ii) if the person is a body corporate—a competent officer of the body corporate; or\n (b) to produce to the Commission specified documents;\n if:\n (c) the information, or information contained in the documents, relates to prices or the setting of prices; and\n (d) the member reasonably believes that the information, or information contained in the documents, will or may be useful to the Commission in monitoring prices as mentioned in any of subsections 60G(1) to (9).\n\n> Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.\n\n (2) Information or documents that may be required under subsection (1) may relate to prices, or the setting of prices:\n (a) before or after the carbon tax repeal; and\n (b) before or after the start of the carbon tax repeal transition period; and\n (c) in a situation, or during a period, specified in the notice.\n (3) Subsection (2) does not limit subsection (1).\n (4) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (1); and\n (b) the person is capable of complying with the requirement; and\n (c) the person omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 20 penalty units.\n\n (5) An individual is excused from giving information or producing a document in accordance with a requirement under subsection (1) on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60FA\n (5A) This section does not limit section 60FA (which is about carbon tax removal substantiation notices).\n Section does not limit section 155\n (6) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60J Reporting\n\n (1) The Commission must, within 28 days after the end of each quarter, give the Minister a written report about the operations of the Commission under this Part during the quarter.\n (2) A report under subsection (1) must include particulars of:\n (a) all notices given under section 60E during the quarter; and\n (b) all variations or revocations during the quarter of notices given under section 60E.\n (3) Subsection (2) does not limit subsection (1).\n (4) For the purposes of this section, a quarter is a period of 3 months:\n (a) that occurs wholly or partly during the carbon tax repeal transition period; and\n (b) that starts on any of the following days in a year:\n (i) 1 January;\n (ii) 1 April;\n (iii) 1 July;\n (iv) 1 October.\n (5) As soon as practicable after the Minister receives a report under subsection (1), the Minister must make the report public by such means as the Minister considers appropriate.\n (6) If this section commences during a quarter (but not on the first day of a quarter):\n (a) no report is to be made at the end of the quarter; but\n (b) the report made at the end of the next quarter is also to include the information required by subsections (1) and (2) in relation to the previous quarter.\n\n### Division 4—False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n#### 60K False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n An entity must not, in trade or commerce, in connection with:\n (a) the supply or possible supply of goods or services; or\n (b) the promotion by any means of the supply or use of goods or services;\n make a false or misleading representation, during the carbon tax repeal transition period, concerning the effect of:\n (c) the carbon tax repeal or a part of the carbon tax repeal; or\n (d) the carbon tax scheme or a part of the carbon tax scheme;\n on the price for the supply of the goods or services.\n\n### Division 5—Infringement notices\n\n#### 60L Issuing an infringement notice\n\n Issuing an infringement notice\n (1) If the Commission has reasonable grounds to believe that a person has contravened an infringement notice provision, the Commission may issue an infringement notice to the person.\n (2) The Commission must not issue more than one infringement notice to the person for the same alleged contravention of the infringement notice provision.\n (3) The infringement notice does not have any effect if the notice:\n (a) is issued more than 12 months after the day on which the contravention of the infringement notice provision is alleged to have occurred; or\n (b) relates to more than one alleged contravention of an infringement notice provision by the person.\n Matters to be included in an infringement notice\n (4) An infringement notice must:\n (a) be identified by a unique number; and\n (b) state the day on which it is issued; and\n (c) state the name and address of the person to whom it is issued; and\n (d) identify the Commission; and\n (e) state how the Commission may be contacted; and\n (f) give details of the alleged contravention by the person, including:\n (i) the date of the alleged contravention; and\n (ii) the particular infringement notice provision that was allegedly contravened; and\n (g) state the maximum pecuniary penalty that the court could order the person to pay under section 76 for the alleged contravention; and\n (h) specify the penalty that is payable in relation to the alleged contravention; and\n (i) state that the penalty is payable within the infringement notice compliance period for the notice; and\n (j) state that the penalty is payable to the Commission on behalf of the Commonwealth; and\n (k) explain how payment of the penalty is to be made; and\n (l) explain the effect of sections 60M, 60N, 60P and 60Q.\n Amount of penalty\n (5) The penalty to be specified in an infringement notice that is to be issued to a person in relation to an alleged contravention of an infringement notice provision must be:\n (a) if the person is a listed corporation—600 penalty units; or\n (b) if the person is a body corporate other than a listed corporation—60 penalty units; or\n (c) if the person is not a body corporate—12 penalty units.\n\n#### 60M Effect of compliance with an infringement notice\n\n Scope\n (1) This section applies if:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person pays the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q.\n Effect\n (2) The person is not, merely because of the payment, regarded as:\n (a) having contravened the infringement notice provision; or\n (b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the infringement notice provision.\n (3) No proceedings (whether criminal or civil) may be started or continued against the person, by or on behalf of the Commonwealth, in relation to:\n (a) the alleged contravention of the infringement notice provision; or\n (b) an offence constituted by the same conduct that constituted the alleged contravention.\n\n#### 60N Effect of failure to comply with an infringement notice\n\n If:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person fails to pay the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q;\n the person is liable to proceedings under Part VI in relation to the alleged contravention of the infringement notice provision.\n\n#### 60P Infringement notice compliance period for infringement notice\n\n (1) The infringement notice compliance period for an infringement notice is the period of 28 days beginning on the day after the day on which the infringement notice is issued by the Commission.\n (2) Subsection (1) has effect subject to subsection (7).\n (3) The Commission may extend, by notice in writing, the infringement notice compliance period for the notice if the Commission is satisfied that it is appropriate to do so.\n (4) Only one extension may be given, and the extension must not be for longer than 28 days.\n (5) Notice of the extension must be given to the person who was issued the infringement notice.\n (6) A failure to comply with subsection (5) does not affect the validity of the extension.\n (7) If the Commission extends the infringement notice compliance period for an infringement notice, a reference in this Division to the infringement notice compliance period for an infringement notice is taken to be a reference to the infringement notice compliance period as so extended.\n\n#### 60Q Withdrawal of an infringement notice\n\n Representations to the Commission\n (1) A person to whom an infringement notice has been issued for an alleged contravention of an infringement notice provision may make written representations to the Commission seeking the withdrawal of the infringement notice.\n (2) Evidence or information that the person, or a representative of the person, gives to the Commission in the course of making representations under subsection (1) is not admissible in evidence against the person or representative in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).\n Withdrawal by the Commission\n (3) The Commission may, by written notice (the withdrawal notice) given to the person to whom an infringement notice was issued, withdraw the infringement notice if the Commission is satisfied that it is appropriate to do so.\n (4) Subsection (3) applies whether or not the person has made representations seeking the withdrawal.\n Content of withdrawal notices\n (5) The withdrawal notice must state:\n (a) the name and address of the person; and\n (b) the day on which the infringement notice was issued to the person; and\n (c) that the infringement notice is withdrawn; and\n (d) that proceedings under Part VI may be started or continued against the person in relation to:\n (i) the alleged contravention the infringement notice provision; or\n (ii) an offence constituted by the same conduct that constituted the alleged contravention.\n Time limit for giving withdrawal notices\n (6) To be effective, the withdrawal notice must be given to the person within the infringement notice compliance period for the infringement notice.\n Refunds\n (7) If the infringement notice is withdrawn after the person has paid the penalty specified in the infringement notice, the Commission must, on behalf of the Commonwealth, refund to the person an amount equal to the amount paid.\n\n> Note: For appropriation, see section 28 of the Financial Management and Accountability Act 1997.\n\n#### 60R Effect of this Division\n\n This Division does not:\n (a) require an infringement notice to be issued to a person for an alleged contravention of an infringement notice provision; or\n (b) affect the liability of a person to proceedings under Part VI in relation to an alleged contravention of an infringement notice provision if:\n (i) an infringement notice is not issued to the person for the alleged contravention; or\n (ii) an infringement notice issued to a person for the alleged contravention is withdrawn under section 60Q; or\n (c) prevent a court from imposing a higher penalty than the penalty specified in the infringement notice if the person does not comply with the notice.\n\n4 Subsection 75B(1)\n\nAfter “section”, insert “60C, 60K or”.\n\n5 After subparagraph 76(1)(a)(i)\n\nInsert:\n\n (ii) section 60C;\n (iia) section 60K;\n\n6 After paragraph 76(1A)(b)\n\nInsert:\n\n (ba) for each act or omission to which this section applies that relates to section 60C or 60K—6,471 penalty units; and\n\n7 Before paragraph 76(1B)(a)\n\nInsert:\n\n (aa) for each act or omission to which this section applies that relates to section 60C or 60K—1,295 penalty units; and\n\n8 Paragraph 77A(3) (at the end of the definition of civil liability)\n\nAdd “or Part V”.\n\n9 Paragraph 80(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a contravention of any of the following provisions:\n (i) a provision of Part IV;\n (ii) a provision of Division 2 or 5 of Part IVB;\n (iii) section 60C;\n (iv) section 60K; or\n\n10 At the end of subsection 80(1A)\n\nAdd “, 60C or 60K”.\n\n11 After section 80\n\nInsert:\n\n#### 80A Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money\n\n (1) If, on the application of the Commission, the Court is satisfied that a person has engaged in conduct constituting a contravention of section 60C, the Court may make either or both of the following orders:\n (a) an order requiring that person, or a person involved in the contravention, not to make a regulated supply of a kind specified in the order for a price in excess of the price specified in the order while the order remains in force;\n (b) an order requiring that person, or a person involved in the contravention, to refund money to a person specified in the order.\n\n> Note: Section 60C is about price exploitation in relation to the carbon tax repeal.\n\n (2) This section does not limit section 80.\n (3) In this section:\n\n> price has the same meaning as in Part V.\n\n> regulated supply has the same meaning as in Part V.\n\n12 Subsection 82(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n13 Section 83\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n14 Paragraphs 84(1)(b) and (3)(b)\n\nAfter “IVB”, insert “or V”.\n\n15 After paragraph 85(a)\n\nInsert:\n\n (aa) engaged in conduct in contravention of section 60C or 60K; or\n\n16 Paragraph 86C(2)(a)\n\nBefore “a”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n17 Paragraph 86C(2)(b)\n\nBefore “a probation”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n18 Subsection 86C(4) (paragraph (a) of the definition of contravening conduct)\n\nAfter “section”, insert “60C, 60K or”.\n\n19 Subsection 87(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n20 Paragraph 87(1A)(a)\n\nAfter “IVB”, insert “or section 60C or 60K”.\n\n21 Paragraph 87(1A)(b)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n22 Paragraph 87(1B)(a)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n23 Subsection 87(1C)\n\nOmit “or Division 2 of Part IVB”, substitute “, Division 2 of Part IVB or section 60C or 60K”.\n\n24 Subsection 155AAA(21) (paragraph (a) of the definition of core statutory provision)\n\nAfter “Part IV,”, insert “V,”.\n\n25 Subsection 155AAA(21) (after paragraph (b) of the definition of protected information)\n\nInsert:\n\n (ba) information that was obtained by the Commission under paragraph 60FD(2)(b) or section 60FA or 60H; or\n\n26 Before subparagraph 163A(1)(a)(ii)\n\nInsert:\n\n (i) Part V;\n\nSchedule 3—Repeal of tax offset for conservation tillage\n\nClean Energy (Consequential Amendments) Act 2011\n\n1 Subsection 2(1) (table item 6)\n\nRepeal the item.\n\n2 Part 3 of Schedule 2\n\nRepeal the Part.\n\nIncome Tax Assessment Act 1997\n\n3 Section 67‑23 (table item 24)\n\nRepeal the item.\n\n4 Subdivision 385‑J\n\nRepeal the Subdivision.\n\n5 Subsection 995‑1(1) (definition of eligible no‑till seeder)\n\nRepeal the definition.\n\n6 Application of amendments\n\nThe amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.\n\nNote: The provisions of the Income Tax Assessment Act 1997 repealed by this Schedule will continue to apply to assessments for the 2012‑13 and 2013‑14 income years.\n\n7 Transitional—timing relating to 2013‑14 income year\n\nThe following provisions of the Income Tax Assessment Act 1997:\n\n (a) subparagraph 385‑175(1)(e)(ii);\n (b) subparagraph 385‑190(1)(c)(ii);\n\napply for the purposes of assessments for the 2013‑14 income year as if those provisions referred to 30 June 2014 rather than 30 June 2015.\n\nSchedule 4—Repeal of the Steel Transformation Plan Act 2011\n\nSteel Transformation Plan Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nNote: On the repeal of the Act, the Steel Transformation Plan 2012 (which was made under Part 3 of the Act) will also cease to have effect.\n\n2 Effect of repeal\n\n(1) To avoid doubt:\n\n (a) no assistance is payable under the old Act or the old Plan after the commencement of this Schedule, including in respect of the half‑year ending on 30 June 2014; and\n (b) a return is not required to be (and cannot be) provided under Part 4 of the old Plan in respect of the half‑year ending on 30 June 2014 (or any later half‑year); and\n (c) the following conditions cease to have effect on the commencement of this Schedule:\n (i) conditions to which payments of competitiveness assistance advances under the old Act were subject;\n (ii) conditions to which registrations of corporations under the old Plan as STP participants were subject; and\n (d) the Department’s annual report for the financial year ending on 30 June 2014 (or any later financial year) is not required to comply with section 26 of the old Act.\n\n(2) In this item:\n\nold Act means the Steel Transformation Plan Act 2011.\n\nold Plan means the Steel Transformation Plan 2012 made under Part 3 of the old Act.\n\nSchedule 5—Australian Renewable Energy Agency’s finances\n\nAustralian Renewable Energy Agency Act 2011\n\n1 Subsection 64(1) (table)\n\nRepeal the table, substitute:\n\n```html\n

Yearly maximum payments to ARENA

Item

Financial year

Amount for financial year

1

2013‑2014

$581,276,000.00

2

2014‑2015

$194,340,000.00

3

2015‑2016

$89,991,000.00

4

2016‑2017

$56,950,000.00

5

2017‑2018

$499,893,000.00

6

2018‑2019

$237,000,000.00

7

2019‑2020

$468,340,000.00

8

2020‑2021

$135,000,000.00

9

2021‑2022

$135,000,000.00

\n```\n\n2 Subsections 64(3) to (6)\n\nRepeal the subsections.\n\n3 Subsection 65(4) (note)\n\nOmit “subsections 64(2) to (6)”, substitute “subsection 64(2)”.\n\n4 Application\n\nTo avoid doubt:\n\n (a) the amendments made by this Part do not affect how the Australian Renewable Energy Agency Act 2011 applied, before the commencement of this Part, in relation to the financial year 2012‑2013; but\n (b) for the purposes of that Act as amended by this Part, subsection 64(2) of that Act does not apply so as to carry over to the 2013‑2014 financial year any unspent amount from the 2012‑2013 financial year.\n\nNote: The unspent amount from the 2012‑2013 financial year has instead been directly factored into amounts specified in the table substituted by item 1.","sortOrder":30},{"sectionNumber":"60FA","sectionType":"section","heading":"Carbon tax removal substantiation notices","content":"#### 60FA Carbon tax removal substantiation notices\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation notice\n (2) The Commission must, within 30 days after the Royal Assent day, by written notice given to the entity, require the entity:\n (a) to give to the Commission, within the period specified in the notice, a written statement that explains:\n (i) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n (ii) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas; and\n (b) to do either or both of the following:\n (i) give to the Commission, within the period and in the manner and form specified in the notice, information that substantiates the explanation set out in the statement;\n (ii) produce to the Commission, within the period and in the manner specified in the notice, documents that substantiate the explanation set out in the statement.\n (3) A notice under subsection (2) is to be known as a carbon tax removal substantiation notice.\n (4) A period specified in a carbon tax removal substantiation notice must be 21 days after the notice is given.\n (5) A carbon tax removal substantiation notice must explain the effect of:\n (a) section 60FB; and\n (b) section 60FC; and\n (c) sections 137.1 and 137.2 of the Criminal Code.\n Section does not limit section 60H\n (6) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (7) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).","sortOrder":31},{"sectionNumber":"60FB","sectionType":"section","heading":"Extending periods for complying with carbon tax removal substantiation notices","content":"#### 60FB Extending periods for complying with carbon tax removal substantiation notices\n\n (1) An entity that has been given a carbon tax removal substantiation notice may, at any time within 14 days after the notice was given to the entity by the Commission, apply in writing to the Commission for an extension of the period for complying with the notice.\n (2) The Commission may, by written notice given to the entity, extend the period within which the entity must comply with the notice, so long as the extension is for a period of not more than 28 days.","sortOrder":32},{"sectionNumber":"60FC","sectionType":"section","heading":"Compliance with carbon tax removal substantiation notices","content":"#### 60FC Compliance with carbon tax removal substantiation notices\n\n (1) An entity that is given a carbon tax removal substantiation notice must comply with it within the applicable compliance period for the notice.\n (2) The applicable compliance period for a carbon tax removal substantiation notice is:\n (a) the period of 21 days specified in the notice; or\n (b) if the period for complying with the notice has been extended under section 60FB—the period as so extended;\n and includes (if an application has been made under section 60FB for an extension of the period for complying with the notice) the period up until the time when the applicant is given notice of the Commission’s decision on the application.\n (3) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (1); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 200 penalty units.\n\n (4) Subsection (3) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (5) If subsection (3) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (3) of this section has effect, in relation to the individual, as if the reference to 200 penalty units were a reference to 40 penalty units.\n (6) If subsection (1) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving information or producing a document in accordance with a carbon tax removal substantiation notice on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.","sortOrder":33},{"sectionNumber":"Division 2B","sectionType":"division","heading":"Carbon tax removal substantiation statements","content":"An Act to repeal the Clean Energy Act 2011, and for other purposes\n\n#### 1 Short title\n\n This Act may be cited as the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 July 2014

2. Schedule 1, Parts 1 and 2

1 July 2014.

1 July 2014

3. Schedule 1, Part 3, Divisions 1 to 4

1 July 2014.

1 July 2014

4. Schedule 1, Part 3, Division 5

The day this Act receives the Royal Assent.

17 July 2014

5. Schedule 1, Part 4

The day after this Act receives the Royal Assent.

However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.

18 July 2014

6. Schedule 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 January 2014.

18 July 2014

(paragraph (a) applies)

7. Schedule 3

The day after this Act receives the Royal Assent.

18 July 2014

8. Schedule 4

1 July 2014.

1 July 2014

9. Schedule 5

The day this Act receives the Royal Assent.

17 July 2014

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Schedule(s)\n\n Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\nSchedule 1—Repeal of the carbon tax\n\nPart 1—Repeal of Acts\n\nClean Energy Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Customs) Act 2011\n\n2 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Excise) Act 2011\n\n3 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Auctions) Act 2011\n\n4 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Fixed Charge) Act 2011\n\n5 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Shortfall Charge—General) Act 2011\n\n6 The whole of the Act\n\nRepeal the Act.\n\nPart 2—Amendments\n\nA New Tax System (Goods and Services Tax) Act 1999\n\n7 Section 195‑1\n\nInsert:\n\n> eligible Australian carbon credit unit means:\n\n (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or\n (b) a non‑Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:\n (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non‑Kyoto Australian carbon credit unit; and\n (ii) the non‑Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or\n (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.\n Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.\n\n8 Section 195‑1 (definition of eligible emissions unit)\n\nRepeal the definition, substitute:\n\n> eligible emissions unit means:\n\n (a) an \\*eligible international emissions unit; or\n (b) an \\*eligible Australian carbon credit unit.\n\n9 Section 195‑1\n\nInsert:\n\n> eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nAnti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n10 Section 5 (definition of carbon unit)\n\nRepeal the definition.\n\n11 Subsection 6(2) (paragraph (baa) of the cell at table item 33, column headed “Provision of a designated service”)\n\nRepeal the paragraph.\n\n12 Subsection 6(2) (paragraph (d) of the cell at table item 33, column headed “Provision of a designated service”)\n\nOmit “carbon units,”.\n\nAustralian National Registry of Emissions Units Act 2011\n\n13 Section 3\n\nOmit:\n\n• Entries may be made in Registry accounts for:\n\n(a) carbon units; and\n\n(b) Australian carbon credit units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\n• This Act sets out rules about dealings with:\n\n(a) Kyoto units; and\n\n(b) prescribed international units.\n\nsubstitute:\n\n• Entries may be made in Registry accounts for:\n\n(a) Australian carbon credit units; and\n\n(b) Kyoto units.\n\n• This Act sets out rules about dealings with Kyoto units.\n\n14 Section 4 (definition of Australian‑issued international unit)\n\nRepeal the definition.\n\n15 Section 4 (definition of benchmark average auction charge)\n\nRepeal the definition.\n\n16 Section 4 (definition of carbon unit)\n\nRepeal the definition.\n\n17 Section 4 (definition of Commonwealth foreign registry account)\n\nRepeal the definition.\n\n18 Section 4 (paragraph (d) of the definition of eligible international emissions unit)\n\nOmit “rules; or”, substitute “rules.”.\n\n19 Section 4 (paragraph (e) of the definition of eligible international emissions unit)\n\nRepeal the paragraph.\n\n20 Section 4 (definition of European allowance unit)\n\nRepeal the definition.\n\n21 Section 4 (definition of European Union Greenhouse Gas Emission Allowance Trading Directive)\n\nRepeal the definition.\n\n22 Section 4 (definition of fixed charge year)\n\nRepeal the definition.\n\n23 Section 4 (definition of foreign account)\n\nRepeal the definition, substitute:\n\n> foreign account, when used in relation to a Kyoto unit, means an account kept within a foreign Kyoto registry.\n\n24 Section 4 (definition of foreign government body)\n\nRepeal the definition.\n\n25 Section 4 (definition of hold)\n\nOmit “a carbon unit or”.\n\n26 Section 4 (definition of Information Database)\n\nRepeal the definition.\n\n27 Section 4 (definition of international arrangement)\n\nRepeal the definition.\n\n28 Section 4 (definition of international organisation)\n\nRepeal the definition.\n\n29 Section 4 (definition of issue)\n\nRepeal the definition, substitute:\n\n> issue, in relation to an Australian carbon credit unit, has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n30 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n31 Section 4 (definition of quarter)\n\nRepeal the definition.\n\n32 Section 4 (paragraph (aa) of the definition of registered holder)\n\nRepeal the paragraph.\n\n33 Section 4 (paragraph (b) of the definition of registered holder)\n\nOmit “unit; or”, substitute “unit.”.\n\n34 Section 4 (paragraph (c) of the definition of registered holder)\n\nRepeal the paragraph.\n\n35 Section 4 (definition of relinquish)\n\nRepeal the definition.\n\n36 Section 4 (definition of transfer)\n\nRepeal the definition, substitute:\n\n> transfer, in relation to a Kyoto unit, has the meaning given by section 33.\n\n37 Section 4 (definition of vintage year)\n\nRepeal the definition.\n\n38 Paragraph 9(4)(a)\n\nOmit “carbon units, Australian carbon credit units and prescribed international units”, substitute “Australian carbon credit units”.\n\n39 Paragraph 11(5)(a)\n\nOmit “carbon units or”.\n\n40 Section 14A\n\nRepeal the section.\n\n41 Paragraph 15(2)(aa)\n\nRepeal the paragraph.\n\n42 Paragraph 15(2)(c)\n\nOmit “account; and”, substitute “account.”.\n\n43 Paragraph 15(2)(d)\n\nRepeal the paragraph.\n\n44 Subparagraph 16(2)(b)(ii)\n\nOmit “(4), (5) and (6)”, substitute “(4) and (6)”.\n\n45 Subsection 16(2A)\n\nRepeal the subsection (not including the heading).\n\n46 Subsection 16(5)\n\nRepeal the subsection.\n\n47 Paragraph 16(7)(b)\n\nOmit “or (5)”.\n\n48 Subsection 17(1A)\n\nRepeal the subsection.\n\n49 Subsection 17(3)\n\nRepeal the subsection.\n\n50 Paragraph 19(3A)(a)\n\nOmit “or 49A”.\n\n51 Subsection 19(3B)\n\nRepeal the subsection.\n\n52 Section 21\n\nRepeal the section.\n\n53 Paragraph 22(4A)(a)\n\nOmit “or 49A”.\n\n54 Subsection 22(4B)\n\nRepeal the subsection.\n\n55 Subparagraph 26(3)(a)(ia)\n\nRepeal the subparagraph.\n\n56 Subparagraph 26(3)(a)(ii)\n\nOmit “or”.\n\n57 Subparagraph 26(3)(a)(iii)\n\nRepeal the subparagraph.\n\n58 Paragraph 27(3B)(b)\n\nOmit “account; or”, substitute “account.”.\n\n59 Paragraph 27(3B)(c)\n\nRepeal the paragraph.\n\n60 Paragraph 28A(1)(aa)\n\nRepeal the paragraph.\n\n61 Paragraph 28A(1)(b)\n\nOmit “or”.\n\n62 Paragraph 28A(1)(c)\n\nRepeal the paragraph.\n\n63 Paragraph 28A(4)(aa)\n\nRepeal the paragraph.\n\n64 Paragraph 28B(1)(aa)\n\nRepeal the paragraph.\n\n65 Paragraph 28B(1)(b)\n\nOmit “or”.\n\n66 Paragraph 28B(1)(c)\n\nRepeal the paragraph.\n\n67 Paragraph 28B(11)(aa)\n\nRepeal the paragraph.\n\n68 Subsection 28B(11) (paragraph (c) of the note)\n\nOmit “Act; and”, substitute “Act.”.\n\n69 Subsection 28B(11) (paragraphs (d) and (e) of the note)\n\nRepeal the paragraphs.\n\n70 Paragraph 28C(17)(aa)\n\nRepeal the paragraph.\n\n71 Subparagraph 28D(5)(a)(ii)\n\nOmit “carbon units or”.\n\n72 Paragraph 28D(5)(b)\n\nRepeal the paragraph, substitute:\n\n (b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.\n\n73 Paragraph 28D(16)(aa)\n\nRepeal the paragraph.\n\n74 Part 4\n\nRepeal the Part.\n\n75 Section 58\n\nOmit:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) carbon units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\nsubstitute:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) Kyoto units.\n\n76 Section 59A\n\nRepeal the section.\n\n77 Subsections 61(3) to (6)\n\nRepeal the subsections.\n\n78 Section 61A\n\nRepeal the section.\n\n79 Sections 63 to 63G\n\nRepeal the sections.\n\n80 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more carbon units, the person may request the Regulator to cancel any or all of those units. However, this rule does not apply to a unit that was issued for a fixed charge and has a vintage year that is a fixed charge year.\n\n81 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more prescribed international units, the person may request the Regulator to cancel any or all of those units.\n\n82 Section 64A\n\nRepeal the section.\n\n83 Section 66\n\nRepeal the section.\n\n84 Parts 6A and 6B\n\nRepeal the Parts.\n\n85 Paragraph 79(1)(c)\n\nOmit “27(4);”, substitute “27(4).”.\n\n86 Paragraph 79(1)(d)\n\nRepeal the paragraph.\n\n87 Section 82 (table item 2)\n\nOmit “or 53”.\n\n88 Section 82 (table item 3)\n\nRepeal the item.\n\n89 Section 82 (table items 8 and 9)\n\nOmit “or 21”.\n\n90 Section 82 (table items 15 and 16)\n\nRepeal the items.\n\n91 Section 86A\n\nRepeal the section.\n\nAustralian Securities and Investments Commission Act 2001\n\n92 Paragraph 12BAA(7)(ka)\n\nRepeal the paragraph.\n\n93 Paragraph 12BAB(1)(g)\n\nOmit “a carbon unit,”.\n\n94 At the end of the Act\n\nAdd:\n\n## Part 20—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 295 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 296 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\nClean Energy Regulator Act 2011\n\n95 Section 3\n\nOmit:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Clean Energy Act 2011; and\n\n(b) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(c) the National Greenhouse and Energy Reporting Act 2007; and\n\n(d) the Renewable Energy (Electricity) Act 2000; and\n\n(e) the Australian National Registry of Emissions Units Act 2011.\n\nsubstitute:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(b) the National Greenhouse and Energy Reporting Act 2007; and\n\n(c) the Renewable Energy (Electricity) Act 2000; and\n\n(d) the Australian National Registry of Emissions Units Act 2011.\n\n96 Section 4\n\nInsert:\n\n> Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.\n\n> Note: The text of the Convention is set out in Australian Treaty Series 1994 No. 2 (\\[1994\\] ATS 2). In 2013, the text of a Convention in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).\n\n97 Section 4 (paragraphs (b) to (h) of the definition of climate change law)\n\nRepeal the paragraphs.\n\n98 Section 4\n\nInsert:\n\n> greenhouse gas has the same meaning as in the National Greenhouse and Energy Reporting Act 2007.\n\n99 Section 4 (definition of international agreement)\n\nRepeal the definition, substitute:\n\n> international agreement means an agreement whose parties are:\n\n (a) Australia and a foreign country; or\n (b) Australia and 2 or more foreign countries.\n\n100 Section 4 (definition of international climate change agreement)\n\nRepeal the definition, substitute:\n\n> international climate change agreement means:\n\n (a) the Climate Change Convention; or\n (b) any other international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) imposes obligations on Australia to take action to reduce greenhouse gas emissions; or\n (c) an international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) is specified in a legislative instrument made by the Minister for the purposes of this definition.\n\n101 Section 4 (paragraph (a) of the definition of objectives of the Regulator)\n\nRepeal the paragraph.\n\n102 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n103 Paragraph 41(3)(a)\n\nRepeal the paragraph.\n\n104 Paragraph 49(1)(z)\n\nRepeal the paragraph, substitute:\n\n (z) a person or body responsible for the administration of a scheme that involves the issue or registration of prescribed eligible carbon units;\n\nCorporations Act 2001\n\n105 Section 9 (definition of carbon unit)\n\nRepeal the definition.\n\n106 Paragraph 764A(1)(kaa)\n\nRepeal the paragraph.\n\n107 At the end Chapter 10\n\nAdd:\n\n## Part 10.23—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 1542 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 1543 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n#### 1544 Transitional—variation of conditions on Australian financial services licences\n\n Scope\n (1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.\n Variation\n (2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.\n\n#### 1545 Transitional—immediate cancellation of Australian financial services licences\n\n Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:\n Licence relating to carbon units\n (5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.\n\n#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences\n\n Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).\n\nFuel Tax Act 2006\n\n108 Section 2‑1\n\nOmit:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n For fuel that is not \\*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced.\n Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax.\n Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n\n109 Subsection 40‑5(2)\n\nAfter “reduce”, insert “or remove”.\n\n110 Subsections 40‑5(3) and (4)\n\nRepeal the subsections.\n\n111 Section 41‑1\n\nOmit:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme.\n\nsubstitute:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft.\n\n112 Paragraph 41‑5(3)(b)\n\nOmit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”.\n\n113 Subsection 41‑15(1)\n\nOmit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”.\n\n114 Subparagraph 41‑25(2)(a)(ii)\n\nOmit “\\*agricultural property”, substitute “agricultural property”.\n\n115 Section 41‑30 (heading)\n\nRepeal the heading, substitute:\n\n#### 41‑30 No fuel tax credit for fuel to be used in an aircraft\n\n116 Subsection 41‑30(1)\n\nOmit “(1)”.\n\n117 Subsection 41‑30(2)\n\nRepeal the subsection.\n\n118 Section 41‑35\n\nRepeal the section.\n\n119 Division 42A\n\nRepeal the Division.\n\n120 Section 43‑1\n\nOmit:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:\n\n(a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and\n\n(b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).\n\nFor fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.\n\nFor gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).\n\n121 Subsection 43‑5(1)\n\nRepeal the subsection, substitute:\n\n (1) The \\*amount of your tax fuel credit for taxable fuel is the amount of \\*effective fuel tax that is payable on the fuel.\n\n> Note: The amount of the credit may be reduced under section 43‑10.\n\n122 Subsections 43‑5(4) and (5)\n\nRepeal the subsections.\n\n123 Section 43‑8\n\nRepeal the section.\n\n124 Section 43‑10 (heading)\n\nRepeal the heading, substitute:\n\n#### 43‑10 Reducing the amount of your fuel tax credit\n\n125 Subsection 43‑10(1A)\n\nRepeal the subsection.\n\n126 Section 43‑11\n\nRepeal the section.\n\n127 Subdivision 43‑B\n\nRepeal the Subdivision.\n\n128 Section 110‑5 (definition of agricultural activity)\n\nRepeal the definition.\n\n129 Section 110‑5 (definition of agricultural construction activity)\n\nRepeal the definition.\n\n130 Section 110‑5 (definition of agricultural property)\n\nRepeal the definition.\n\n131 Section 110‑5 (definition of agricultural soil/water activity)\n\nRepeal the definition.\n\n132 Section 110‑5 (definition of agricultural waste activity)\n\nRepeal the definition.\n\n133 Section 110‑5 (definition of agriculture)\n\nRepeal the definition.\n\n134 Section 110‑5 (definition of approved catchment area)\n\nRepeal the definition.\n\n135 Section 110‑5 (definition of carbon reduction)\n\nRepeal the definition.\n\n136 Section 110‑5 (definition of CNG)\n\nRepeal the definition.\n\n137 Section 110‑5 (definition of core agricultural activity)\n\nRepeal the definition.\n\n138 Section 110‑5 (definition of covered by the Opt‑in Scheme)\n\nRepeal the definition.\n\n139 Section 110‑5 (definition of earthworks)\n\nRepeal the definition.\n\n140 Section 110‑5 (definition of fish)\n\nRepeal the definition.\n\n141 Section 110‑5 (definition of fishing operations)\n\nRepeal the definition.\n\n142 Section 110‑5 (definition of forestry)\n\nRepeal the definition.\n\n143 Section 110‑5 (definition of half‑year)\n\nRepeal the definition.\n\n144 Section 110‑5 (definition of horticulture)\n\nRepeal the definition.\n\n145 Section 110‑5 (definition of livestock)\n\nRepeal the definition.\n\n146 Section 110‑5 (definition of livestock activity)\n\nRepeal the definition.\n\n147 Section 110‑5 (definition of LNG)\n\nRepeal the definition.\n\n148 Section 110‑5 (definition of pearling operations)\n\nRepeal the definition.\n\n149 Section 110‑5 (definition of port)\n\nRepeal the definition.\n\n150 Section 110‑5 (definition of processing of fish)\n\nRepeal the definition.\n\n151 Section 110‑5 (definition of public authority)\n\nRepeal the definition.\n\n152 Section 110‑5 (definition of renewable diesel)\n\nRepeal the definition.\n\n153 Section 110‑5 (definition of sundry agricultural activity)\n\nRepeal the definition.\n\n154 Section 110‑5 (definition of taxable fuel)\n\nRepeal the definition, substitute:\n\n> taxable fuel means fuel in respect of which duty is payable under:\n\n (a) the Excise Act 1901 and the Excise Tariff Act 1921; or\n (b) the Customs Act 1901 and the Customs Tariff Act 1995;\n but does not include fuel covered by:\n (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921; or\n (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921, if the goods had been manufactured in Australia.\n\n> Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate.\n\nFuel Tax (Consequential and Transitional Provisions) Act 2006\n\n155 Subitem 12(2A) of Schedule 3\n\nRepeal the subitem.\n\nIncome Tax Assessment Act 1997\n\n156 Section 12‑5 (table item headed “clean energy”)\n\nRepeal the item.\n\n157 Section 26‑18\n\nRepeal the section.\n\n158 Section 104‑5 (table item relating to CGT event K1, column headed “Event number and description”)\n\nOmit “\\*carbon unit, an \\*international emissions unit”, substitute “\\*Kyoto unit”.\n\n159 Subparagraphs 104‑205(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n160 Subparagraph 104‑205(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n161 Subparagraph 104‑205(1)(a)(iv)\n\nOmit “an \\*international emissions unit”, substitute “a Kyoto unit”.\n\n162 Section 112‑97 (table item 18A, column headed “In this situation”)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n163 Subsection 118‑15(2)\n\nRepeal the subsection.\n\n164 Paragraph 420‑10(a)\n\nRepeal the paragraph.\n\n165 Paragraph 420‑10(c)\n\nRepeal the paragraph.\n\n166 Subsection 420‑15(1) (note)\n\nRepeal the note.\n\n167 Subsection 420‑15(3)\n\nRepeal the subsection.\n\n168 Subsection 420‑20(3)\n\nRepeal the subsection (not including the note), substitute:\n\n (3) This section does not apply to the issue of an \\*Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n169 Subparagraphs 420‑21(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n170 Subparagraph 420‑21(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n171 Subparagraph 420‑21(1)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n172 Subsection 420‑21(1) (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n173 Subparagraphs 420‑21(2)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n174 Subparagraph 420‑21(2)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n175 Subparagraph 420‑21(2)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n176 Subparagraph 420‑35(b)(i)\n\nRepeal the subparagraph.\n\n177 Subparagraph 420‑35(b)(ii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n178 Section 420‑35 (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n179 Section 420‑43\n\nRepeal the section.\n\n180 Subsection 420‑51(1)\n\nOmit “(1)”.\n\n181 Subsection 420‑51(2)\n\nRepeal the subsection.\n\n182 Subparagraph 420‑52(a)(i)\n\nRepeal the subparagraph.\n\n183 Paragraph 420‑52(b)\n\nRepeal the paragraph.\n\n184 Subsection 420‑55(6)\n\nRepeal the subsection.\n\n185 Subsection 420‑57(9)\n\nRepeal the subsection.\n\n186 Section 420‑58\n\nRepeal the section.\n\n187 Subsections 420‑60(1) and (2)\n\nRepeal the subsections.\n\n188 Subsection 420‑60(4)\n\nOmit all the words from and including “If a \\*registered” to and including “cost of the unit”, substitute “The cost of a \\*registered emissions unit (other than an \\*Australian carbon credit unit)”.\n\n189 Subsection 420‑65(3)\n\nRepeal the subsection.\n\n190 Subsection 420‑70(3)\n\nRepeal the subsection.\n\n191 Subsection 995‑1(1) (definition of carbon unit)\n\nRepeal the definition.\n\n192 Subsection 995‑1(1) (definition of free carbon unit)\n\nRepeal the definition.\n\n193 Subsection 995‑1(1) (definition of international emissions unit)\n\nRepeal the definition.\n\n194 Subsection 995‑1(1) (definition of prescribed international unit)\n\nRepeal the definition.\n\n195 Subsection 995‑1(1) (definition of vintage year)\n\nRepeal the definition.\n\nNational Greenhouse and Energy Reporting Act 2007\n\n196 Section 3 (heading)\n\nRepeal the heading, substitute:\n\n#### 3 Object\n\n197 Subsection 3(1)\n\nOmit “(1) The first object”, substitute “The object”.\n\n198 Subsection 3(2)\n\nRepeal the subsection.\n\n199 Subsection 4(1)\n\nOmit “(1) This Act (except to the extent to which it underpins the Clean Energy Act 2011)”, substitute “This Act”.\n\n200 Subsection 4(2)\n\nRepeal the subsection.\n\n201 Subsection 5(1)\n\nOmit “(1)”.\n\n202 Before subparagraph 5(1)(a)(ii)\n\nInsert:\n\n (i) greenhouse gas emissions; or\n\n203 Subsection 5(2)\n\nRepeal the subsection.\n\n204 Section 7 (definition of carbon dioxide equivalence)\n\nRepeal the definition, substitute:\n\n> carbon dioxide equivalence, of an amount of greenhouse gas, means the amount of the gas multiplied by a value specified in the regulations in relation to that kind of greenhouse gas.\n\n205 Section 7\n\nInsert:\n\n> designated financial year means:\n\n (a) the financial year beginning on 1 July 2012; or\n (b) a later financial year.\n\n206 Section 7 (definition of designated fuel)\n\nRepeal the definition.\n\n207 Section 7 (definition of eligible financial year)\n\nRepeal the definition.\n\n208 Section 7 (definition of emissions number)\n\nRepeal the definition.\n\n209 Section 7 (definition of financial control liability transfer certificate)\n\nRepeal the definition.\n\n210 Section 7 (definition of fixed charge year)\n\nRepeal the definition.\n\n211 Section 7 (definition of foreign country)\n\nRepeal the definition, substitute:\n\n> foreign country includes a region where:\n\n (a) the region is a colony, territory or protectorate of a foreign country; or\n (b) the region is part of a foreign country; or\n (c) the region is under the protection of a foreign country; or\n (d) a foreign country exercises jurisdiction or control over the region; or\n (e) a foreign country is responsible for the region’s international relations.\n\n212 Section 7\n\nInsert:\n\n> foreign corporation means a corporation that:\n\n (a) is incorporated outside Australia; or\n (b) is an authority of a foreign country.\n\n213 Section 7 (definition of foreign person)\n\nRepeal the definition.\n\n214 Section 7\n\nInsert:\n\n> group entity means a corporation that is a member of a controlling corporation’s group.\n\n215 Section 7 (definition of interim emissions number)\n\nRepeal the definition.\n\n216 Section 7 (definition of liable entity)\n\nRepeal the definition.\n\n217 Section 7 (definition of liquefied natural gas)\n\nRepeal the definition.\n\n218 Section 7 (definition of liquefied petroleum gas)\n\nRepeal the definition.\n\n218A Section 7 (definition of local governing body)\n\nRepeal the definition.\n\n219 Section 7 (definition of natural gas supplier)\n\nRepeal the definition.\n\n220 Section 7 (definition of non‑group entity)\n\nRepeal the definition.\n\n221 Section 7 (definition of operational control)\n\nOmit “11A, 11B or 11C”, substitute “11A or 11B”.\n\n222 Section 7 (definition of Opt‑in Scheme)\n\nRepeal the definition.\n\n223 Section 7 (definition of OTN)\n\nRepeal the definition.\n\n224 Section 7 (definition of person)\n\nRepeal the definition.\n\n225 Section 7 (definition of potential greenhouse gas emissions)\n\nRepeal the definition.\n\n226 Section 7 (definition of provisional emissions number)\n\nRepeal the definition.\n\n227 Section 7 (definition of supply)\n\nRepeal the definition.\n\n228 Section 7 (definition of taxable fuel)\n\nRepeal the definition.\n\n229 Section 7 (definition of trust)\n\nRepeal the definition.\n\n230 Section 7 (definition of trustee)\n\nRepeal the definition.\n\n231 Section 7 (definition of trust estate)\n\nRepeal the definition.\n\n232 Section 7 (definition of unit shortfall charge)\n\nRepeal the definition.\n\n233 Subsection 7A(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n234 Sections 7B and 7C\n\nRepeal the sections.\n\n235 Subsection 8(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n236 Subsection 9(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n237 Paragraph 9(1)(b)\n\nOmit “or 54A”.\n\n238 Section 10 (heading)\n\nRepeal the heading, substitute:\n\n#### 10 Emissions, energy production, energy consumption etc.\n\n239 Subsection 10(1)\n\nOmit “or the Clean Energy Act 2011”.\n\n240 Subsection 10(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n241 Subsections 10(4) to (9)\n\nRepeal the subsections.\n\n242 Subsection 11(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n243 Subsection 11(1)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n244 Paragraph 11(1)(b)\n\nOmit “or 55A”.\n\n245 Subsection 11(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n246 Subsection 11(3)\n\nOmit “person”, substitute “group entity”.\n\n247 Subsection 11(4)\n\nOmit “11A, 11B and 11C”, substitute “11A and 11B”.\n\n248 Section 11A (heading)\n\nRepeal the heading, substitute:\n\n#### 11A Operational control—group entity with greatest authority\n\n249 Subsection 11A(1)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n250 Paragraph 11A(1)(a)\n\nOmit “persons”, substitute “group entities”.\n\n251 Paragraph 11A(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n252 Paragraph 11A(1)(c)\n\nOmit “or 55A”.\n\n253 Subsection 11A(2)\n\nOmit “person”, substitute “group entity”.\n\n254 Subsection 11A(2)\n\nOmit “and the Clean Energy Act 2011”.\n\n255 Section 11B (heading)\n\nRepeal the heading, substitute:\n\n#### 11B Operational control—nominated group entity\n\n256 Paragraph 11B(1)(a)\n\nOmit “more persons”, substitute “more group entities”.\n\n257 Paragraph 11B(1)(a)\n\nOmit “relevant persons”, substitute “relevant group entities”.\n\n258 Paragraph 11B(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n259 Paragraph 11B(1)(c)\n\nOmit “or 55A”.\n\n260 Paragraph 11B(1)(d)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n261 Subsection 11B(2)\n\nOmit “persons”, substitute “group entities”.\n\n262 Subsection 11B(2)\n\nOmit “person”, substitute “group entity”.\n\n263 Paragraph 11B(4)(a)\n\nOmit “persons is a foreign person”, substitute “group entities is a foreign corporation”.\n\n264 Paragraph 11B(4)(b)\n\nOmit “persons is not a foreign person”, substitute “group entities is not a foreign corporation”.\n\n265 Subsection 11B(4)\n\nOmit “foreign person cannot”, substitute “foreign corporation cannot”.\n\n266 Paragraph 11B(5)(b)\n\nOmit “persons”, substitute “group entities”.\n\n267 Subsection 11B(7)\n\nRepeal the subsection.\n\n268 Subsection 11B(8)\n\nOmit “eligible financial year” (wherever occurring), substitute “designated financial year”.\n\n269 Subsection 11B(10)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n270 Paragraph 11B(15)(b)\n\nOmit “and”.\n\n271 Paragraph 11B(15)(c)\n\nRepeal the paragraph.\n\n272 Subsection 11B(15)\n\nOmit “person”, substitute “group entity”.\n\n273 Subsection 11B(16)\n\nRepeal the subsection.\n\n274 Paragraph 11B(17)(b)\n\nOmit “and”.\n\n275 Paragraph 11B(17)(c)\n\nRepeal the paragraph.\n\n276 Subsection 11B(17)\n\nOmit “persons”, substitute “group entities”.\n\n277 Subsections 11B(18) and (19)\n\nRepeal the subsections.\n\n278 Subsection 11B(21)\n\nRepeal the subsection, substitute:\n\n Exceptions\n (21) A group entity is not required to comply with subsection (20) if the question of who has operational control of the facility is not relevant (whether directly or indirectly) to a requirement under this Act.\n\n279 Subsection 11B(22)\n\nOmit “person”, substitute “group entity”.\n\n280 Subsection 11B(22)\n\nOmit “or 55A”.\n\n281 Section 11C\n\nRepeal the section.\n\n282 Paragraph 11D(1)(c)\n\nRepeal the paragraph.\n\n283 Paragraphs 11D(1)(e) and (f)\n\nRepeal the paragraphs, substitute:\n\n (e) at any time during the preceding 5 years, the person has breached a civil penalty provision of this Act; or\n (f) if the person is a body corporate—at any time during the preceding 5 years, an executive officer of the body corporate has breached a civil penalty provision of this Act; or\n\n284 Paragraphs 11D(1)(i) and (j)\n\nRepeal the paragraphs, substitute:\n\n (i) the person has been convicted of an offence against this Act; or\n (j) if the person is a body corporate—an executive officer of the body corporate has been convicted of an offence against this Act.\n\n285 Subdivision A of Division 1 of Part 2 (heading)\n\nRepeal the heading.\n\n286 Subsections 13(2) and (3)\n\nOmit “member of a controlling corporation’s group”, substitute “group entity”.\n\n287 Subsection 13(4)\n\nRepeal the subsection.\n\n288 Subdivision B of Division 1 of Part 2\n\nRepeal the Subdivision.\n\n289 Division 4 of Part 2\n\nRepeal the Division.\n\n290 Paragraph 18B(3)(b)\n\nRepeal the paragraph.\n\n291 Subsection 19(1) (note 4)\n\nRepeal the note.\n\n292 Subsection 19(4)\n\nRepeal the subsection.\n\n293 Paragraphs 22(1)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n294 Paragraphs 22(2)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n295 Parts 3A and 3D\n\nRepeal the Parts.\n\n296 Paragraph 22X(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a facility is under the operational control of a member (the responsible member) of a controlling corporation’s group during the whole or a part of a financial year; and\n\n297 Subsection 24(1AA)\n\nRepeal the subsection.\n\n298 Subsection 24(1AD)\n\nOmit “22E or”.\n\n299 Paragraph 24(1AE)(a)\n\nOmit “22E(2)(b) or”.\n\n300 Subsection 24(1H)\n\nOmit “22E or”.\n\n301 Subsection 24(1J)\n\nOmit “or financial control liability transfer certificate”.\n\n302 Subsection 24(8)\n\nOmit “22E or”.\n\n303 Subsection 25(1)\n\nOmit “22G, a person required to provide information under section 20, or a person required to provide a report under section 22A, 22AA, 22E or 22X”, substitute “22G or 22X, or a person required to provide information under section 20,”.\n\n304 Subsection 30(2A)\n\nOmit “11C, 15A, 15AA, 22A, 22AA, 22E, 22X, 74AA”, substitute “22X”.\n\n305 Section 54A\n\nRepeal the section.\n\n306 Section 55A\n\nRepeal the section.\n\n307 Paragraphs 56(aab), (aa), (ga) and (gb)\n\nRepeal the paragraphs.\n\n308 Paragraph 56(j)\n\nOmit “75A;”, substitute “75A.”\n\n309 Paragraphs 56(k) and (l)\n\nRepeal the paragraphs.\n\n310 Section 74AA\n\nRepeal the section.\n\n311 Subsection 74B(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if:\n (a) the person is the responsible member mentioned in subsection 22X(1); and\n (b) the person is not a registered corporation; and\n (c) the Regulator has reasonable grounds to suspect that the person has contravened, is contravening, or is proposing to contravene, this Act or the regulations.\n\n312 Subsection 74C(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if the person:\n (a) is the responsible member mentioned in subsection 22X(1); and\n (b) is not a registered corporation.\n\nOzone Protection and Synthetic Greenhouse Gas Management Act 1989\n\n313 Paragraphs 65C(1)(aa), (ab) and (ac)\n\nOmit “equal to the prescribed rate component of an amount of levy”.\n\n314 Subsections 65C(4), (5) and (6)\n\nRepeal the subsections.\n\n315 Sections 69AA to 69AD\n\nRepeal the sections.\n\nPetroleum Resource Rent Tax Assessment Act 1987\n\n316 Subparagraph 28(1)(b)(iii)\n\nOmit “expenditure;”, substitute “expenditure.”.\n\n317 Paragraph 28(1)(c)\n\nRepeal the paragraph.\n\n318 Paragraph 44(1)(ia)\n\nRepeal the paragraph.\n\nTaxation Administration Act 1953\n\n319 Subsection 355‑65(7) in Schedule 1 (table item 3)\n\nRepeal the item.\n\nPart 3—Application and transitional provisions\n\nDivision 1—Preliminary\n\n320 Objects\n\n(1) The main objects of this Part are:\n\n (a) to provide for the winding‑up of the carbon tax scheme; and\n (b) to ensure that carbon tax liabilities relating to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n can be administered, collected and recovered after the start of 1 July 2014; and\n (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and\n (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and\n (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013.\n\n(2) The other objects of this Part are:\n\n (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and\n (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and\n (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.\n\n321 Definitions\n\nIn this Part:\n\ndesignated carbon unit day has the meaning given by item 322.\n\nRegistry has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegistry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegulator means the Clean Energy Regulator.\n\n322 Designated carbon unit day\n\n(1) For the purposes of this Part, designated carbon unit day means:\n\n (a) 9 February 2015; or\n (b) if a later day is specified in an instrument under subitem (2)—that later day.\n\n(2) The Regulator may, by legislative instrument, specify a day for the purposes of paragraph (1)(b).\n\n(3) The Regulator must not make an instrument under subitem (2) unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.\n\nNote: Subsection 142(3) of the Clean Energy Act 2011 enables the Regulator to extend the 2 February 2015 surrender deadline. See also item 345A (deadlines of 1 February and 15 June).\n\nDivision 2—Provisions relating to the Clean Energy Act 2011 and associated charge Acts\n\n323 Winding‑up of the carbon tax scheme—recovery of liabilities attributable to pre‑1 July 2014 emissions etc.\n\n(1) Despite the repeal of the Clean Energy Act 2011 by this Schedule, that Act continues in force, subject to:\n\n (a) this Part; and\n (b) the modifications set out in the following table;\n\nas if that repeal had not happened.\n\n```html\n

Modifications of the Clean Energy Act 2011

Item

Provision

Modification

1

section 4

Omit the section.

2

section 5 (definitions of average carbon unit auction price, benchmark average auction charge, carbon pollution cap, carbon pollution cap number, designated limit, and designated limit percentage)

Omit the definitions.

3

section 5 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

4

section 5 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

5

section 5 (definitions of flexible charge year and per‑tonne carbon price equivalent)

Omit the definitions.

6

section 5 (definition of unit shortfall)

Omit “128, 129 or 133”, substitute “128 or 129”.

7

section 5 (definition of vintage year)

Omit “eligible”.

8

Part 2

Omit the Part.

9

subsections 26(2), 27(2) and 28(2)

Omit all the words after “is taken to be”, substitute “zero”.

10

Subdivision A of Division 4 of Part 3

The Regulator must not issue an OTN under the Subdivision on or after 1 July 2014.

11

sections 42 and 43

Omit the sections.

12

section 43A

The section ceases to have effect at the end of 30 June 2015.

13

subsection 45(3)

The subsection ceases to have effect at the end of 30 June 2015.

14

subsections 45(4) to (13)

The subsections cease to have effect at the start of 1 September 2014.

15

subsection 46(1)

The subsection has effect, on and after 1 September 2014, as if the words “(as it stood at a particular time before the start of 1 September 2014)” were inserted after “OTN Register”.

16

section 47

The section ceases to have effect at the start of 1 August 2014.

17

section 64B

Omit the section.

18

paragraph 64F(1)(b)

Omit the paragraph.

19

subsection 66(4)

The subsection ceases to have effect at the start of 1 August 2014.

20

section 70

The Regulator must not make a declaration under the section on or after 1 July 2014.

21

section 71A

Omit the section.

22

section 72

The Regulator must not give a notice under the section on or after 1 July 2014.

24

section 83

The Regulator must not issue a certificate under the section on or after 1 July 2014.

25

section 87

The Regulator must not issue a certificate under the section on or after 1 July 2014.

26

sections 89 and 90

Omit the sections.

27

section 93

Omit the section.

28

subsection 96(2)

Omit “eligible”.

29

section 97 (note)

Omit the note.

30

subsection 100(1) (table items 5, 6, 7, 8 and 9)

Omit the table items.

31

subsection 100(2)

Omit the subsection.

32

subsection 100(3) (heading)

Omit “1, 3 and 5”, substitute “1 and 3”.

33

subsection 100(3)

Omit “1, 3 or 5”, substitute “1 or 3”.

34

subsection 100(4) (heading)

Omit “2, 4, 6, 7, 8 and 9”, substitute “2 and 4”.

35

subsection 100(4)

Omit “2, 4, 6, 7, 8 or 9”, substitute “2 or 4”.

36

subsections 100(9), (14) and (15)

Omit the subsections.

37

sections 101 and 102

Omit the sections.

38

sections 108 and 109

Omit the sections.

39

section 114

Omit the section.

40

Division 1 of Part 6

Omit the Division.

41

subsection 122(1)

Omit “during an eligible financial year”.

42

subsections 122(3), (4), (5), (9) and (11)

Omit the subsections.

43

sections 123 and 123A

Omit the sections.

44

paragraph 128(7)(d)

Before “this Division”, insert “if the eligible financial year began on 1 July 2012—“.

45

Subdivision B of Division 3 of Part 6

Omit the Subdivision.

46

subsection 134(3)

Omit the subsection.

47

subsection 134A(3) (paragraph (b) of the definition of applicable amount for the financial year)

Omit the paragraph.

48

paragraphs 142(3)(c), (e) and (f)

Omit the paragraphs.

48A

section 144

Omit the section.

49

paragraph 145(5)(b)

Omit the paragraph.

50

paragraph 145(5)(c)

Omit the paragraph, substitute:

(c) the principle that changes should not have a negative effect on recipients of assistance under the Jobs and Competitiveness Program;

51

Division 5 of Part 7

Omit the Division.

52

section 160

Omit the section.

53

paragraphs 161(2)(b) and (c)

Omit the paragraphs.

54

subsection 161(3)

Omit the subsection.

55

subsection 161(4)

Omit “or (3)”.

56

subsection 161(5)

Omit “a later”, substitute “an”.

57

subsections 161(6), (7), (8) and (9)

Omit “or (3)”.

58

Part 9

The Part ceases to have effect at the end of 30 June 2015.

59

Division 3 of Part 9

Omit the Division.

60

sections 196 and 196A

Omit the sections.

61

subsections 197(3) to (6)

Omit the subsections.

62

section 199

After “each quarter”, insert “that ends on or before 31 March 2015”.

63

section 200

Omit the section.

64

subsection 212(2) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

65

subsection 212(3) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

66

Part 12

Omit the Part.

67

paragraphs 262(1)(ma), (r), (u) and (v) and 263(2)(g), (i) and (j)

Omit the paragraphs.

68

section 281 (table items 3, 4, 5, 7, 8, 11, 12, 13 and 16)

Omit the table items.

69

Part 22

Omit the Part.

70

subparagraph 295(d)(iii)

Omit the subparagraph.

71

subparagraph 295(e)(ii)

Omit the subparagraph.

72

subparagraph 295(i)(iii)

Omit the subparagraph.

73

sections 303A and 303B

Omit the sections.

\n```\n\nCarbon units with a vintage year beginning on or after 1 July 2014\n\n(2) The modification made by item 3 of the table in subitem (1) does not apply in relation to the issue of a carbon unit with a vintage year beginning on or after 1 July 2014, if the carbon unit was issued as a result of an auction conducted before 1 July 2014.\n\nReview of decisions\n\n(3) The modification of section 281 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a decision made before 1 July 2014.\n\nCivil penalty orders\n\n(4) The modification of section 262 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a contravention that occurred before 1 July 2014.\n\n324 Application—repeal of Charge Acts\n\nCharge for issue of carbon units for a fixed charge\n\n(1) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units in accordance with section 100 of the Clean Energy Act 2011:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n\ndoes not apply to the issue of carbon units with a vintage year beginning on 1 July 2012 or 1 July 2013.\n\nCharge for issue of carbon units as a result of an auction\n\n(2) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units as a result of an auction:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n\ndoes not apply to the issue of carbon units if the carbon units were issued as a result of an auction conducted before 1 July 2014.\n\nCharge on unit shortfall\n\n(3) The repeal by this Schedule of the following Acts, so far as they relate to a unit shortfall for a financial year:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011;\n\ndoes not apply to:\n\n (d) a unit shortfall for the financial year beginning on 1 July 2012; or\n (e) a unit shortfall for the financial year beginning on 1 July 2013.\n\n325 Issue of carbon units\n\nThe Regulator must not issue any carbon units after the start of the designated carbon unit day.\n\n327 Cancellation of carbon units—designated carbon unit day\n\nScope\n\n(1) This item applies if there was an entry for a carbon unit in a person’s Registry account at the start of the designated carbon unit day.\n\nCancellation of unit\n\n(2) The Regulator must cancel the unit.\n\n(3) The Regulator must remove the entry for the unit from the person’s Registry account.\n\n(4) The Registry must set out a record of each cancellation under subitem (2).\n\n328 Surrender of eligible Australian carbon credit units\n\n(1) If:\n\n (a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and\n (b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and\n (c) the person has a Registry account;\n\nthen:\n\n (d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:\n (i) during that period; and\n (ii) in relation to the financial year beginning on 1 July 2013;\n are restored units for the purposes of this item; and\n (e) a restored unit is taken never to have been surrendered or cancelled; and\n (f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.\n\n(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).\n\n(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.\n\n(4) A determination under paragraph (1)(d) is not a legislative instrument.\n\n329 Opt‑in Scheme\n\n(1) A reference in the Opt‑in Scheme to a financial year does not include a reference to a financial year beginning on or after 1 July 2014.\n\n(2) Regulations 3.48 and 3.50 of the Clean Energy Regulations 2011 cease to have effect at the end of 30 June 2014.\n\nDivision 3—Provisions relating to other Acts\n\n330 Transitional—A New Tax System (Goods and Services Tax) Act 1999\n\nDespite the amendments of the A New Tax System (Goods and Services Tax) Act 1999 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n331 Transitional—Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\nDespite the amendments of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n332 Transitional—Australian National Registry of Emissions Units Act 2011\n\nDespite the amendments of the Australian National Registry of Emissions Units Act 2011 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n333 Transitional—Clean Energy Regulator Act 2011\n\n(1) Despite the amendment of the definition of climate change law in section 4 of the Clean Energy Regulator Act 2011 made by this Schedule, that definition continues to apply, in relation to paragraph 12(a) and subsection 43(3) and section 44 of that Act, as if that amendment had not been made.\n\n(2) Each of the following:\n\n (a) this Act;\n (b) a legislative instrument under this Act;\n (c) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (d) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014;\n\nis taken to be a climate change law for the purposes of paragraph 12(a) and subsection 43(3) and section 44 of the Clean Energy Regulator Act 2011.\n\n334 Application—amendments of the Fuel Tax Act 2006\n\nThe amendments of the Fuel Tax Act 2006 made by this Schedule apply to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n335 Application—amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006\n\nThe amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 made by this Act applies to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n336 Application—amendments of the Income Tax Assessment Act 1997\n\n(1) The repeal of section 26‑18 of the Income Tax Assessment Act 1997 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n(2) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule (other than the amendment of section 12‑5 or the repeal of section 26‑18), that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n337 Transitional—National Greenhouse and Energy Reporting Act 2007\n\nGeneral\n\n(1) Despite the amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to the following matters:\n\n (a) determining the meaning of the following expressions, when used in the Clean Energy Act 2011:\n (i) carbon dioxide equivalence;\n (ii) facility;\n (iii) greenhouse gas;\n (iv) group;\n (v) member, when used in relation to a group;\n (vi) non‑group entity;\n (vii) operational control;\n (viii) potential greenhouse gas emissions;\n (ix) provisional emissions number;\n (x) scope 1 emission of greenhouse gas;\n (b) the matters mentioned in subsections 10(3) to (9) of the National Greenhouse and Energy Reporting Act 2007, so far as those matters are relevant to the Clean Energy Act 2011;\n (c) reports under section 22A, 22AA or 22E of the National Greenhouse and Energy Reporting Act 2007;\n (d) records under section 22B, 22C or 22F of the National Greenhouse and Energy Reporting Act 2007;\n (e) applications under section 15A or 15AA of the National Greenhouse and Energy Reporting Act 2007;\n (f) the registration of persons under section 18A of the National Greenhouse and Energy Reporting Act 2007;\n (g) the publication of information under section 24 of the National Greenhouse and Energy Reporting Act 2007, so far as the information relates to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n (h) audits under section 74AA of the National Greenhouse and Energy Reporting Act 2007;\n (i) audits under section 74B or 74C of the National Greenhouse and Energy Reporting Act 2007, so far as the audits relate to a person’s compliance with obligations under that Act (or regulations under that Act) in relation to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n\nas if:\n\n (j) the National Greenhouse and Energy Reporting Act 2007 were modified as set out in the following table; and\n (k) those amendments had not been made; and\n (l) subitem (6) had not been enacted.\n\n```html\n

Modifications of the National Greenhouse and Energy Reporting Act 2007

Item

Provision

Modification

1

section 7 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

2

section 7 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

\n```\n\nThresholds\n\n(2) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they are relevant to determining whether a controlling corporation’s group meets a threshold under section 13 of that Act for a financial year, apply in relation to a threshold for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nReports\n\n(3) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 19 of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\n(4) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 22G or 22X of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nUnsatisfactory compliance record\n\n(5) Despite the amendments of section 11D of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to:\n\n (a) unpaid unit shortfall charge; and\n (b) a breach of a civil penalty provision of:\n (ii) the Clean Energy Act 2011; or\n (iii) a determination under section 113 of the Clean Energy Act 2011; and\n (c) a conviction of an offence against the Clean Energy Act 2011;\n\nas if those amendments had not been made.\n\nRegulations—carbon dioxide equivalence\n\n(6) If, immediately before the commencement of this item, regulations were in force for the purposes of paragraph (a) of the definition of carbon dioxide equivalence in section 7 of the National Greenhouse and Energy Reporting Act 2007, the regulations have effect, after that commencement, as if they had been made for the purposes of the definition of carbon dioxide equivalence in section 7 of that Act as amended by this Schedule.\n\nDeregistration—section 18A registrations\n\n(7) If:\n\n (a) a person was registered under the National Greenhouse and Energy Reporting Act 2007 because of the operation of section 18A of that Act; and\n (b) the person is registered under that Act as at the start of 1 July 2014;\n\nthe Regulator must remove the person’s name from the Register.\n\n338 Transitional—Ozone Protection and Synthetic Greenhouse Gas Management Act 1989\n\nAmounts to be credited to the Ozone Protection and SGG Account\n\n(1) Despite the amendments of section 65C of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 made by this Schedule, that section continues to apply, in relation to levy for a quarter ending before 1 July 2014, as if those amendments had not been made.\n\nRemission or refund of levy for a quarter ending before 1 July 2014\n\n(2) Despite the repeal of sections 69AA to 69AD of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 by this Schedule, those sections continue to apply, in relation to levy for a quarter ending before 1 July 2014, as if:\n\n (a) that Act provided that an application under section 69AA, 69AB or 69AC of that Act must be made before 1 January 2016; and\n (b) that repeal had not happened.\n\n339 Transitional—Petroleum Resource Rent Tax Assessment Act 1987\n\n(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n340 Transitional—Taxation Administration Act 1953\n\nDespite the amendment of the Taxation Administration Act 1953 made by this Schedule, that Act continues to apply, in relation to records or disclosures made for the purpose of:\n\n (a) the verification from the Regulator of information provided to the Commissioner under or for the purposes of the Fuel Tax Act 2006 so far as that Act applies to taxable fuel acquired, manufactured or imported before 1 July 2014; or\n (b) administering the Clean Energy Act 2011 or the associated provisions (within the meaning of that Act);\n\nas if that amendment had not been made.\n\nDivision 4—Miscellaneous\n\n342 Transitional rules\n\nThe Minister may, by legislative instrument, make rules in relation to transitional matters arising out of the amendments and repeals made by this Schedule.\n\nDivision 5—Transitional provisions commencing on Royal Assent\n\n343 Auctions of carbon units\n\n(1) The Regulator must not conduct an auction of carbon units after the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014.\n\n(2) Any determination under subsection 113(1) of the Clean Energy Act 2011 ceases to have effect at the end of the day (the relevant day) that is the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014;\n\nexcept to the extent to which the determination relates to auctions conducted on or before the relevant day.\n\n343A Carbon units issued as a result of an auction conducted by the Regulator\n\n(1) If:\n\n (a) a carbon unit was issued as a result of an auction conducted by the Regulator; and\n (b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;\n\nthe Regulator must:\n\n (c) cancel the unit; and\n (d) remove the entry for the unit from the person’s Registry account; and\n (e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.\n\n(2) The Registry must set out a record of each cancellation under paragraph (1)(c).\n\n(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.\n\n(4) In this item:\n\nbusiness day means a day that is not:\n\n (a) a Saturday; or\n (b) a Sunday; or\n (c) a public holiday in the Australian Capital Territory.\n\n344 Carbon pollution cap regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if section 16 of that Act had not been enacted.\n\n345 Fixed charge regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if subsections 100(14) and (15) of that Act had not been enacted.\n\n345A Deadlines of 1 February and 15 June\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the following definitions were inserted in section 5 of that Act:\n\n> 15 June means:\n\n (a) if the 15 June concerned is a business day—that 15 June; or\n (b) if the 15 June concerned is not a business day—the first business day after that 15 June.\n\n> 1 February means:\n\n (a) if the 1 February concerned is a business day—that 1 February; or\n (b) if the 1 February concerned is not a business day—the first business day after that 1 February.\n\n345B Surplus and estimation error adjustment number\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the formula in subsection 131(3) of that Act were omitted and the following formula substituted:![Start formula Total estimation error numbers plus Provisional surplus surrender number end formula](image.002.png)\n\n345C Definitions\n\nIf this Division commences before 1 July 2014, this Division has effect as if item 321 (definitions) had commenced at the same time as this Division commences.\n\n345D Compensation for acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\nPart 4—Jobs and Competitiveness Program\n\nDivision 1—Preliminary\n\n346 Definitions\n\n(1) In this Part:\n\nlevy means levy imposed by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\nover‑allocation of free carbon units has the meaning given by item 354.\n\nrules means rules made under item 359.\n\ntrue‑up shortfall has the meaning given by item 355.\n\nunder‑allocation of free carbon units has the meaning given by item 352.\n\n(2) An expression used in this Part and in the Clean Energy Act 2011 has the same meaning in this Part as in that Act.\n\n347 Crown to be bound\n\nThis Part binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.\n\n348 Extension to external Territories\n\nThis Part extends to every external Territory.\n\n349 Extension to exclusive economic zone and continental shelf\n\nThis Part extends to Australia’s exclusive economic zone and continental shelf.\n\n350 Extension to Joint Petroleum Development Area\n\nThis Part extends to the Joint Petroleum Development Area.\n\nDivision 2—Reporting requirements\n\n351 Reporting requirements\n\nReport\n\n(1) The rules may make provision for and in relation to requiring a designated person to give a written report to the Regulator for the purposes of this Part.\n\nDesignated person\n\n(2) For the purposes of this item, a person is a designated person if free carbon units with a vintage year beginning on 1 July 2013 are or were issued to the person in accordance with the Jobs and Competitiveness Program.\n\nCompliance with reporting requirements\n\n(3) Subsection 151(1) of the Clean Energy Act 2011 has effect as if a requirement under rules made for the purposes of subitem (1) were a requirement under the Jobs and Competitiveness Program.\n\nDivision 3—Issue of additional free carbon units\n\n352 Under‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an under‑allocation of free carbon units; and\n (d) the number of units in that under‑allocation is equal to the number ascertained in accordance with the rules.\n\n353 Issue of additional free carbon units\n\n(1) If:\n\n (a) a person has an under‑allocation of free carbon units; and\n (b) the person has a Registry account;\n\nthe Regulator must:\n\n (c) issue to the person, under section 94 of the Clean Energy Act 2011, a number of free carbon units equal to the number of units in the under‑allocation; and\n (d) do so within the period ascertained in accordance with the rules.\n\n(2) Free carbon units issued in accordance with subitem (1):\n\n (a) are to have a vintage year beginning on 1 July 2013; and\n (b) are taken (except for the purposes of this Part) to have been issued in accordance with the Jobs and Competitiveness Program.\n\nDivision 4—True‑up shortfalls\n\n354 Over‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an over‑allocation of free carbon units; and\n (d) the number of units in that over‑allocation is equal to the number ascertained in accordance with the rules.\n\n355 True‑up shortfall\n\n(1) For the purposes of this Part, if:\n\n (a) a person has an over‑allocation of free carbon units; and\n (b) the number worked out using the formula in subitem (2) exceeds zero;\n\nthen:\n\n (c) the person has a true‑up shortfall; and\n (d) the number of units in that shortfall is equal to the number worked out using that formula.\n\nNote: Levy is imposed on a true‑up shortfall by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n(2) The formula is as follows:\n\n![Start formula Number of units in the over-allocation minus Number of units relinquished end formula](image.003.png)\n\nwhere:\n\nnumber of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.\n\nDivision 5—Collection of levy\n\n356 When levy is due and payable\n\nLevy imposed on a true‑up shortfall of a person is due and payable at the end of the period ascertained in accordance with the rules.\n\n357 Late payment penalty\n\n(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:\n\n (a) 20% per annum; or\n (b) if a lower percentage is specified in the rules—that lower percentage per annum;\n\non the amount unpaid, computed from that time.\n\nPower to remit\n\n(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).\n\n(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.\n\n358 Recovery of levy and late payment penalty\n\nScope\n\n(1) This item applies to the following amounts:\n\n (a) an amount of levy;\n (b) an amount payable under item 357.\n\nRecovery\n\n(2) The amount:\n\n (a) is a debt due to the Commonwealth; and\n (b) may be recovered by the Regulator, on behalf of the Commonwealth, by action in a court of competent jurisdiction.\n\nDivision 6—Miscellaneous\n\n358A Associated provisions\n\nA reference in the Clean Energy Act 2011 (other than section 307) to the associated provisions includes a reference to:\n\n (a) the provisions of this Part; and\n (b) the provisions of the rules; and\n (c) the provisions of the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014; and\n (d) the provisions of the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n359 Rules\n\n(1) The Minister may, by legislative instrument, make rules prescribing matters:\n\n (a) required or permitted by this Part to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.\n\n(2) Conditions specified in rules made for the purposes of paragraph 352(b) or 354(b) may relate to events or things that occurred, or circumstances that existed, before the rules were registered under the Legislation Act 2003.\n\n(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the rules.\n\nSchedule 2—Carbon tax price reduction obligation\n\nCompetition and Consumer Act 2010\n\n1 After paragraph 2B(1)(a)\n\nInsert:\n\n (aa) Part V;\n\n2 After subparagraph 6(2)(b)(i)\n\nInsert:\n\n (ia) Part V (other than Division 5);\n\n3 After Part IVB\n\nInsert:\n\n## Part V—Carbon tax price reduction obligation\n\n### Division 1—Preliminary\n\n#### 60 Simplified outline of this Part\n\n• An entity must not engage in price exploitation in relation to the carbon tax repeal.\n\n• The Commission may monitor prices in relation to the carbon tax repeal and the carbon tax scheme.\n\n• An entity must not make false or misleading representations about the effect of the carbon tax repeal, or the carbon tax scheme, on the price for the supply of goods or services.\n\n• An entity that sells electricity or natural gas, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas, will be required to explain and substantiate:\n\n(a) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n\n(b) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n• An entity that sells electricity or natural gas to customers, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas to customers, must:\n\n(a) give a carbon tax removal substantiation statement to the Commission; and\n\n(b) include in the statement the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, attributable to the carbon tax repeal and that have been, are being, or will be, passed on to customers during the financial year that began on 1 July 2014; and\n\n(c) provide information with the statement that substantiates such an estimate; and\n\n(d) in a case where the entity sells electricity or natural gas to customers—communicate to customers a statement that identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings to customers that are for the financial year that began on 1 July 2014.\n\n• Infringement notices may be issued for certain contraventions of this Part.\n\n#### 60AA Objects etc.\n\n (1) The main objects of this Part are:\n (a) to deter price exploitation in relation to the carbon tax repeal at each point in the supply chain for regulated goods; and\n (b) to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods.\n (2) The intention of the Parliament in enacting this Part is to ensure that all cost savings attributable to the carbon tax repeal are passed on to consumers of regulated goods through lower prices.\n\n#### 60A Definitions\n\n In this Part:\n\n> applicable compliance period, for a carbon tax removal substantiation notice, has the meaning given by subsection 60FC(2).\n\n> bulk SGG importer means an entity that:\n\n (a) holds a controlled substances licence under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 that allows the entity to import synthetic greenhouse gases; and\n (b) supplies synthetic greenhouse gas to SGG customers.\n\n> carbon charge component of levy means so much of the amount of the levy as is calculated by multiplying the number of tonnes of carbon dioxide equivalence by a per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit.\n\n> carbon tax removal substantiation notice has the meaning given by subsection 60FA(3).\n\n> carbon tax removal substantiation statement has the meaning given by subsection 60FD(3).\n\n> carbon tax repeal means:\n\n (a) the repeal of the following Acts by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Clean Energy Act 2011;\n (ii) the Clean Energy (Charges—Customs) Act 2011;\n (iii) the Clean Energy (Charges—Excise) Act 2011;\n (iv) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n (v) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n (vi) the Clean Energy (Unit Shortfall Charge—General) Act 2011; and\n (b) the amendments of the following Acts made by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Fuel Tax Act 2006;\n (ii) the Fuel Tax (Consequential and Transitional Provisions) Act 2006; and\n (c) the amendments made by the following Acts:\n (i) the Customs Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (ii) the Excise Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (iii) the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Act 2014;\n (iv) the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Carbon Tax Repeal) Act 2014.\n\n> carbon tax repeal transition period means the period:\n\n (a) beginning at the start of 1 July 2014; and\n (b) ending at the end of 30 June 2015.\n\n> carbon tax scheme means the scheme embodied in the following:\n\n (a) the Clean Energy Act 2011, as in force at the start of 1 January 2014;\n (b) the associated provisions (within the meaning of that Act as in force at that time);\n (c) the following provisions of the Fuel Tax Act 2006, as in force at the start of 1 January 2014:\n (i) Division 42A;\n (ii) section 43‑5, so far as that section relates to a carbon reduction;\n (iii) section 43‑8;\n (iv) section 43‑11;\n (d) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (e) section 4A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (f) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (g) sections 6FA, 6FB and 6FC of the Excise Tariff Act 1921, as in force at the start of 1 January 2014;\n (h) section 19A of the Customs Tariff Act 1995, as in force at the start of 1 January 2014.\n\n> electricity customer means an entity that purchases electricity.\n\n> electricity retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells electricity to electricity customers; or\n (b) an entity who is a retailer within the meaning of the Electricity Industry Act 2000 (Vic.); or\n (c) an entity who is a retail entity within the meaning of the Electricity Act 1994 (Qld); or\n (d) an entity who:\n (i) holds a retail licence within the meaning of the Electricity Industry Act 2004 (WA); or\n (ii) holds an integrated regional licence within the meaning of the Electricity Industry Act 2004 (WA) that authorises the entity to sell electricity; or\n (e) an entity who is an electricity entity within the meaning of the Electricity Reform Act (NT) and whose licence under that Act authorises the entity to sell electricity; or\n (f) any other entity who produces electricity in Australia.\n\n> engages in price exploitation in relation to the carbon tax repeal: see section 60C.\n\n> entity means any of the following:\n\n (a) a corporation (as defined by section 4);\n (b) an individual;\n (c) a body corporate;\n (d) a corporation sole;\n (e) a body politic;\n (f) a partnership;\n (g) any other unincorporated association or body of entities;\n (h) a trust;\n (i) any party or entity which can or does buy or sell electricity, natural gas or synthetic greenhouse gas.\n\n> infringement notice means an infringement notice issued under subsection 60L(1).\n\n> infringement notice compliance period: see section 60P.\n\n> infringement notice provision means section 60C or 60K.\n\n> listed corporation has the meaning given by section 9 of the Corporations Act 2001.\n\n> National Energy Retail Law means the National Energy Retail Law set out in the Schedule to the National Energy Retail Law (South Australia) Act 2011 (SA).\n\n> natural gas has the same meaning as in the National Gas (Commonwealth) Law (as defined by the Australian Energy Market Act 2004).\n\n> natural gas customer means an entity that purchases natural gas.\n\n> natural gas retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells natural gas to natural gas customers; or\n (b) an entity who is a gas retailer within the meaning of the Gas Industry Act 2001 (Vic.); or\n (c) an entity who is a retailer within the meaning of the Gas Supply Act 2003 (Qld); or\n (d) an entity who holds a trading licence under the Energy Coordination Act 1994 (WA); or\n (e) an entity who holds a licence under the Gas Act 2000 (Tas.) to sell gas by retail.\n\n> price, in relation to a supply, includes:\n\n (a) a charge of any description for the supply; and\n (b) any pecuniary or other benefit, whether direct or indirect, received or to be received by a person for or in connection with the supply.\n\n> regulated goods: see section 60B.\n\n> regulated supply means a supply that:\n\n (a) occurs during the carbon tax repeal transition period; and\n (b) is of regulated goods.\n\n> regulated supply input costs of an entity means the entity’s input costs in relation to the making by the entity of regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n> Royal Assent day means the day on which the Act that inserted this Part receives the Royal Assent.\n\n> SGG customer means an entity that purchases synthetic greenhouse gas.\n\n> SGG equipment has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n> synthetic greenhouse gas has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n#### 60B Regulated goods\n\n (1) For the purposes of this Part, regulated goods means:\n (a) natural gas; or\n (b) electricity; or\n (c) synthetic greenhouse gas; or\n (d) SGG equipment; or\n (e) other goods of a kind specified in a legislative instrument under subsection (2).\n (2) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (1)(e).\n\n### Division 2—Carbon tax price reduction obligation\n\n#### 60C Price exploitation in relation to the carbon tax repeal\n\n (1) An entity must not engage in price exploitation in relation to the carbon tax repeal.\n (2) For the purposes of this Part, an entity engages in price exploitation in relation to the carbon tax repeal if, and only if:\n (a) it makes a regulated supply; and\n (b) the price for the supply does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal.\n (3) For the purposes of this Part, in determining whether the price for a supply made by an entity does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal, have regard to the following matters:\n (a) the entity’s cost savings that are directly or indirectly attributable to the carbon tax repeal;\n (b) how the cost savings mentioned in paragraph (a) can reasonably be attributed to the different supplies that the entity makes;\n (c) the entity’s costs;\n (d) any other relevant matter that may reasonably influence the price.\n\n#### 60CA Failure to pass on cost savings—250% penalty\n\n (1) If:\n (a) either:\n (i) an entity contravenes subsection 60C(1) in relation to a particular supply of electricity or natural gas; or\n (ii) an entity that is a bulk SGG importer contravenes subsection 60C(1) in relation to a particular supply of synthetic greenhouse gas; and\n (b) the contravention involved a failure to pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal;\n there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount equal to 250% of those cost savings that were not passed through.\n When penalty becomes due and payable\n (2) An amount payable by an entity under subsection (1) is due and payable on 1 July 2015.\n Late payment penalty\n (3) If an amount payable by an entity under subsection (1) remains unpaid after the time when it became due for payment, there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount calculated at the rate of 6% per annum on the amount unpaid, computed from that time.\n Recovery of penalties\n (4) An amount payable by an entity under subsection (1) or (3):\n (a) is a debt due to the Commonwealth; and\n (b) shall be recovered by the Commission, on behalf of the Commonwealth, by action in a court of competent jurisdiction, unless the cost of doing so exceeds the amount.\n Report to Parliament\n (5) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of penalties payable by entities.\n\n#### 60D Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that the entity has engaged in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) identify:\n (i) the entity that made the supply; and\n (ii) the kind of supply made; and\n (iii) the circumstances in which the supply was made; and\n (c) state that, in the Commission’s opinion, the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (3) In any proceedings:\n (aa) under section 60CA; or\n (a) under section 76 for a pecuniary penalty order relating to section 60C; or\n (b) under section 80 for an injunction relating to section 60C; or\n (c) under section 80A, 82, 86C, 86D or 87 for an order relating to section 60C;\n the notice is prima facie evidence that the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (4) The Commission may vary or revoke the notice on its own initiative or on application made by the entity. The Commission must give the entity written notice of the variation or revocation.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60E Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that doing so will aid the prevention of the entity engaging in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) be expressed to relate to any supply that the entity makes that is:\n (i) of a kind specified in the notice; and\n (ii) made in circumstances specified in the notice; and\n (iii) made during the period specified in the notice (which must not be a period ending after the end of the carbon tax repeal transition period); and\n (c) specify the maximum price that, in the Commission’s opinion, may be charged for a supply to which the notice is expressed to relate.\n (3) The Commission may, on its own initiative or on application made by the entity:\n (a) vary the notice to:\n (i) change the period specified as required by subparagraph (2)(b)(iii); or\n (ii) change the price specified in the notice as required by paragraph (2)(c); or\n (b) revoke the notice.\n The Commission must give the entity written notice of the variation or revocation.\n (4) The Commission may publish the notice, or particulars of any variation or revocation of the notice, in such manner as the Commission considers appropriate.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60F Acquisition of property\n\n Scope\n (1) This section applies to the following provisions of this Act:\n (a) section 60C;\n (b) any other provision to the extent to which it relates to section 60C.\n Effect of provision\n (2) The provision has no effect to the extent (if any) to which its operation would result in the acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph).\n\n### Division 2A—Carbon tax removal substantiation notices\n\n#### 60FA Carbon tax removal substantiation notices\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation notice\n (2) The Commission must, within 30 days after the Royal Assent day, by written notice given to the entity, require the entity:\n (a) to give to the Commission, within the period specified in the notice, a written statement that explains:\n (i) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n (ii) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas; and\n (b) to do either or both of the following:\n (i) give to the Commission, within the period and in the manner and form specified in the notice, information that substantiates the explanation set out in the statement;\n (ii) produce to the Commission, within the period and in the manner specified in the notice, documents that substantiate the explanation set out in the statement.\n (3) A notice under subsection (2) is to be known as a carbon tax removal substantiation notice.\n (4) A period specified in a carbon tax removal substantiation notice must be 21 days after the notice is given.\n (5) A carbon tax removal substantiation notice must explain the effect of:\n (a) section 60FB; and\n (b) section 60FC; and\n (c) sections 137.1 and 137.2 of the Criminal Code.\n Section does not limit section 60H\n (6) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (7) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60FB Extending periods for complying with carbon tax removal substantiation notices\n\n (1) An entity that has been given a carbon tax removal substantiation notice may, at any time within 14 days after the notice was given to the entity by the Commission, apply in writing to the Commission for an extension of the period for complying with the notice.\n (2) The Commission may, by written notice given to the entity, extend the period within which the entity must comply with the notice, so long as the extension is for a period of not more than 28 days.\n\n#### 60FC Compliance with carbon tax removal substantiation notices\n\n (1) An entity that is given a carbon tax removal substantiation notice must comply with it within the applicable compliance period for the notice.\n (2) The applicable compliance period for a carbon tax removal substantiation notice is:\n (a) the period of 21 days specified in the notice; or\n (b) if the period for complying with the notice has been extended under section 60FB—the period as so extended;\n and includes (if an application has been made under section 60FB for an extension of the period for complying with the notice) the period up until the time when the applicant is given notice of the Commission’s decision on the application.\n (3) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (1); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 200 penalty units.\n\n (4) Subsection (3) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (5) If subsection (3) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (3) of this section has effect, in relation to the individual, as if the reference to 200 penalty units were a reference to 40 penalty units.\n (6) If subsection (1) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving information or producing a document in accordance with a carbon tax removal substantiation notice on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 2B—Carbon tax removal substantiation statements\n\n#### 60FD Carbon tax removal substantiation statements\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation statement\n (2) Within 30 days after the Royal Assent day, the entity must give to the Commission:\n (a) a written statement that sets out:\n (i) if the entity has electricity customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and\n (ii) if the entity has natural gas customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and\n (iii) if the entity has SGG customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and\n (b) information that substantiates the estimate or estimates set out in the statement.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n (3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement.\n (4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity’s website, in a way that is readily accessible by the public, until the end of 30 June 2015.\n Compliance\n (5) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (4); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 500 penalty units.\n\n (6) Subsection (5) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.\n (8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60H\n (9) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (10) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n Report to Parliament\n (11) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of compliance by all entities.\n\n### Division 2C—Statements for customers\n\n#### 60FE Statements for customers\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers.\n Preparation of statement\n (2) Within 30 days after the Royal Assent day, the entity must prepare a statement that:\n (a) if the entity has electricity customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014; and\n (b) if the entity has natural gas customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014.\n Communication of contents of statement to customers\n (3) During the period:\n (a) beginning 30 days after the Royal Assent day; and\n (b) ending 60 days after the Royal Assent day;\n the entity must ensure that the contents of the statement prepared by it under subsection (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n Compliance\n (4) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (3); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 400 penalty units.\n\n (5) Subsection (4) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (6) If subsection (4) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.\n (7) If subsection (2) or (3) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from:\n (a) preparing a statement under subsection (2) of this section; or\n (b) communicating the contents of a statement under subsection (3) of this section;\n on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 3—Price monitoring in relation to the carbon tax repeal etc.\n\n#### 60G Commission may monitor prices in relation to the carbon tax repeal etc.\n\n Price monitoring—carbon tax repeal transition period\n (1) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged by entities for supplies, in the carbon tax repeal transition period, of relevant goods.\n\n> Note: For relevant goods, see subsection (11).\n\n (2) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of relevant goods by entities.\n\n> Note: For relevant goods, see subsection (11).\n\n (3) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n (4) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n Price monitoring—price exploitation\n (5) The Commission may monitor prices to assist the Commission’s consideration of whether an entity has engaged, is engaging, or may in the future engage, in price exploitation in relation to the carbon tax repeal.\n Price monitoring—pre‑repeal transition period\n (6) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged by entities for supplies, in the pre‑repeal transition period, of relevant goods.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (7) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of relevant goods by entities.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (8) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n (9) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n Section does not limit Part VIIA\n (10) This section does not limit Part VIIA (which is about prices surveillance).\n Relevant goods\n (11) For the purposes of this section, the following are relevant goods:\n (a) regulated goods;\n (b) other goods of a kind specified in a legislative instrument under subsection (12).\n (12) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (11)(b).\n Pre‑repeal transition period\n (13) For the purposes of this section, pre‑repeal transition period means the period:\n (a) beginning at the commencement of this section; and\n (b) ending at the end of 30 June 2014.\n\n#### 60H Information‑gathering powers\n\n (1) A member of the Commission may, by written notice given to a person, require the person:\n (a) to give the Commission specified information in writing signed by:\n (i) the person; or\n (ii) if the person is a body corporate—a competent officer of the body corporate; or\n (b) to produce to the Commission specified documents;\n if:\n (c) the information, or information contained in the documents, relates to prices or the setting of prices; and\n (d) the member reasonably believes that the information, or information contained in the documents, will or may be useful to the Commission in monitoring prices as mentioned in any of subsections 60G(1) to (9).\n\n> Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.\n\n (2) Information or documents that may be required under subsection (1) may relate to prices, or the setting of prices:\n (a) before or after the carbon tax repeal; and\n (b) before or after the start of the carbon tax repeal transition period; and\n (c) in a situation, or during a period, specified in the notice.\n (3) Subsection (2) does not limit subsection (1).\n (4) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (1); and\n (b) the person is capable of complying with the requirement; and\n (c) the person omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 20 penalty units.\n\n (5) An individual is excused from giving information or producing a document in accordance with a requirement under subsection (1) on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60FA\n (5A) This section does not limit section 60FA (which is about carbon tax removal substantiation notices).\n Section does not limit section 155\n (6) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60J Reporting\n\n (1) The Commission must, within 28 days after the end of each quarter, give the Minister a written report about the operations of the Commission under this Part during the quarter.\n (2) A report under subsection (1) must include particulars of:\n (a) all notices given under section 60E during the quarter; and\n (b) all variations or revocations during the quarter of notices given under section 60E.\n (3) Subsection (2) does not limit subsection (1).\n (4) For the purposes of this section, a quarter is a period of 3 months:\n (a) that occurs wholly or partly during the carbon tax repeal transition period; and\n (b) that starts on any of the following days in a year:\n (i) 1 January;\n (ii) 1 April;\n (iii) 1 July;\n (iv) 1 October.\n (5) As soon as practicable after the Minister receives a report under subsection (1), the Minister must make the report public by such means as the Minister considers appropriate.\n (6) If this section commences during a quarter (but not on the first day of a quarter):\n (a) no report is to be made at the end of the quarter; but\n (b) the report made at the end of the next quarter is also to include the information required by subsections (1) and (2) in relation to the previous quarter.\n\n### Division 4—False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n#### 60K False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n An entity must not, in trade or commerce, in connection with:\n (a) the supply or possible supply of goods or services; or\n (b) the promotion by any means of the supply or use of goods or services;\n make a false or misleading representation, during the carbon tax repeal transition period, concerning the effect of:\n (c) the carbon tax repeal or a part of the carbon tax repeal; or\n (d) the carbon tax scheme or a part of the carbon tax scheme;\n on the price for the supply of the goods or services.\n\n### Division 5—Infringement notices\n\n#### 60L Issuing an infringement notice\n\n Issuing an infringement notice\n (1) If the Commission has reasonable grounds to believe that a person has contravened an infringement notice provision, the Commission may issue an infringement notice to the person.\n (2) The Commission must not issue more than one infringement notice to the person for the same alleged contravention of the infringement notice provision.\n (3) The infringement notice does not have any effect if the notice:\n (a) is issued more than 12 months after the day on which the contravention of the infringement notice provision is alleged to have occurred; or\n (b) relates to more than one alleged contravention of an infringement notice provision by the person.\n Matters to be included in an infringement notice\n (4) An infringement notice must:\n (a) be identified by a unique number; and\n (b) state the day on which it is issued; and\n (c) state the name and address of the person to whom it is issued; and\n (d) identify the Commission; and\n (e) state how the Commission may be contacted; and\n (f) give details of the alleged contravention by the person, including:\n (i) the date of the alleged contravention; and\n (ii) the particular infringement notice provision that was allegedly contravened; and\n (g) state the maximum pecuniary penalty that the court could order the person to pay under section 76 for the alleged contravention; and\n (h) specify the penalty that is payable in relation to the alleged contravention; and\n (i) state that the penalty is payable within the infringement notice compliance period for the notice; and\n (j) state that the penalty is payable to the Commission on behalf of the Commonwealth; and\n (k) explain how payment of the penalty is to be made; and\n (l) explain the effect of sections 60M, 60N, 60P and 60Q.\n Amount of penalty\n (5) The penalty to be specified in an infringement notice that is to be issued to a person in relation to an alleged contravention of an infringement notice provision must be:\n (a) if the person is a listed corporation—600 penalty units; or\n (b) if the person is a body corporate other than a listed corporation—60 penalty units; or\n (c) if the person is not a body corporate—12 penalty units.\n\n#### 60M Effect of compliance with an infringement notice\n\n Scope\n (1) This section applies if:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person pays the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q.\n Effect\n (2) The person is not, merely because of the payment, regarded as:\n (a) having contravened the infringement notice provision; or\n (b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the infringement notice provision.\n (3) No proceedings (whether criminal or civil) may be started or continued against the person, by or on behalf of the Commonwealth, in relation to:\n (a) the alleged contravention of the infringement notice provision; or\n (b) an offence constituted by the same conduct that constituted the alleged contravention.\n\n#### 60N Effect of failure to comply with an infringement notice\n\n If:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person fails to pay the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q;\n the person is liable to proceedings under Part VI in relation to the alleged contravention of the infringement notice provision.\n\n#### 60P Infringement notice compliance period for infringement notice\n\n (1) The infringement notice compliance period for an infringement notice is the period of 28 days beginning on the day after the day on which the infringement notice is issued by the Commission.\n (2) Subsection (1) has effect subject to subsection (7).\n (3) The Commission may extend, by notice in writing, the infringement notice compliance period for the notice if the Commission is satisfied that it is appropriate to do so.\n (4) Only one extension may be given, and the extension must not be for longer than 28 days.\n (5) Notice of the extension must be given to the person who was issued the infringement notice.\n (6) A failure to comply with subsection (5) does not affect the validity of the extension.\n (7) If the Commission extends the infringement notice compliance period for an infringement notice, a reference in this Division to the infringement notice compliance period for an infringement notice is taken to be a reference to the infringement notice compliance period as so extended.\n\n#### 60Q Withdrawal of an infringement notice\n\n Representations to the Commission\n (1) A person to whom an infringement notice has been issued for an alleged contravention of an infringement notice provision may make written representations to the Commission seeking the withdrawal of the infringement notice.\n (2) Evidence or information that the person, or a representative of the person, gives to the Commission in the course of making representations under subsection (1) is not admissible in evidence against the person or representative in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).\n Withdrawal by the Commission\n (3) The Commission may, by written notice (the withdrawal notice) given to the person to whom an infringement notice was issued, withdraw the infringement notice if the Commission is satisfied that it is appropriate to do so.\n (4) Subsection (3) applies whether or not the person has made representations seeking the withdrawal.\n Content of withdrawal notices\n (5) The withdrawal notice must state:\n (a) the name and address of the person; and\n (b) the day on which the infringement notice was issued to the person; and\n (c) that the infringement notice is withdrawn; and\n (d) that proceedings under Part VI may be started or continued against the person in relation to:\n (i) the alleged contravention the infringement notice provision; or\n (ii) an offence constituted by the same conduct that constituted the alleged contravention.\n Time limit for giving withdrawal notices\n (6) To be effective, the withdrawal notice must be given to the person within the infringement notice compliance period for the infringement notice.\n Refunds\n (7) If the infringement notice is withdrawn after the person has paid the penalty specified in the infringement notice, the Commission must, on behalf of the Commonwealth, refund to the person an amount equal to the amount paid.\n\n> Note: For appropriation, see section 28 of the Financial Management and Accountability Act 1997.\n\n#### 60R Effect of this Division\n\n This Division does not:\n (a) require an infringement notice to be issued to a person for an alleged contravention of an infringement notice provision; or\n (b) affect the liability of a person to proceedings under Part VI in relation to an alleged contravention of an infringement notice provision if:\n (i) an infringement notice is not issued to the person for the alleged contravention; or\n (ii) an infringement notice issued to a person for the alleged contravention is withdrawn under section 60Q; or\n (c) prevent a court from imposing a higher penalty than the penalty specified in the infringement notice if the person does not comply with the notice.\n\n4 Subsection 75B(1)\n\nAfter “section”, insert “60C, 60K or”.\n\n5 After subparagraph 76(1)(a)(i)\n\nInsert:\n\n (ii) section 60C;\n (iia) section 60K;\n\n6 After paragraph 76(1A)(b)\n\nInsert:\n\n (ba) for each act or omission to which this section applies that relates to section 60C or 60K—6,471 penalty units; and\n\n7 Before paragraph 76(1B)(a)\n\nInsert:\n\n (aa) for each act or omission to which this section applies that relates to section 60C or 60K—1,295 penalty units; and\n\n8 Paragraph 77A(3) (at the end of the definition of civil liability)\n\nAdd “or Part V”.\n\n9 Paragraph 80(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a contravention of any of the following provisions:\n (i) a provision of Part IV;\n (ii) a provision of Division 2 or 5 of Part IVB;\n (iii) section 60C;\n (iv) section 60K; or\n\n10 At the end of subsection 80(1A)\n\nAdd “, 60C or 60K”.\n\n11 After section 80\n\nInsert:\n\n#### 80A Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money\n\n (1) If, on the application of the Commission, the Court is satisfied that a person has engaged in conduct constituting a contravention of section 60C, the Court may make either or both of the following orders:\n (a) an order requiring that person, or a person involved in the contravention, not to make a regulated supply of a kind specified in the order for a price in excess of the price specified in the order while the order remains in force;\n (b) an order requiring that person, or a person involved in the contravention, to refund money to a person specified in the order.\n\n> Note: Section 60C is about price exploitation in relation to the carbon tax repeal.\n\n (2) This section does not limit section 80.\n (3) In this section:\n\n> price has the same meaning as in Part V.\n\n> regulated supply has the same meaning as in Part V.\n\n12 Subsection 82(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n13 Section 83\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n14 Paragraphs 84(1)(b) and (3)(b)\n\nAfter “IVB”, insert “or V”.\n\n15 After paragraph 85(a)\n\nInsert:\n\n (aa) engaged in conduct in contravention of section 60C or 60K; or\n\n16 Paragraph 86C(2)(a)\n\nBefore “a”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n17 Paragraph 86C(2)(b)\n\nBefore “a probation”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n18 Subsection 86C(4) (paragraph (a) of the definition of contravening conduct)\n\nAfter “section”, insert “60C, 60K or”.\n\n19 Subsection 87(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n20 Paragraph 87(1A)(a)\n\nAfter “IVB”, insert “or section 60C or 60K”.\n\n21 Paragraph 87(1A)(b)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n22 Paragraph 87(1B)(a)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n23 Subsection 87(1C)\n\nOmit “or Division 2 of Part IVB”, substitute “, Division 2 of Part IVB or section 60C or 60K”.\n\n24 Subsection 155AAA(21) (paragraph (a) of the definition of core statutory provision)\n\nAfter “Part IV,”, insert “V,”.\n\n25 Subsection 155AAA(21) (after paragraph (b) of the definition of protected information)\n\nInsert:\n\n (ba) information that was obtained by the Commission under paragraph 60FD(2)(b) or section 60FA or 60H; or\n\n26 Before subparagraph 163A(1)(a)(ii)\n\nInsert:\n\n (i) Part V;\n\nSchedule 3—Repeal of tax offset for conservation tillage\n\nClean Energy (Consequential Amendments) Act 2011\n\n1 Subsection 2(1) (table item 6)\n\nRepeal the item.\n\n2 Part 3 of Schedule 2\n\nRepeal the Part.\n\nIncome Tax Assessment Act 1997\n\n3 Section 67‑23 (table item 24)\n\nRepeal the item.\n\n4 Subdivision 385‑J\n\nRepeal the Subdivision.\n\n5 Subsection 995‑1(1) (definition of eligible no‑till seeder)\n\nRepeal the definition.\n\n6 Application of amendments\n\nThe amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.\n\nNote: The provisions of the Income Tax Assessment Act 1997 repealed by this Schedule will continue to apply to assessments for the 2012‑13 and 2013‑14 income years.\n\n7 Transitional—timing relating to 2013‑14 income year\n\nThe following provisions of the Income Tax Assessment Act 1997:\n\n (a) subparagraph 385‑175(1)(e)(ii);\n (b) subparagraph 385‑190(1)(c)(ii);\n\napply for the purposes of assessments for the 2013‑14 income year as if those provisions referred to 30 June 2014 rather than 30 June 2015.\n\nSchedule 4—Repeal of the Steel Transformation Plan Act 2011\n\nSteel Transformation Plan Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nNote: On the repeal of the Act, the Steel Transformation Plan 2012 (which was made under Part 3 of the Act) will also cease to have effect.\n\n2 Effect of repeal\n\n(1) To avoid doubt:\n\n (a) no assistance is payable under the old Act or the old Plan after the commencement of this Schedule, including in respect of the half‑year ending on 30 June 2014; and\n (b) a return is not required to be (and cannot be) provided under Part 4 of the old Plan in respect of the half‑year ending on 30 June 2014 (or any later half‑year); and\n (c) the following conditions cease to have effect on the commencement of this Schedule:\n (i) conditions to which payments of competitiveness assistance advances under the old Act were subject;\n (ii) conditions to which registrations of corporations under the old Plan as STP participants were subject; and\n (d) the Department’s annual report for the financial year ending on 30 June 2014 (or any later financial year) is not required to comply with section 26 of the old Act.\n\n(2) In this item:\n\nold Act means the Steel Transformation Plan Act 2011.\n\nold Plan means the Steel Transformation Plan 2012 made under Part 3 of the old Act.\n\nSchedule 5—Australian Renewable Energy Agency’s finances\n\nAustralian Renewable Energy Agency Act 2011\n\n1 Subsection 64(1) (table)\n\nRepeal the table, substitute:\n\n```html\n

Yearly maximum payments to ARENA

Item

Financial year

Amount for financial year

1

2013‑2014

$581,276,000.00

2

2014‑2015

$194,340,000.00

3

2015‑2016

$89,991,000.00

4

2016‑2017

$56,950,000.00

5

2017‑2018

$499,893,000.00

6

2018‑2019

$237,000,000.00

7

2019‑2020

$468,340,000.00

8

2020‑2021

$135,000,000.00

9

2021‑2022

$135,000,000.00

\n```\n\n2 Subsections 64(3) to (6)\n\nRepeal the subsections.\n\n3 Subsection 65(4) (note)\n\nOmit “subsections 64(2) to (6)”, substitute “subsection 64(2)”.\n\n4 Application\n\nTo avoid doubt:\n\n (a) the amendments made by this Part do not affect how the Australian Renewable Energy Agency Act 2011 applied, before the commencement of this Part, in relation to the financial year 2012‑2013; but\n (b) for the purposes of that Act as amended by this Part, subsection 64(2) of that Act does not apply so as to carry over to the 2013‑2014 financial year any unspent amount from the 2012‑2013 financial year.\n\nNote: The unspent amount from the 2012‑2013 financial year has instead been directly factored into amounts specified in the table substituted by item 1.","sortOrder":34},{"sectionNumber":"60FD","sectionType":"section","heading":"Carbon tax removal substantiation statements","content":"#### 60FD Carbon tax removal substantiation statements\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation statement\n (2) Within 30 days after the Royal Assent day, the entity must give to the Commission:\n (a) a written statement that sets out:\n (i) if the entity has electricity customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and\n (ii) if the entity has natural gas customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and\n (iii) if the entity has SGG customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and\n (b) information that substantiates the estimate or estimates set out in the statement.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n (3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement.\n (4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity’s website, in a way that is readily accessible by the public, until the end of 30 June 2015.\n Compliance\n (5) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (4); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 500 penalty units.\n\n (6) Subsection (5) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.\n (8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60H\n (9) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (10) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n Report to Parliament\n (11) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of compliance by all entities.","sortOrder":35},{"sectionNumber":"Division 2C","sectionType":"division","heading":"Statements for customers","content":"An Act to repeal the Clean Energy Act 2011, and for other purposes\n\n#### 1 Short title\n\n This Act may be cited as the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 July 2014

2. Schedule 1, Parts 1 and 2

1 July 2014.

1 July 2014

3. Schedule 1, Part 3, Divisions 1 to 4

1 July 2014.

1 July 2014

4. Schedule 1, Part 3, Division 5

The day this Act receives the Royal Assent.

17 July 2014

5. Schedule 1, Part 4

The day after this Act receives the Royal Assent.

However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.

18 July 2014

6. Schedule 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 January 2014.

18 July 2014

(paragraph (a) applies)

7. Schedule 3

The day after this Act receives the Royal Assent.

18 July 2014

8. Schedule 4

1 July 2014.

1 July 2014

9. Schedule 5

The day this Act receives the Royal Assent.

17 July 2014

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Schedule(s)\n\n Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\nSchedule 1—Repeal of the carbon tax\n\nPart 1—Repeal of Acts\n\nClean Energy Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Customs) Act 2011\n\n2 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Excise) Act 2011\n\n3 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Auctions) Act 2011\n\n4 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Fixed Charge) Act 2011\n\n5 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Shortfall Charge—General) Act 2011\n\n6 The whole of the Act\n\nRepeal the Act.\n\nPart 2—Amendments\n\nA New Tax System (Goods and Services Tax) Act 1999\n\n7 Section 195‑1\n\nInsert:\n\n> eligible Australian carbon credit unit means:\n\n (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or\n (b) a non‑Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:\n (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non‑Kyoto Australian carbon credit unit; and\n (ii) the non‑Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or\n (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.\n Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.\n\n8 Section 195‑1 (definition of eligible emissions unit)\n\nRepeal the definition, substitute:\n\n> eligible emissions unit means:\n\n (a) an \\*eligible international emissions unit; or\n (b) an \\*eligible Australian carbon credit unit.\n\n9 Section 195‑1\n\nInsert:\n\n> eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nAnti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n10 Section 5 (definition of carbon unit)\n\nRepeal the definition.\n\n11 Subsection 6(2) (paragraph (baa) of the cell at table item 33, column headed “Provision of a designated service”)\n\nRepeal the paragraph.\n\n12 Subsection 6(2) (paragraph (d) of the cell at table item 33, column headed “Provision of a designated service”)\n\nOmit “carbon units,”.\n\nAustralian National Registry of Emissions Units Act 2011\n\n13 Section 3\n\nOmit:\n\n• Entries may be made in Registry accounts for:\n\n(a) carbon units; and\n\n(b) Australian carbon credit units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\n• This Act sets out rules about dealings with:\n\n(a) Kyoto units; and\n\n(b) prescribed international units.\n\nsubstitute:\n\n• Entries may be made in Registry accounts for:\n\n(a) Australian carbon credit units; and\n\n(b) Kyoto units.\n\n• This Act sets out rules about dealings with Kyoto units.\n\n14 Section 4 (definition of Australian‑issued international unit)\n\nRepeal the definition.\n\n15 Section 4 (definition of benchmark average auction charge)\n\nRepeal the definition.\n\n16 Section 4 (definition of carbon unit)\n\nRepeal the definition.\n\n17 Section 4 (definition of Commonwealth foreign registry account)\n\nRepeal the definition.\n\n18 Section 4 (paragraph (d) of the definition of eligible international emissions unit)\n\nOmit “rules; or”, substitute “rules.”.\n\n19 Section 4 (paragraph (e) of the definition of eligible international emissions unit)\n\nRepeal the paragraph.\n\n20 Section 4 (definition of European allowance unit)\n\nRepeal the definition.\n\n21 Section 4 (definition of European Union Greenhouse Gas Emission Allowance Trading Directive)\n\nRepeal the definition.\n\n22 Section 4 (definition of fixed charge year)\n\nRepeal the definition.\n\n23 Section 4 (definition of foreign account)\n\nRepeal the definition, substitute:\n\n> foreign account, when used in relation to a Kyoto unit, means an account kept within a foreign Kyoto registry.\n\n24 Section 4 (definition of foreign government body)\n\nRepeal the definition.\n\n25 Section 4 (definition of hold)\n\nOmit “a carbon unit or”.\n\n26 Section 4 (definition of Information Database)\n\nRepeal the definition.\n\n27 Section 4 (definition of international arrangement)\n\nRepeal the definition.\n\n28 Section 4 (definition of international organisation)\n\nRepeal the definition.\n\n29 Section 4 (definition of issue)\n\nRepeal the definition, substitute:\n\n> issue, in relation to an Australian carbon credit unit, has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n30 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n31 Section 4 (definition of quarter)\n\nRepeal the definition.\n\n32 Section 4 (paragraph (aa) of the definition of registered holder)\n\nRepeal the paragraph.\n\n33 Section 4 (paragraph (b) of the definition of registered holder)\n\nOmit “unit; or”, substitute “unit.”.\n\n34 Section 4 (paragraph (c) of the definition of registered holder)\n\nRepeal the paragraph.\n\n35 Section 4 (definition of relinquish)\n\nRepeal the definition.\n\n36 Section 4 (definition of transfer)\n\nRepeal the definition, substitute:\n\n> transfer, in relation to a Kyoto unit, has the meaning given by section 33.\n\n37 Section 4 (definition of vintage year)\n\nRepeal the definition.\n\n38 Paragraph 9(4)(a)\n\nOmit “carbon units, Australian carbon credit units and prescribed international units”, substitute “Australian carbon credit units”.\n\n39 Paragraph 11(5)(a)\n\nOmit “carbon units or”.\n\n40 Section 14A\n\nRepeal the section.\n\n41 Paragraph 15(2)(aa)\n\nRepeal the paragraph.\n\n42 Paragraph 15(2)(c)\n\nOmit “account; and”, substitute “account.”.\n\n43 Paragraph 15(2)(d)\n\nRepeal the paragraph.\n\n44 Subparagraph 16(2)(b)(ii)\n\nOmit “(4), (5) and (6)”, substitute “(4) and (6)”.\n\n45 Subsection 16(2A)\n\nRepeal the subsection (not including the heading).\n\n46 Subsection 16(5)\n\nRepeal the subsection.\n\n47 Paragraph 16(7)(b)\n\nOmit “or (5)”.\n\n48 Subsection 17(1A)\n\nRepeal the subsection.\n\n49 Subsection 17(3)\n\nRepeal the subsection.\n\n50 Paragraph 19(3A)(a)\n\nOmit “or 49A”.\n\n51 Subsection 19(3B)\n\nRepeal the subsection.\n\n52 Section 21\n\nRepeal the section.\n\n53 Paragraph 22(4A)(a)\n\nOmit “or 49A”.\n\n54 Subsection 22(4B)\n\nRepeal the subsection.\n\n55 Subparagraph 26(3)(a)(ia)\n\nRepeal the subparagraph.\n\n56 Subparagraph 26(3)(a)(ii)\n\nOmit “or”.\n\n57 Subparagraph 26(3)(a)(iii)\n\nRepeal the subparagraph.\n\n58 Paragraph 27(3B)(b)\n\nOmit “account; or”, substitute “account.”.\n\n59 Paragraph 27(3B)(c)\n\nRepeal the paragraph.\n\n60 Paragraph 28A(1)(aa)\n\nRepeal the paragraph.\n\n61 Paragraph 28A(1)(b)\n\nOmit “or”.\n\n62 Paragraph 28A(1)(c)\n\nRepeal the paragraph.\n\n63 Paragraph 28A(4)(aa)\n\nRepeal the paragraph.\n\n64 Paragraph 28B(1)(aa)\n\nRepeal the paragraph.\n\n65 Paragraph 28B(1)(b)\n\nOmit “or”.\n\n66 Paragraph 28B(1)(c)\n\nRepeal the paragraph.\n\n67 Paragraph 28B(11)(aa)\n\nRepeal the paragraph.\n\n68 Subsection 28B(11) (paragraph (c) of the note)\n\nOmit “Act; and”, substitute “Act.”.\n\n69 Subsection 28B(11) (paragraphs (d) and (e) of the note)\n\nRepeal the paragraphs.\n\n70 Paragraph 28C(17)(aa)\n\nRepeal the paragraph.\n\n71 Subparagraph 28D(5)(a)(ii)\n\nOmit “carbon units or”.\n\n72 Paragraph 28D(5)(b)\n\nRepeal the paragraph, substitute:\n\n (b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.\n\n73 Paragraph 28D(16)(aa)\n\nRepeal the paragraph.\n\n74 Part 4\n\nRepeal the Part.\n\n75 Section 58\n\nOmit:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) carbon units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\nsubstitute:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) Kyoto units.\n\n76 Section 59A\n\nRepeal the section.\n\n77 Subsections 61(3) to (6)\n\nRepeal the subsections.\n\n78 Section 61A\n\nRepeal the section.\n\n79 Sections 63 to 63G\n\nRepeal the sections.\n\n80 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more carbon units, the person may request the Regulator to cancel any or all of those units. However, this rule does not apply to a unit that was issued for a fixed charge and has a vintage year that is a fixed charge year.\n\n81 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more prescribed international units, the person may request the Regulator to cancel any or all of those units.\n\n82 Section 64A\n\nRepeal the section.\n\n83 Section 66\n\nRepeal the section.\n\n84 Parts 6A and 6B\n\nRepeal the Parts.\n\n85 Paragraph 79(1)(c)\n\nOmit “27(4);”, substitute “27(4).”.\n\n86 Paragraph 79(1)(d)\n\nRepeal the paragraph.\n\n87 Section 82 (table item 2)\n\nOmit “or 53”.\n\n88 Section 82 (table item 3)\n\nRepeal the item.\n\n89 Section 82 (table items 8 and 9)\n\nOmit “or 21”.\n\n90 Section 82 (table items 15 and 16)\n\nRepeal the items.\n\n91 Section 86A\n\nRepeal the section.\n\nAustralian Securities and Investments Commission Act 2001\n\n92 Paragraph 12BAA(7)(ka)\n\nRepeal the paragraph.\n\n93 Paragraph 12BAB(1)(g)\n\nOmit “a carbon unit,”.\n\n94 At the end of the Act\n\nAdd:\n\n## Part 20—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 295 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 296 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\nClean Energy Regulator Act 2011\n\n95 Section 3\n\nOmit:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Clean Energy Act 2011; and\n\n(b) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(c) the National Greenhouse and Energy Reporting Act 2007; and\n\n(d) the Renewable Energy (Electricity) Act 2000; and\n\n(e) the Australian National Registry of Emissions Units Act 2011.\n\nsubstitute:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(b) the National Greenhouse and Energy Reporting Act 2007; and\n\n(c) the Renewable Energy (Electricity) Act 2000; and\n\n(d) the Australian National Registry of Emissions Units Act 2011.\n\n96 Section 4\n\nInsert:\n\n> Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.\n\n> Note: The text of the Convention is set out in Australian Treaty Series 1994 No. 2 (\\[1994\\] ATS 2). In 2013, the text of a Convention in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).\n\n97 Section 4 (paragraphs (b) to (h) of the definition of climate change law)\n\nRepeal the paragraphs.\n\n98 Section 4\n\nInsert:\n\n> greenhouse gas has the same meaning as in the National Greenhouse and Energy Reporting Act 2007.\n\n99 Section 4 (definition of international agreement)\n\nRepeal the definition, substitute:\n\n> international agreement means an agreement whose parties are:\n\n (a) Australia and a foreign country; or\n (b) Australia and 2 or more foreign countries.\n\n100 Section 4 (definition of international climate change agreement)\n\nRepeal the definition, substitute:\n\n> international climate change agreement means:\n\n (a) the Climate Change Convention; or\n (b) any other international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) imposes obligations on Australia to take action to reduce greenhouse gas emissions; or\n (c) an international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) is specified in a legislative instrument made by the Minister for the purposes of this definition.\n\n101 Section 4 (paragraph (a) of the definition of objectives of the Regulator)\n\nRepeal the paragraph.\n\n102 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n103 Paragraph 41(3)(a)\n\nRepeal the paragraph.\n\n104 Paragraph 49(1)(z)\n\nRepeal the paragraph, substitute:\n\n (z) a person or body responsible for the administration of a scheme that involves the issue or registration of prescribed eligible carbon units;\n\nCorporations Act 2001\n\n105 Section 9 (definition of carbon unit)\n\nRepeal the definition.\n\n106 Paragraph 764A(1)(kaa)\n\nRepeal the paragraph.\n\n107 At the end Chapter 10\n\nAdd:\n\n## Part 10.23—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 1542 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 1543 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n#### 1544 Transitional—variation of conditions on Australian financial services licences\n\n Scope\n (1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.\n Variation\n (2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.\n\n#### 1545 Transitional—immediate cancellation of Australian financial services licences\n\n Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:\n Licence relating to carbon units\n (5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.\n\n#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences\n\n Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).\n\nFuel Tax Act 2006\n\n108 Section 2‑1\n\nOmit:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n For fuel that is not \\*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced.\n Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax.\n Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n\n109 Subsection 40‑5(2)\n\nAfter “reduce”, insert “or remove”.\n\n110 Subsections 40‑5(3) and (4)\n\nRepeal the subsections.\n\n111 Section 41‑1\n\nOmit:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme.\n\nsubstitute:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft.\n\n112 Paragraph 41‑5(3)(b)\n\nOmit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”.\n\n113 Subsection 41‑15(1)\n\nOmit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”.\n\n114 Subparagraph 41‑25(2)(a)(ii)\n\nOmit “\\*agricultural property”, substitute “agricultural property”.\n\n115 Section 41‑30 (heading)\n\nRepeal the heading, substitute:\n\n#### 41‑30 No fuel tax credit for fuel to be used in an aircraft\n\n116 Subsection 41‑30(1)\n\nOmit “(1)”.\n\n117 Subsection 41‑30(2)\n\nRepeal the subsection.\n\n118 Section 41‑35\n\nRepeal the section.\n\n119 Division 42A\n\nRepeal the Division.\n\n120 Section 43‑1\n\nOmit:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:\n\n(a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and\n\n(b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).\n\nFor fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.\n\nFor gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).\n\n121 Subsection 43‑5(1)\n\nRepeal the subsection, substitute:\n\n (1) The \\*amount of your tax fuel credit for taxable fuel is the amount of \\*effective fuel tax that is payable on the fuel.\n\n> Note: The amount of the credit may be reduced under section 43‑10.\n\n122 Subsections 43‑5(4) and (5)\n\nRepeal the subsections.\n\n123 Section 43‑8\n\nRepeal the section.\n\n124 Section 43‑10 (heading)\n\nRepeal the heading, substitute:\n\n#### 43‑10 Reducing the amount of your fuel tax credit\n\n125 Subsection 43‑10(1A)\n\nRepeal the subsection.\n\n126 Section 43‑11\n\nRepeal the section.\n\n127 Subdivision 43‑B\n\nRepeal the Subdivision.\n\n128 Section 110‑5 (definition of agricultural activity)\n\nRepeal the definition.\n\n129 Section 110‑5 (definition of agricultural construction activity)\n\nRepeal the definition.\n\n130 Section 110‑5 (definition of agricultural property)\n\nRepeal the definition.\n\n131 Section 110‑5 (definition of agricultural soil/water activity)\n\nRepeal the definition.\n\n132 Section 110‑5 (definition of agricultural waste activity)\n\nRepeal the definition.\n\n133 Section 110‑5 (definition of agriculture)\n\nRepeal the definition.\n\n134 Section 110‑5 (definition of approved catchment area)\n\nRepeal the definition.\n\n135 Section 110‑5 (definition of carbon reduction)\n\nRepeal the definition.\n\n136 Section 110‑5 (definition of CNG)\n\nRepeal the definition.\n\n137 Section 110‑5 (definition of core agricultural activity)\n\nRepeal the definition.\n\n138 Section 110‑5 (definition of covered by the Opt‑in Scheme)\n\nRepeal the definition.\n\n139 Section 110‑5 (definition of earthworks)\n\nRepeal the definition.\n\n140 Section 110‑5 (definition of fish)\n\nRepeal the definition.\n\n141 Section 110‑5 (definition of fishing operations)\n\nRepeal the definition.\n\n142 Section 110‑5 (definition of forestry)\n\nRepeal the definition.\n\n143 Section 110‑5 (definition of half‑year)\n\nRepeal the definition.\n\n144 Section 110‑5 (definition of horticulture)\n\nRepeal the definition.\n\n145 Section 110‑5 (definition of livestock)\n\nRepeal the definition.\n\n146 Section 110‑5 (definition of livestock activity)\n\nRepeal the definition.\n\n147 Section 110‑5 (definition of LNG)\n\nRepeal the definition.\n\n148 Section 110‑5 (definition of pearling operations)\n\nRepeal the definition.\n\n149 Section 110‑5 (definition of port)\n\nRepeal the definition.\n\n150 Section 110‑5 (definition of processing of fish)\n\nRepeal the definition.\n\n151 Section 110‑5 (definition of public authority)\n\nRepeal the definition.\n\n152 Section 110‑5 (definition of renewable diesel)\n\nRepeal the definition.\n\n153 Section 110‑5 (definition of sundry agricultural activity)\n\nRepeal the definition.\n\n154 Section 110‑5 (definition of taxable fuel)\n\nRepeal the definition, substitute:\n\n> taxable fuel means fuel in respect of which duty is payable under:\n\n (a) the Excise Act 1901 and the Excise Tariff Act 1921; or\n (b) the Customs Act 1901 and the Customs Tariff Act 1995;\n but does not include fuel covered by:\n (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921; or\n (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921, if the goods had been manufactured in Australia.\n\n> Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate.\n\nFuel Tax (Consequential and Transitional Provisions) Act 2006\n\n155 Subitem 12(2A) of Schedule 3\n\nRepeal the subitem.\n\nIncome Tax Assessment Act 1997\n\n156 Section 12‑5 (table item headed “clean energy”)\n\nRepeal the item.\n\n157 Section 26‑18\n\nRepeal the section.\n\n158 Section 104‑5 (table item relating to CGT event K1, column headed “Event number and description”)\n\nOmit “\\*carbon unit, an \\*international emissions unit”, substitute “\\*Kyoto unit”.\n\n159 Subparagraphs 104‑205(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n160 Subparagraph 104‑205(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n161 Subparagraph 104‑205(1)(a)(iv)\n\nOmit “an \\*international emissions unit”, substitute “a Kyoto unit”.\n\n162 Section 112‑97 (table item 18A, column headed “In this situation”)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n163 Subsection 118‑15(2)\n\nRepeal the subsection.\n\n164 Paragraph 420‑10(a)\n\nRepeal the paragraph.\n\n165 Paragraph 420‑10(c)\n\nRepeal the paragraph.\n\n166 Subsection 420‑15(1) (note)\n\nRepeal the note.\n\n167 Subsection 420‑15(3)\n\nRepeal the subsection.\n\n168 Subsection 420‑20(3)\n\nRepeal the subsection (not including the note), substitute:\n\n (3) This section does not apply to the issue of an \\*Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n169 Subparagraphs 420‑21(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n170 Subparagraph 420‑21(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n171 Subparagraph 420‑21(1)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n172 Subsection 420‑21(1) (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n173 Subparagraphs 420‑21(2)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n174 Subparagraph 420‑21(2)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n175 Subparagraph 420‑21(2)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n176 Subparagraph 420‑35(b)(i)\n\nRepeal the subparagraph.\n\n177 Subparagraph 420‑35(b)(ii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n178 Section 420‑35 (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n179 Section 420‑43\n\nRepeal the section.\n\n180 Subsection 420‑51(1)\n\nOmit “(1)”.\n\n181 Subsection 420‑51(2)\n\nRepeal the subsection.\n\n182 Subparagraph 420‑52(a)(i)\n\nRepeal the subparagraph.\n\n183 Paragraph 420‑52(b)\n\nRepeal the paragraph.\n\n184 Subsection 420‑55(6)\n\nRepeal the subsection.\n\n185 Subsection 420‑57(9)\n\nRepeal the subsection.\n\n186 Section 420‑58\n\nRepeal the section.\n\n187 Subsections 420‑60(1) and (2)\n\nRepeal the subsections.\n\n188 Subsection 420‑60(4)\n\nOmit all the words from and including “If a \\*registered” to and including “cost of the unit”, substitute “The cost of a \\*registered emissions unit (other than an \\*Australian carbon credit unit)”.\n\n189 Subsection 420‑65(3)\n\nRepeal the subsection.\n\n190 Subsection 420‑70(3)\n\nRepeal the subsection.\n\n191 Subsection 995‑1(1) (definition of carbon unit)\n\nRepeal the definition.\n\n192 Subsection 995‑1(1) (definition of free carbon unit)\n\nRepeal the definition.\n\n193 Subsection 995‑1(1) (definition of international emissions unit)\n\nRepeal the definition.\n\n194 Subsection 995‑1(1) (definition of prescribed international unit)\n\nRepeal the definition.\n\n195 Subsection 995‑1(1) (definition of vintage year)\n\nRepeal the definition.\n\nNational Greenhouse and Energy Reporting Act 2007\n\n196 Section 3 (heading)\n\nRepeal the heading, substitute:\n\n#### 3 Object\n\n197 Subsection 3(1)\n\nOmit “(1) The first object”, substitute “The object”.\n\n198 Subsection 3(2)\n\nRepeal the subsection.\n\n199 Subsection 4(1)\n\nOmit “(1) This Act (except to the extent to which it underpins the Clean Energy Act 2011)”, substitute “This Act”.\n\n200 Subsection 4(2)\n\nRepeal the subsection.\n\n201 Subsection 5(1)\n\nOmit “(1)”.\n\n202 Before subparagraph 5(1)(a)(ii)\n\nInsert:\n\n (i) greenhouse gas emissions; or\n\n203 Subsection 5(2)\n\nRepeal the subsection.\n\n204 Section 7 (definition of carbon dioxide equivalence)\n\nRepeal the definition, substitute:\n\n> carbon dioxide equivalence, of an amount of greenhouse gas, means the amount of the gas multiplied by a value specified in the regulations in relation to that kind of greenhouse gas.\n\n205 Section 7\n\nInsert:\n\n> designated financial year means:\n\n (a) the financial year beginning on 1 July 2012; or\n (b) a later financial year.\n\n206 Section 7 (definition of designated fuel)\n\nRepeal the definition.\n\n207 Section 7 (definition of eligible financial year)\n\nRepeal the definition.\n\n208 Section 7 (definition of emissions number)\n\nRepeal the definition.\n\n209 Section 7 (definition of financial control liability transfer certificate)\n\nRepeal the definition.\n\n210 Section 7 (definition of fixed charge year)\n\nRepeal the definition.\n\n211 Section 7 (definition of foreign country)\n\nRepeal the definition, substitute:\n\n> foreign country includes a region where:\n\n (a) the region is a colony, territory or protectorate of a foreign country; or\n (b) the region is part of a foreign country; or\n (c) the region is under the protection of a foreign country; or\n (d) a foreign country exercises jurisdiction or control over the region; or\n (e) a foreign country is responsible for the region’s international relations.\n\n212 Section 7\n\nInsert:\n\n> foreign corporation means a corporation that:\n\n (a) is incorporated outside Australia; or\n (b) is an authority of a foreign country.\n\n213 Section 7 (definition of foreign person)\n\nRepeal the definition.\n\n214 Section 7\n\nInsert:\n\n> group entity means a corporation that is a member of a controlling corporation’s group.\n\n215 Section 7 (definition of interim emissions number)\n\nRepeal the definition.\n\n216 Section 7 (definition of liable entity)\n\nRepeal the definition.\n\n217 Section 7 (definition of liquefied natural gas)\n\nRepeal the definition.\n\n218 Section 7 (definition of liquefied petroleum gas)\n\nRepeal the definition.\n\n218A Section 7 (definition of local governing body)\n\nRepeal the definition.\n\n219 Section 7 (definition of natural gas supplier)\n\nRepeal the definition.\n\n220 Section 7 (definition of non‑group entity)\n\nRepeal the definition.\n\n221 Section 7 (definition of operational control)\n\nOmit “11A, 11B or 11C”, substitute “11A or 11B”.\n\n222 Section 7 (definition of Opt‑in Scheme)\n\nRepeal the definition.\n\n223 Section 7 (definition of OTN)\n\nRepeal the definition.\n\n224 Section 7 (definition of person)\n\nRepeal the definition.\n\n225 Section 7 (definition of potential greenhouse gas emissions)\n\nRepeal the definition.\n\n226 Section 7 (definition of provisional emissions number)\n\nRepeal the definition.\n\n227 Section 7 (definition of supply)\n\nRepeal the definition.\n\n228 Section 7 (definition of taxable fuel)\n\nRepeal the definition.\n\n229 Section 7 (definition of trust)\n\nRepeal the definition.\n\n230 Section 7 (definition of trustee)\n\nRepeal the definition.\n\n231 Section 7 (definition of trust estate)\n\nRepeal the definition.\n\n232 Section 7 (definition of unit shortfall charge)\n\nRepeal the definition.\n\n233 Subsection 7A(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n234 Sections 7B and 7C\n\nRepeal the sections.\n\n235 Subsection 8(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n236 Subsection 9(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n237 Paragraph 9(1)(b)\n\nOmit “or 54A”.\n\n238 Section 10 (heading)\n\nRepeal the heading, substitute:\n\n#### 10 Emissions, energy production, energy consumption etc.\n\n239 Subsection 10(1)\n\nOmit “or the Clean Energy Act 2011”.\n\n240 Subsection 10(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n241 Subsections 10(4) to (9)\n\nRepeal the subsections.\n\n242 Subsection 11(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n243 Subsection 11(1)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n244 Paragraph 11(1)(b)\n\nOmit “or 55A”.\n\n245 Subsection 11(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n246 Subsection 11(3)\n\nOmit “person”, substitute “group entity”.\n\n247 Subsection 11(4)\n\nOmit “11A, 11B and 11C”, substitute “11A and 11B”.\n\n248 Section 11A (heading)\n\nRepeal the heading, substitute:\n\n#### 11A Operational control—group entity with greatest authority\n\n249 Subsection 11A(1)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n250 Paragraph 11A(1)(a)\n\nOmit “persons”, substitute “group entities”.\n\n251 Paragraph 11A(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n252 Paragraph 11A(1)(c)\n\nOmit “or 55A”.\n\n253 Subsection 11A(2)\n\nOmit “person”, substitute “group entity”.\n\n254 Subsection 11A(2)\n\nOmit “and the Clean Energy Act 2011”.\n\n255 Section 11B (heading)\n\nRepeal the heading, substitute:\n\n#### 11B Operational control—nominated group entity\n\n256 Paragraph 11B(1)(a)\n\nOmit “more persons”, substitute “more group entities”.\n\n257 Paragraph 11B(1)(a)\n\nOmit “relevant persons”, substitute “relevant group entities”.\n\n258 Paragraph 11B(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n259 Paragraph 11B(1)(c)\n\nOmit “or 55A”.\n\n260 Paragraph 11B(1)(d)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n261 Subsection 11B(2)\n\nOmit “persons”, substitute “group entities”.\n\n262 Subsection 11B(2)\n\nOmit “person”, substitute “group entity”.\n\n263 Paragraph 11B(4)(a)\n\nOmit “persons is a foreign person”, substitute “group entities is a foreign corporation”.\n\n264 Paragraph 11B(4)(b)\n\nOmit “persons is not a foreign person”, substitute “group entities is not a foreign corporation”.\n\n265 Subsection 11B(4)\n\nOmit “foreign person cannot”, substitute “foreign corporation cannot”.\n\n266 Paragraph 11B(5)(b)\n\nOmit “persons”, substitute “group entities”.\n\n267 Subsection 11B(7)\n\nRepeal the subsection.\n\n268 Subsection 11B(8)\n\nOmit “eligible financial year” (wherever occurring), substitute “designated financial year”.\n\n269 Subsection 11B(10)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n270 Paragraph 11B(15)(b)\n\nOmit “and”.\n\n271 Paragraph 11B(15)(c)\n\nRepeal the paragraph.\n\n272 Subsection 11B(15)\n\nOmit “person”, substitute “group entity”.\n\n273 Subsection 11B(16)\n\nRepeal the subsection.\n\n274 Paragraph 11B(17)(b)\n\nOmit “and”.\n\n275 Paragraph 11B(17)(c)\n\nRepeal the paragraph.\n\n276 Subsection 11B(17)\n\nOmit “persons”, substitute “group entities”.\n\n277 Subsections 11B(18) and (19)\n\nRepeal the subsections.\n\n278 Subsection 11B(21)\n\nRepeal the subsection, substitute:\n\n Exceptions\n (21) A group entity is not required to comply with subsection (20) if the question of who has operational control of the facility is not relevant (whether directly or indirectly) to a requirement under this Act.\n\n279 Subsection 11B(22)\n\nOmit “person”, substitute “group entity”.\n\n280 Subsection 11B(22)\n\nOmit “or 55A”.\n\n281 Section 11C\n\nRepeal the section.\n\n282 Paragraph 11D(1)(c)\n\nRepeal the paragraph.\n\n283 Paragraphs 11D(1)(e) and (f)\n\nRepeal the paragraphs, substitute:\n\n (e) at any time during the preceding 5 years, the person has breached a civil penalty provision of this Act; or\n (f) if the person is a body corporate—at any time during the preceding 5 years, an executive officer of the body corporate has breached a civil penalty provision of this Act; or\n\n284 Paragraphs 11D(1)(i) and (j)\n\nRepeal the paragraphs, substitute:\n\n (i) the person has been convicted of an offence against this Act; or\n (j) if the person is a body corporate—an executive officer of the body corporate has been convicted of an offence against this Act.\n\n285 Subdivision A of Division 1 of Part 2 (heading)\n\nRepeal the heading.\n\n286 Subsections 13(2) and (3)\n\nOmit “member of a controlling corporation’s group”, substitute “group entity”.\n\n287 Subsection 13(4)\n\nRepeal the subsection.\n\n288 Subdivision B of Division 1 of Part 2\n\nRepeal the Subdivision.\n\n289 Division 4 of Part 2\n\nRepeal the Division.\n\n290 Paragraph 18B(3)(b)\n\nRepeal the paragraph.\n\n291 Subsection 19(1) (note 4)\n\nRepeal the note.\n\n292 Subsection 19(4)\n\nRepeal the subsection.\n\n293 Paragraphs 22(1)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n294 Paragraphs 22(2)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n295 Parts 3A and 3D\n\nRepeal the Parts.\n\n296 Paragraph 22X(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a facility is under the operational control of a member (the responsible member) of a controlling corporation’s group during the whole or a part of a financial year; and\n\n297 Subsection 24(1AA)\n\nRepeal the subsection.\n\n298 Subsection 24(1AD)\n\nOmit “22E or”.\n\n299 Paragraph 24(1AE)(a)\n\nOmit “22E(2)(b) or”.\n\n300 Subsection 24(1H)\n\nOmit “22E or”.\n\n301 Subsection 24(1J)\n\nOmit “or financial control liability transfer certificate”.\n\n302 Subsection 24(8)\n\nOmit “22E or”.\n\n303 Subsection 25(1)\n\nOmit “22G, a person required to provide information under section 20, or a person required to provide a report under section 22A, 22AA, 22E or 22X”, substitute “22G or 22X, or a person required to provide information under section 20,”.\n\n304 Subsection 30(2A)\n\nOmit “11C, 15A, 15AA, 22A, 22AA, 22E, 22X, 74AA”, substitute “22X”.\n\n305 Section 54A\n\nRepeal the section.\n\n306 Section 55A\n\nRepeal the section.\n\n307 Paragraphs 56(aab), (aa), (ga) and (gb)\n\nRepeal the paragraphs.\n\n308 Paragraph 56(j)\n\nOmit “75A;”, substitute “75A.”\n\n309 Paragraphs 56(k) and (l)\n\nRepeal the paragraphs.\n\n310 Section 74AA\n\nRepeal the section.\n\n311 Subsection 74B(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if:\n (a) the person is the responsible member mentioned in subsection 22X(1); and\n (b) the person is not a registered corporation; and\n (c) the Regulator has reasonable grounds to suspect that the person has contravened, is contravening, or is proposing to contravene, this Act or the regulations.\n\n312 Subsection 74C(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if the person:\n (a) is the responsible member mentioned in subsection 22X(1); and\n (b) is not a registered corporation.\n\nOzone Protection and Synthetic Greenhouse Gas Management Act 1989\n\n313 Paragraphs 65C(1)(aa), (ab) and (ac)\n\nOmit “equal to the prescribed rate component of an amount of levy”.\n\n314 Subsections 65C(4), (5) and (6)\n\nRepeal the subsections.\n\n315 Sections 69AA to 69AD\n\nRepeal the sections.\n\nPetroleum Resource Rent Tax Assessment Act 1987\n\n316 Subparagraph 28(1)(b)(iii)\n\nOmit “expenditure;”, substitute “expenditure.”.\n\n317 Paragraph 28(1)(c)\n\nRepeal the paragraph.\n\n318 Paragraph 44(1)(ia)\n\nRepeal the paragraph.\n\nTaxation Administration Act 1953\n\n319 Subsection 355‑65(7) in Schedule 1 (table item 3)\n\nRepeal the item.\n\nPart 3—Application and transitional provisions\n\nDivision 1—Preliminary\n\n320 Objects\n\n(1) The main objects of this Part are:\n\n (a) to provide for the winding‑up of the carbon tax scheme; and\n (b) to ensure that carbon tax liabilities relating to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n can be administered, collected and recovered after the start of 1 July 2014; and\n (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and\n (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and\n (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013.\n\n(2) The other objects of this Part are:\n\n (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and\n (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and\n (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.\n\n321 Definitions\n\nIn this Part:\n\ndesignated carbon unit day has the meaning given by item 322.\n\nRegistry has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegistry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegulator means the Clean Energy Regulator.\n\n322 Designated carbon unit day\n\n(1) For the purposes of this Part, designated carbon unit day means:\n\n (a) 9 February 2015; or\n (b) if a later day is specified in an instrument under subitem (2)—that later day.\n\n(2) The Regulator may, by legislative instrument, specify a day for the purposes of paragraph (1)(b).\n\n(3) The Regulator must not make an instrument under subitem (2) unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.\n\nNote: Subsection 142(3) of the Clean Energy Act 2011 enables the Regulator to extend the 2 February 2015 surrender deadline. See also item 345A (deadlines of 1 February and 15 June).\n\nDivision 2—Provisions relating to the Clean Energy Act 2011 and associated charge Acts\n\n323 Winding‑up of the carbon tax scheme—recovery of liabilities attributable to pre‑1 July 2014 emissions etc.\n\n(1) Despite the repeal of the Clean Energy Act 2011 by this Schedule, that Act continues in force, subject to:\n\n (a) this Part; and\n (b) the modifications set out in the following table;\n\nas if that repeal had not happened.\n\n```html\n

Modifications of the Clean Energy Act 2011

Item

Provision

Modification

1

section 4

Omit the section.

2

section 5 (definitions of average carbon unit auction price, benchmark average auction charge, carbon pollution cap, carbon pollution cap number, designated limit, and designated limit percentage)

Omit the definitions.

3

section 5 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

4

section 5 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

5

section 5 (definitions of flexible charge year and per‑tonne carbon price equivalent)

Omit the definitions.

6

section 5 (definition of unit shortfall)

Omit “128, 129 or 133”, substitute “128 or 129”.

7

section 5 (definition of vintage year)

Omit “eligible”.

8

Part 2

Omit the Part.

9

subsections 26(2), 27(2) and 28(2)

Omit all the words after “is taken to be”, substitute “zero”.

10

Subdivision A of Division 4 of Part 3

The Regulator must not issue an OTN under the Subdivision on or after 1 July 2014.

11

sections 42 and 43

Omit the sections.

12

section 43A

The section ceases to have effect at the end of 30 June 2015.

13

subsection 45(3)

The subsection ceases to have effect at the end of 30 June 2015.

14

subsections 45(4) to (13)

The subsections cease to have effect at the start of 1 September 2014.

15

subsection 46(1)

The subsection has effect, on and after 1 September 2014, as if the words “(as it stood at a particular time before the start of 1 September 2014)” were inserted after “OTN Register”.

16

section 47

The section ceases to have effect at the start of 1 August 2014.

17

section 64B

Omit the section.

18

paragraph 64F(1)(b)

Omit the paragraph.

19

subsection 66(4)

The subsection ceases to have effect at the start of 1 August 2014.

20

section 70

The Regulator must not make a declaration under the section on or after 1 July 2014.

21

section 71A

Omit the section.

22

section 72

The Regulator must not give a notice under the section on or after 1 July 2014.

24

section 83

The Regulator must not issue a certificate under the section on or after 1 July 2014.

25

section 87

The Regulator must not issue a certificate under the section on or after 1 July 2014.

26

sections 89 and 90

Omit the sections.

27

section 93

Omit the section.

28

subsection 96(2)

Omit “eligible”.

29

section 97 (note)

Omit the note.

30

subsection 100(1) (table items 5, 6, 7, 8 and 9)

Omit the table items.

31

subsection 100(2)

Omit the subsection.

32

subsection 100(3) (heading)

Omit “1, 3 and 5”, substitute “1 and 3”.

33

subsection 100(3)

Omit “1, 3 or 5”, substitute “1 or 3”.

34

subsection 100(4) (heading)

Omit “2, 4, 6, 7, 8 and 9”, substitute “2 and 4”.

35

subsection 100(4)

Omit “2, 4, 6, 7, 8 or 9”, substitute “2 or 4”.

36

subsections 100(9), (14) and (15)

Omit the subsections.

37

sections 101 and 102

Omit the sections.

38

sections 108 and 109

Omit the sections.

39

section 114

Omit the section.

40

Division 1 of Part 6

Omit the Division.

41

subsection 122(1)

Omit “during an eligible financial year”.

42

subsections 122(3), (4), (5), (9) and (11)

Omit the subsections.

43

sections 123 and 123A

Omit the sections.

44

paragraph 128(7)(d)

Before “this Division”, insert “if the eligible financial year began on 1 July 2012—“.

45

Subdivision B of Division 3 of Part 6

Omit the Subdivision.

46

subsection 134(3)

Omit the subsection.

47

subsection 134A(3) (paragraph (b) of the definition of applicable amount for the financial year)

Omit the paragraph.

48

paragraphs 142(3)(c), (e) and (f)

Omit the paragraphs.

48A

section 144

Omit the section.

49

paragraph 145(5)(b)

Omit the paragraph.

50

paragraph 145(5)(c)

Omit the paragraph, substitute:

(c) the principle that changes should not have a negative effect on recipients of assistance under the Jobs and Competitiveness Program;

51

Division 5 of Part 7

Omit the Division.

52

section 160

Omit the section.

53

paragraphs 161(2)(b) and (c)

Omit the paragraphs.

54

subsection 161(3)

Omit the subsection.

55

subsection 161(4)

Omit “or (3)”.

56

subsection 161(5)

Omit “a later”, substitute “an”.

57

subsections 161(6), (7), (8) and (9)

Omit “or (3)”.

58

Part 9

The Part ceases to have effect at the end of 30 June 2015.

59

Division 3 of Part 9

Omit the Division.

60

sections 196 and 196A

Omit the sections.

61

subsections 197(3) to (6)

Omit the subsections.

62

section 199

After “each quarter”, insert “that ends on or before 31 March 2015”.

63

section 200

Omit the section.

64

subsection 212(2) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

65

subsection 212(3) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

66

Part 12

Omit the Part.

67

paragraphs 262(1)(ma), (r), (u) and (v) and 263(2)(g), (i) and (j)

Omit the paragraphs.

68

section 281 (table items 3, 4, 5, 7, 8, 11, 12, 13 and 16)

Omit the table items.

69

Part 22

Omit the Part.

70

subparagraph 295(d)(iii)

Omit the subparagraph.

71

subparagraph 295(e)(ii)

Omit the subparagraph.

72

subparagraph 295(i)(iii)

Omit the subparagraph.

73

sections 303A and 303B

Omit the sections.

\n```\n\nCarbon units with a vintage year beginning on or after 1 July 2014\n\n(2) The modification made by item 3 of the table in subitem (1) does not apply in relation to the issue of a carbon unit with a vintage year beginning on or after 1 July 2014, if the carbon unit was issued as a result of an auction conducted before 1 July 2014.\n\nReview of decisions\n\n(3) The modification of section 281 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a decision made before 1 July 2014.\n\nCivil penalty orders\n\n(4) The modification of section 262 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a contravention that occurred before 1 July 2014.\n\n324 Application—repeal of Charge Acts\n\nCharge for issue of carbon units for a fixed charge\n\n(1) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units in accordance with section 100 of the Clean Energy Act 2011:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n\ndoes not apply to the issue of carbon units with a vintage year beginning on 1 July 2012 or 1 July 2013.\n\nCharge for issue of carbon units as a result of an auction\n\n(2) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units as a result of an auction:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n\ndoes not apply to the issue of carbon units if the carbon units were issued as a result of an auction conducted before 1 July 2014.\n\nCharge on unit shortfall\n\n(3) The repeal by this Schedule of the following Acts, so far as they relate to a unit shortfall for a financial year:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011;\n\ndoes not apply to:\n\n (d) a unit shortfall for the financial year beginning on 1 July 2012; or\n (e) a unit shortfall for the financial year beginning on 1 July 2013.\n\n325 Issue of carbon units\n\nThe Regulator must not issue any carbon units after the start of the designated carbon unit day.\n\n327 Cancellation of carbon units—designated carbon unit day\n\nScope\n\n(1) This item applies if there was an entry for a carbon unit in a person’s Registry account at the start of the designated carbon unit day.\n\nCancellation of unit\n\n(2) The Regulator must cancel the unit.\n\n(3) The Regulator must remove the entry for the unit from the person’s Registry account.\n\n(4) The Registry must set out a record of each cancellation under subitem (2).\n\n328 Surrender of eligible Australian carbon credit units\n\n(1) If:\n\n (a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and\n (b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and\n (c) the person has a Registry account;\n\nthen:\n\n (d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:\n (i) during that period; and\n (ii) in relation to the financial year beginning on 1 July 2013;\n are restored units for the purposes of this item; and\n (e) a restored unit is taken never to have been surrendered or cancelled; and\n (f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.\n\n(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).\n\n(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.\n\n(4) A determination under paragraph (1)(d) is not a legislative instrument.\n\n329 Opt‑in Scheme\n\n(1) A reference in the Opt‑in Scheme to a financial year does not include a reference to a financial year beginning on or after 1 July 2014.\n\n(2) Regulations 3.48 and 3.50 of the Clean Energy Regulations 2011 cease to have effect at the end of 30 June 2014.\n\nDivision 3—Provisions relating to other Acts\n\n330 Transitional—A New Tax System (Goods and Services Tax) Act 1999\n\nDespite the amendments of the A New Tax System (Goods and Services Tax) Act 1999 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n331 Transitional—Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\nDespite the amendments of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n332 Transitional—Australian National Registry of Emissions Units Act 2011\n\nDespite the amendments of the Australian National Registry of Emissions Units Act 2011 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n333 Transitional—Clean Energy Regulator Act 2011\n\n(1) Despite the amendment of the definition of climate change law in section 4 of the Clean Energy Regulator Act 2011 made by this Schedule, that definition continues to apply, in relation to paragraph 12(a) and subsection 43(3) and section 44 of that Act, as if that amendment had not been made.\n\n(2) Each of the following:\n\n (a) this Act;\n (b) a legislative instrument under this Act;\n (c) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (d) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014;\n\nis taken to be a climate change law for the purposes of paragraph 12(a) and subsection 43(3) and section 44 of the Clean Energy Regulator Act 2011.\n\n334 Application—amendments of the Fuel Tax Act 2006\n\nThe amendments of the Fuel Tax Act 2006 made by this Schedule apply to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n335 Application—amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006\n\nThe amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 made by this Act applies to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n336 Application—amendments of the Income Tax Assessment Act 1997\n\n(1) The repeal of section 26‑18 of the Income Tax Assessment Act 1997 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n(2) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule (other than the amendment of section 12‑5 or the repeal of section 26‑18), that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n337 Transitional—National Greenhouse and Energy Reporting Act 2007\n\nGeneral\n\n(1) Despite the amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to the following matters:\n\n (a) determining the meaning of the following expressions, when used in the Clean Energy Act 2011:\n (i) carbon dioxide equivalence;\n (ii) facility;\n (iii) greenhouse gas;\n (iv) group;\n (v) member, when used in relation to a group;\n (vi) non‑group entity;\n (vii) operational control;\n (viii) potential greenhouse gas emissions;\n (ix) provisional emissions number;\n (x) scope 1 emission of greenhouse gas;\n (b) the matters mentioned in subsections 10(3) to (9) of the National Greenhouse and Energy Reporting Act 2007, so far as those matters are relevant to the Clean Energy Act 2011;\n (c) reports under section 22A, 22AA or 22E of the National Greenhouse and Energy Reporting Act 2007;\n (d) records under section 22B, 22C or 22F of the National Greenhouse and Energy Reporting Act 2007;\n (e) applications under section 15A or 15AA of the National Greenhouse and Energy Reporting Act 2007;\n (f) the registration of persons under section 18A of the National Greenhouse and Energy Reporting Act 2007;\n (g) the publication of information under section 24 of the National Greenhouse and Energy Reporting Act 2007, so far as the information relates to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n (h) audits under section 74AA of the National Greenhouse and Energy Reporting Act 2007;\n (i) audits under section 74B or 74C of the National Greenhouse and Energy Reporting Act 2007, so far as the audits relate to a person’s compliance with obligations under that Act (or regulations under that Act) in relation to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n\nas if:\n\n (j) the National Greenhouse and Energy Reporting Act 2007 were modified as set out in the following table; and\n (k) those amendments had not been made; and\n (l) subitem (6) had not been enacted.\n\n```html\n

Modifications of the National Greenhouse and Energy Reporting Act 2007

Item

Provision

Modification

1

section 7 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

2

section 7 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

\n```\n\nThresholds\n\n(2) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they are relevant to determining whether a controlling corporation’s group meets a threshold under section 13 of that Act for a financial year, apply in relation to a threshold for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nReports\n\n(3) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 19 of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\n(4) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 22G or 22X of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nUnsatisfactory compliance record\n\n(5) Despite the amendments of section 11D of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to:\n\n (a) unpaid unit shortfall charge; and\n (b) a breach of a civil penalty provision of:\n (ii) the Clean Energy Act 2011; or\n (iii) a determination under section 113 of the Clean Energy Act 2011; and\n (c) a conviction of an offence against the Clean Energy Act 2011;\n\nas if those amendments had not been made.\n\nRegulations—carbon dioxide equivalence\n\n(6) If, immediately before the commencement of this item, regulations were in force for the purposes of paragraph (a) of the definition of carbon dioxide equivalence in section 7 of the National Greenhouse and Energy Reporting Act 2007, the regulations have effect, after that commencement, as if they had been made for the purposes of the definition of carbon dioxide equivalence in section 7 of that Act as amended by this Schedule.\n\nDeregistration—section 18A registrations\n\n(7) If:\n\n (a) a person was registered under the National Greenhouse and Energy Reporting Act 2007 because of the operation of section 18A of that Act; and\n (b) the person is registered under that Act as at the start of 1 July 2014;\n\nthe Regulator must remove the person’s name from the Register.\n\n338 Transitional—Ozone Protection and Synthetic Greenhouse Gas Management Act 1989\n\nAmounts to be credited to the Ozone Protection and SGG Account\n\n(1) Despite the amendments of section 65C of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 made by this Schedule, that section continues to apply, in relation to levy for a quarter ending before 1 July 2014, as if those amendments had not been made.\n\nRemission or refund of levy for a quarter ending before 1 July 2014\n\n(2) Despite the repeal of sections 69AA to 69AD of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 by this Schedule, those sections continue to apply, in relation to levy for a quarter ending before 1 July 2014, as if:\n\n (a) that Act provided that an application under section 69AA, 69AB or 69AC of that Act must be made before 1 January 2016; and\n (b) that repeal had not happened.\n\n339 Transitional—Petroleum Resource Rent Tax Assessment Act 1987\n\n(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n340 Transitional—Taxation Administration Act 1953\n\nDespite the amendment of the Taxation Administration Act 1953 made by this Schedule, that Act continues to apply, in relation to records or disclosures made for the purpose of:\n\n (a) the verification from the Regulator of information provided to the Commissioner under or for the purposes of the Fuel Tax Act 2006 so far as that Act applies to taxable fuel acquired, manufactured or imported before 1 July 2014; or\n (b) administering the Clean Energy Act 2011 or the associated provisions (within the meaning of that Act);\n\nas if that amendment had not been made.\n\nDivision 4—Miscellaneous\n\n342 Transitional rules\n\nThe Minister may, by legislative instrument, make rules in relation to transitional matters arising out of the amendments and repeals made by this Schedule.\n\nDivision 5—Transitional provisions commencing on Royal Assent\n\n343 Auctions of carbon units\n\n(1) The Regulator must not conduct an auction of carbon units after the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014.\n\n(2) Any determination under subsection 113(1) of the Clean Energy Act 2011 ceases to have effect at the end of the day (the relevant day) that is the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014;\n\nexcept to the extent to which the determination relates to auctions conducted on or before the relevant day.\n\n343A Carbon units issued as a result of an auction conducted by the Regulator\n\n(1) If:\n\n (a) a carbon unit was issued as a result of an auction conducted by the Regulator; and\n (b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;\n\nthe Regulator must:\n\n (c) cancel the unit; and\n (d) remove the entry for the unit from the person’s Registry account; and\n (e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.\n\n(2) The Registry must set out a record of each cancellation under paragraph (1)(c).\n\n(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.\n\n(4) In this item:\n\nbusiness day means a day that is not:\n\n (a) a Saturday; or\n (b) a Sunday; or\n (c) a public holiday in the Australian Capital Territory.\n\n344 Carbon pollution cap regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if section 16 of that Act had not been enacted.\n\n345 Fixed charge regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if subsections 100(14) and (15) of that Act had not been enacted.\n\n345A Deadlines of 1 February and 15 June\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the following definitions were inserted in section 5 of that Act:\n\n> 15 June means:\n\n (a) if the 15 June concerned is a business day—that 15 June; or\n (b) if the 15 June concerned is not a business day—the first business day after that 15 June.\n\n> 1 February means:\n\n (a) if the 1 February concerned is a business day—that 1 February; or\n (b) if the 1 February concerned is not a business day—the first business day after that 1 February.\n\n345B Surplus and estimation error adjustment number\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the formula in subsection 131(3) of that Act were omitted and the following formula substituted:![Start formula Total estimation error numbers plus Provisional surplus surrender number end formula](image.002.png)\n\n345C Definitions\n\nIf this Division commences before 1 July 2014, this Division has effect as if item 321 (definitions) had commenced at the same time as this Division commences.\n\n345D Compensation for acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\nPart 4—Jobs and Competitiveness Program\n\nDivision 1—Preliminary\n\n346 Definitions\n\n(1) In this Part:\n\nlevy means levy imposed by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\nover‑allocation of free carbon units has the meaning given by item 354.\n\nrules means rules made under item 359.\n\ntrue‑up shortfall has the meaning given by item 355.\n\nunder‑allocation of free carbon units has the meaning given by item 352.\n\n(2) An expression used in this Part and in the Clean Energy Act 2011 has the same meaning in this Part as in that Act.\n\n347 Crown to be bound\n\nThis Part binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.\n\n348 Extension to external Territories\n\nThis Part extends to every external Territory.\n\n349 Extension to exclusive economic zone and continental shelf\n\nThis Part extends to Australia’s exclusive economic zone and continental shelf.\n\n350 Extension to Joint Petroleum Development Area\n\nThis Part extends to the Joint Petroleum Development Area.\n\nDivision 2—Reporting requirements\n\n351 Reporting requirements\n\nReport\n\n(1) The rules may make provision for and in relation to requiring a designated person to give a written report to the Regulator for the purposes of this Part.\n\nDesignated person\n\n(2) For the purposes of this item, a person is a designated person if free carbon units with a vintage year beginning on 1 July 2013 are or were issued to the person in accordance with the Jobs and Competitiveness Program.\n\nCompliance with reporting requirements\n\n(3) Subsection 151(1) of the Clean Energy Act 2011 has effect as if a requirement under rules made for the purposes of subitem (1) were a requirement under the Jobs and Competitiveness Program.\n\nDivision 3—Issue of additional free carbon units\n\n352 Under‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an under‑allocation of free carbon units; and\n (d) the number of units in that under‑allocation is equal to the number ascertained in accordance with the rules.\n\n353 Issue of additional free carbon units\n\n(1) If:\n\n (a) a person has an under‑allocation of free carbon units; and\n (b) the person has a Registry account;\n\nthe Regulator must:\n\n (c) issue to the person, under section 94 of the Clean Energy Act 2011, a number of free carbon units equal to the number of units in the under‑allocation; and\n (d) do so within the period ascertained in accordance with the rules.\n\n(2) Free carbon units issued in accordance with subitem (1):\n\n (a) are to have a vintage year beginning on 1 July 2013; and\n (b) are taken (except for the purposes of this Part) to have been issued in accordance with the Jobs and Competitiveness Program.\n\nDivision 4—True‑up shortfalls\n\n354 Over‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an over‑allocation of free carbon units; and\n (d) the number of units in that over‑allocation is equal to the number ascertained in accordance with the rules.\n\n355 True‑up shortfall\n\n(1) For the purposes of this Part, if:\n\n (a) a person has an over‑allocation of free carbon units; and\n (b) the number worked out using the formula in subitem (2) exceeds zero;\n\nthen:\n\n (c) the person has a true‑up shortfall; and\n (d) the number of units in that shortfall is equal to the number worked out using that formula.\n\nNote: Levy is imposed on a true‑up shortfall by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n(2) The formula is as follows:\n\n![Start formula Number of units in the over-allocation minus Number of units relinquished end formula](image.003.png)\n\nwhere:\n\nnumber of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.\n\nDivision 5—Collection of levy\n\n356 When levy is due and payable\n\nLevy imposed on a true‑up shortfall of a person is due and payable at the end of the period ascertained in accordance with the rules.\n\n357 Late payment penalty\n\n(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:\n\n (a) 20% per annum; or\n (b) if a lower percentage is specified in the rules—that lower percentage per annum;\n\non the amount unpaid, computed from that time.\n\nPower to remit\n\n(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).\n\n(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.\n\n358 Recovery of levy and late payment penalty\n\nScope\n\n(1) This item applies to the following amounts:\n\n (a) an amount of levy;\n (b) an amount payable under item 357.\n\nRecovery\n\n(2) The amount:\n\n (a) is a debt due to the Commonwealth; and\n (b) may be recovered by the Regulator, on behalf of the Commonwealth, by action in a court of competent jurisdiction.\n\nDivision 6—Miscellaneous\n\n358A Associated provisions\n\nA reference in the Clean Energy Act 2011 (other than section 307) to the associated provisions includes a reference to:\n\n (a) the provisions of this Part; and\n (b) the provisions of the rules; and\n (c) the provisions of the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014; and\n (d) the provisions of the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n359 Rules\n\n(1) The Minister may, by legislative instrument, make rules prescribing matters:\n\n (a) required or permitted by this Part to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.\n\n(2) Conditions specified in rules made for the purposes of paragraph 352(b) or 354(b) may relate to events or things that occurred, or circumstances that existed, before the rules were registered under the Legislation Act 2003.\n\n(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the rules.\n\nSchedule 2—Carbon tax price reduction obligation\n\nCompetition and Consumer Act 2010\n\n1 After paragraph 2B(1)(a)\n\nInsert:\n\n (aa) Part V;\n\n2 After subparagraph 6(2)(b)(i)\n\nInsert:\n\n (ia) Part V (other than Division 5);\n\n3 After Part IVB\n\nInsert:\n\n## Part V—Carbon tax price reduction obligation\n\n### Division 1—Preliminary\n\n#### 60 Simplified outline of this Part\n\n• An entity must not engage in price exploitation in relation to the carbon tax repeal.\n\n• The Commission may monitor prices in relation to the carbon tax repeal and the carbon tax scheme.\n\n• An entity must not make false or misleading representations about the effect of the carbon tax repeal, or the carbon tax scheme, on the price for the supply of goods or services.\n\n• An entity that sells electricity or natural gas, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas, will be required to explain and substantiate:\n\n(a) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n\n(b) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n• An entity that sells electricity or natural gas to customers, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas to customers, must:\n\n(a) give a carbon tax removal substantiation statement to the Commission; and\n\n(b) include in the statement the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, attributable to the carbon tax repeal and that have been, are being, or will be, passed on to customers during the financial year that began on 1 July 2014; and\n\n(c) provide information with the statement that substantiates such an estimate; and\n\n(d) in a case where the entity sells electricity or natural gas to customers—communicate to customers a statement that identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings to customers that are for the financial year that began on 1 July 2014.\n\n• Infringement notices may be issued for certain contraventions of this Part.\n\n#### 60AA Objects etc.\n\n (1) The main objects of this Part are:\n (a) to deter price exploitation in relation to the carbon tax repeal at each point in the supply chain for regulated goods; and\n (b) to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods.\n (2) The intention of the Parliament in enacting this Part is to ensure that all cost savings attributable to the carbon tax repeal are passed on to consumers of regulated goods through lower prices.\n\n#### 60A Definitions\n\n In this Part:\n\n> applicable compliance period, for a carbon tax removal substantiation notice, has the meaning given by subsection 60FC(2).\n\n> bulk SGG importer means an entity that:\n\n (a) holds a controlled substances licence under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 that allows the entity to import synthetic greenhouse gases; and\n (b) supplies synthetic greenhouse gas to SGG customers.\n\n> carbon charge component of levy means so much of the amount of the levy as is calculated by multiplying the number of tonnes of carbon dioxide equivalence by a per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit.\n\n> carbon tax removal substantiation notice has the meaning given by subsection 60FA(3).\n\n> carbon tax removal substantiation statement has the meaning given by subsection 60FD(3).\n\n> carbon tax repeal means:\n\n (a) the repeal of the following Acts by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Clean Energy Act 2011;\n (ii) the Clean Energy (Charges—Customs) Act 2011;\n (iii) the Clean Energy (Charges—Excise) Act 2011;\n (iv) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n (v) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n (vi) the Clean Energy (Unit Shortfall Charge—General) Act 2011; and\n (b) the amendments of the following Acts made by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Fuel Tax Act 2006;\n (ii) the Fuel Tax (Consequential and Transitional Provisions) Act 2006; and\n (c) the amendments made by the following Acts:\n (i) the Customs Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (ii) the Excise Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (iii) the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Act 2014;\n (iv) the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Carbon Tax Repeal) Act 2014.\n\n> carbon tax repeal transition period means the period:\n\n (a) beginning at the start of 1 July 2014; and\n (b) ending at the end of 30 June 2015.\n\n> carbon tax scheme means the scheme embodied in the following:\n\n (a) the Clean Energy Act 2011, as in force at the start of 1 January 2014;\n (b) the associated provisions (within the meaning of that Act as in force at that time);\n (c) the following provisions of the Fuel Tax Act 2006, as in force at the start of 1 January 2014:\n (i) Division 42A;\n (ii) section 43‑5, so far as that section relates to a carbon reduction;\n (iii) section 43‑8;\n (iv) section 43‑11;\n (d) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (e) section 4A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (f) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (g) sections 6FA, 6FB and 6FC of the Excise Tariff Act 1921, as in force at the start of 1 January 2014;\n (h) section 19A of the Customs Tariff Act 1995, as in force at the start of 1 January 2014.\n\n> electricity customer means an entity that purchases electricity.\n\n> electricity retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells electricity to electricity customers; or\n (b) an entity who is a retailer within the meaning of the Electricity Industry Act 2000 (Vic.); or\n (c) an entity who is a retail entity within the meaning of the Electricity Act 1994 (Qld); or\n (d) an entity who:\n (i) holds a retail licence within the meaning of the Electricity Industry Act 2004 (WA); or\n (ii) holds an integrated regional licence within the meaning of the Electricity Industry Act 2004 (WA) that authorises the entity to sell electricity; or\n (e) an entity who is an electricity entity within the meaning of the Electricity Reform Act (NT) and whose licence under that Act authorises the entity to sell electricity; or\n (f) any other entity who produces electricity in Australia.\n\n> engages in price exploitation in relation to the carbon tax repeal: see section 60C.\n\n> entity means any of the following:\n\n (a) a corporation (as defined by section 4);\n (b) an individual;\n (c) a body corporate;\n (d) a corporation sole;\n (e) a body politic;\n (f) a partnership;\n (g) any other unincorporated association or body of entities;\n (h) a trust;\n (i) any party or entity which can or does buy or sell electricity, natural gas or synthetic greenhouse gas.\n\n> infringement notice means an infringement notice issued under subsection 60L(1).\n\n> infringement notice compliance period: see section 60P.\n\n> infringement notice provision means section 60C or 60K.\n\n> listed corporation has the meaning given by section 9 of the Corporations Act 2001.\n\n> National Energy Retail Law means the National Energy Retail Law set out in the Schedule to the National Energy Retail Law (South Australia) Act 2011 (SA).\n\n> natural gas has the same meaning as in the National Gas (Commonwealth) Law (as defined by the Australian Energy Market Act 2004).\n\n> natural gas customer means an entity that purchases natural gas.\n\n> natural gas retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells natural gas to natural gas customers; or\n (b) an entity who is a gas retailer within the meaning of the Gas Industry Act 2001 (Vic.); or\n (c) an entity who is a retailer within the meaning of the Gas Supply Act 2003 (Qld); or\n (d) an entity who holds a trading licence under the Energy Coordination Act 1994 (WA); or\n (e) an entity who holds a licence under the Gas Act 2000 (Tas.) to sell gas by retail.\n\n> price, in relation to a supply, includes:\n\n (a) a charge of any description for the supply; and\n (b) any pecuniary or other benefit, whether direct or indirect, received or to be received by a person for or in connection with the supply.\n\n> regulated goods: see section 60B.\n\n> regulated supply means a supply that:\n\n (a) occurs during the carbon tax repeal transition period; and\n (b) is of regulated goods.\n\n> regulated supply input costs of an entity means the entity’s input costs in relation to the making by the entity of regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n> Royal Assent day means the day on which the Act that inserted this Part receives the Royal Assent.\n\n> SGG customer means an entity that purchases synthetic greenhouse gas.\n\n> SGG equipment has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n> synthetic greenhouse gas has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n#### 60B Regulated goods\n\n (1) For the purposes of this Part, regulated goods means:\n (a) natural gas; or\n (b) electricity; or\n (c) synthetic greenhouse gas; or\n (d) SGG equipment; or\n (e) other goods of a kind specified in a legislative instrument under subsection (2).\n (2) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (1)(e).\n\n### Division 2—Carbon tax price reduction obligation\n\n#### 60C Price exploitation in relation to the carbon tax repeal\n\n (1) An entity must not engage in price exploitation in relation to the carbon tax repeal.\n (2) For the purposes of this Part, an entity engages in price exploitation in relation to the carbon tax repeal if, and only if:\n (a) it makes a regulated supply; and\n (b) the price for the supply does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal.\n (3) For the purposes of this Part, in determining whether the price for a supply made by an entity does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal, have regard to the following matters:\n (a) the entity’s cost savings that are directly or indirectly attributable to the carbon tax repeal;\n (b) how the cost savings mentioned in paragraph (a) can reasonably be attributed to the different supplies that the entity makes;\n (c) the entity’s costs;\n (d) any other relevant matter that may reasonably influence the price.\n\n#### 60CA Failure to pass on cost savings—250% penalty\n\n (1) If:\n (a) either:\n (i) an entity contravenes subsection 60C(1) in relation to a particular supply of electricity or natural gas; or\n (ii) an entity that is a bulk SGG importer contravenes subsection 60C(1) in relation to a particular supply of synthetic greenhouse gas; and\n (b) the contravention involved a failure to pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal;\n there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount equal to 250% of those cost savings that were not passed through.\n When penalty becomes due and payable\n (2) An amount payable by an entity under subsection (1) is due and payable on 1 July 2015.\n Late payment penalty\n (3) If an amount payable by an entity under subsection (1) remains unpaid after the time when it became due for payment, there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount calculated at the rate of 6% per annum on the amount unpaid, computed from that time.\n Recovery of penalties\n (4) An amount payable by an entity under subsection (1) or (3):\n (a) is a debt due to the Commonwealth; and\n (b) shall be recovered by the Commission, on behalf of the Commonwealth, by action in a court of competent jurisdiction, unless the cost of doing so exceeds the amount.\n Report to Parliament\n (5) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of penalties payable by entities.\n\n#### 60D Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that the entity has engaged in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) identify:\n (i) the entity that made the supply; and\n (ii) the kind of supply made; and\n (iii) the circumstances in which the supply was made; and\n (c) state that, in the Commission’s opinion, the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (3) In any proceedings:\n (aa) under section 60CA; or\n (a) under section 76 for a pecuniary penalty order relating to section 60C; or\n (b) under section 80 for an injunction relating to section 60C; or\n (c) under section 80A, 82, 86C, 86D or 87 for an order relating to section 60C;\n the notice is prima facie evidence that the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (4) The Commission may vary or revoke the notice on its own initiative or on application made by the entity. The Commission must give the entity written notice of the variation or revocation.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60E Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that doing so will aid the prevention of the entity engaging in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) be expressed to relate to any supply that the entity makes that is:\n (i) of a kind specified in the notice; and\n (ii) made in circumstances specified in the notice; and\n (iii) made during the period specified in the notice (which must not be a period ending after the end of the carbon tax repeal transition period); and\n (c) specify the maximum price that, in the Commission’s opinion, may be charged for a supply to which the notice is expressed to relate.\n (3) The Commission may, on its own initiative or on application made by the entity:\n (a) vary the notice to:\n (i) change the period specified as required by subparagraph (2)(b)(iii); or\n (ii) change the price specified in the notice as required by paragraph (2)(c); or\n (b) revoke the notice.\n The Commission must give the entity written notice of the variation or revocation.\n (4) The Commission may publish the notice, or particulars of any variation or revocation of the notice, in such manner as the Commission considers appropriate.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60F Acquisition of property\n\n Scope\n (1) This section applies to the following provisions of this Act:\n (a) section 60C;\n (b) any other provision to the extent to which it relates to section 60C.\n Effect of provision\n (2) The provision has no effect to the extent (if any) to which its operation would result in the acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph).\n\n### Division 2A—Carbon tax removal substantiation notices\n\n#### 60FA Carbon tax removal substantiation notices\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation notice\n (2) The Commission must, within 30 days after the Royal Assent day, by written notice given to the entity, require the entity:\n (a) to give to the Commission, within the period specified in the notice, a written statement that explains:\n (i) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n (ii) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas; and\n (b) to do either or both of the following:\n (i) give to the Commission, within the period and in the manner and form specified in the notice, information that substantiates the explanation set out in the statement;\n (ii) produce to the Commission, within the period and in the manner specified in the notice, documents that substantiate the explanation set out in the statement.\n (3) A notice under subsection (2) is to be known as a carbon tax removal substantiation notice.\n (4) A period specified in a carbon tax removal substantiation notice must be 21 days after the notice is given.\n (5) A carbon tax removal substantiation notice must explain the effect of:\n (a) section 60FB; and\n (b) section 60FC; and\n (c) sections 137.1 and 137.2 of the Criminal Code.\n Section does not limit section 60H\n (6) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (7) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60FB Extending periods for complying with carbon tax removal substantiation notices\n\n (1) An entity that has been given a carbon tax removal substantiation notice may, at any time within 14 days after the notice was given to the entity by the Commission, apply in writing to the Commission for an extension of the period for complying with the notice.\n (2) The Commission may, by written notice given to the entity, extend the period within which the entity must comply with the notice, so long as the extension is for a period of not more than 28 days.\n\n#### 60FC Compliance with carbon tax removal substantiation notices\n\n (1) An entity that is given a carbon tax removal substantiation notice must comply with it within the applicable compliance period for the notice.\n (2) The applicable compliance period for a carbon tax removal substantiation notice is:\n (a) the period of 21 days specified in the notice; or\n (b) if the period for complying with the notice has been extended under section 60FB—the period as so extended;\n and includes (if an application has been made under section 60FB for an extension of the period for complying with the notice) the period up until the time when the applicant is given notice of the Commission’s decision on the application.\n (3) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (1); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 200 penalty units.\n\n (4) Subsection (3) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (5) If subsection (3) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (3) of this section has effect, in relation to the individual, as if the reference to 200 penalty units were a reference to 40 penalty units.\n (6) If subsection (1) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving information or producing a document in accordance with a carbon tax removal substantiation notice on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 2B—Carbon tax removal substantiation statements\n\n#### 60FD Carbon tax removal substantiation statements\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation statement\n (2) Within 30 days after the Royal Assent day, the entity must give to the Commission:\n (a) a written statement that sets out:\n (i) if the entity has electricity customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and\n (ii) if the entity has natural gas customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and\n (iii) if the entity has SGG customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and\n (b) information that substantiates the estimate or estimates set out in the statement.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n (3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement.\n (4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity’s website, in a way that is readily accessible by the public, until the end of 30 June 2015.\n Compliance\n (5) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (4); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 500 penalty units.\n\n (6) Subsection (5) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.\n (8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60H\n (9) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (10) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n Report to Parliament\n (11) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of compliance by all entities.\n\n### Division 2C—Statements for customers\n\n#### 60FE Statements for customers\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers.\n Preparation of statement\n (2) Within 30 days after the Royal Assent day, the entity must prepare a statement that:\n (a) if the entity has electricity customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014; and\n (b) if the entity has natural gas customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014.\n Communication of contents of statement to customers\n (3) During the period:\n (a) beginning 30 days after the Royal Assent day; and\n (b) ending 60 days after the Royal Assent day;\n the entity must ensure that the contents of the statement prepared by it under subsection (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n Compliance\n (4) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (3); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 400 penalty units.\n\n (5) Subsection (4) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (6) If subsection (4) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.\n (7) If subsection (2) or (3) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from:\n (a) preparing a statement under subsection (2) of this section; or\n (b) communicating the contents of a statement under subsection (3) of this section;\n on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 3—Price monitoring in relation to the carbon tax repeal etc.\n\n#### 60G Commission may monitor prices in relation to the carbon tax repeal etc.\n\n Price monitoring—carbon tax repeal transition period\n (1) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged by entities for supplies, in the carbon tax repeal transition period, of relevant goods.\n\n> Note: For relevant goods, see subsection (11).\n\n (2) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of relevant goods by entities.\n\n> Note: For relevant goods, see subsection (11).\n\n (3) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n (4) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n Price monitoring—price exploitation\n (5) The Commission may monitor prices to assist the Commission’s consideration of whether an entity has engaged, is engaging, or may in the future engage, in price exploitation in relation to the carbon tax repeal.\n Price monitoring—pre‑repeal transition period\n (6) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged by entities for supplies, in the pre‑repeal transition period, of relevant goods.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (7) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of relevant goods by entities.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (8) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n (9) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n Section does not limit Part VIIA\n (10) This section does not limit Part VIIA (which is about prices surveillance).\n Relevant goods\n (11) For the purposes of this section, the following are relevant goods:\n (a) regulated goods;\n (b) other goods of a kind specified in a legislative instrument under subsection (12).\n (12) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (11)(b).\n Pre‑repeal transition period\n (13) For the purposes of this section, pre‑repeal transition period means the period:\n (a) beginning at the commencement of this section; and\n (b) ending at the end of 30 June 2014.\n\n#### 60H Information‑gathering powers\n\n (1) A member of the Commission may, by written notice given to a person, require the person:\n (a) to give the Commission specified information in writing signed by:\n (i) the person; or\n (ii) if the person is a body corporate—a competent officer of the body corporate; or\n (b) to produce to the Commission specified documents;\n if:\n (c) the information, or information contained in the documents, relates to prices or the setting of prices; and\n (d) the member reasonably believes that the information, or information contained in the documents, will or may be useful to the Commission in monitoring prices as mentioned in any of subsections 60G(1) to (9).\n\n> Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.\n\n (2) Information or documents that may be required under subsection (1) may relate to prices, or the setting of prices:\n (a) before or after the carbon tax repeal; and\n (b) before or after the start of the carbon tax repeal transition period; and\n (c) in a situation, or during a period, specified in the notice.\n (3) Subsection (2) does not limit subsection (1).\n (4) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (1); and\n (b) the person is capable of complying with the requirement; and\n (c) the person omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 20 penalty units.\n\n (5) An individual is excused from giving information or producing a document in accordance with a requirement under subsection (1) on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60FA\n (5A) This section does not limit section 60FA (which is about carbon tax removal substantiation notices).\n Section does not limit section 155\n (6) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60J Reporting\n\n (1) The Commission must, within 28 days after the end of each quarter, give the Minister a written report about the operations of the Commission under this Part during the quarter.\n (2) A report under subsection (1) must include particulars of:\n (a) all notices given under section 60E during the quarter; and\n (b) all variations or revocations during the quarter of notices given under section 60E.\n (3) Subsection (2) does not limit subsection (1).\n (4) For the purposes of this section, a quarter is a period of 3 months:\n (a) that occurs wholly or partly during the carbon tax repeal transition period; and\n (b) that starts on any of the following days in a year:\n (i) 1 January;\n (ii) 1 April;\n (iii) 1 July;\n (iv) 1 October.\n (5) As soon as practicable after the Minister receives a report under subsection (1), the Minister must make the report public by such means as the Minister considers appropriate.\n (6) If this section commences during a quarter (but not on the first day of a quarter):\n (a) no report is to be made at the end of the quarter; but\n (b) the report made at the end of the next quarter is also to include the information required by subsections (1) and (2) in relation to the previous quarter.\n\n### Division 4—False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n#### 60K False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n An entity must not, in trade or commerce, in connection with:\n (a) the supply or possible supply of goods or services; or\n (b) the promotion by any means of the supply or use of goods or services;\n make a false or misleading representation, during the carbon tax repeal transition period, concerning the effect of:\n (c) the carbon tax repeal or a part of the carbon tax repeal; or\n (d) the carbon tax scheme or a part of the carbon tax scheme;\n on the price for the supply of the goods or services.\n\n### Division 5—Infringement notices\n\n#### 60L Issuing an infringement notice\n\n Issuing an infringement notice\n (1) If the Commission has reasonable grounds to believe that a person has contravened an infringement notice provision, the Commission may issue an infringement notice to the person.\n (2) The Commission must not issue more than one infringement notice to the person for the same alleged contravention of the infringement notice provision.\n (3) The infringement notice does not have any effect if the notice:\n (a) is issued more than 12 months after the day on which the contravention of the infringement notice provision is alleged to have occurred; or\n (b) relates to more than one alleged contravention of an infringement notice provision by the person.\n Matters to be included in an infringement notice\n (4) An infringement notice must:\n (a) be identified by a unique number; and\n (b) state the day on which it is issued; and\n (c) state the name and address of the person to whom it is issued; and\n (d) identify the Commission; and\n (e) state how the Commission may be contacted; and\n (f) give details of the alleged contravention by the person, including:\n (i) the date of the alleged contravention; and\n (ii) the particular infringement notice provision that was allegedly contravened; and\n (g) state the maximum pecuniary penalty that the court could order the person to pay under section 76 for the alleged contravention; and\n (h) specify the penalty that is payable in relation to the alleged contravention; and\n (i) state that the penalty is payable within the infringement notice compliance period for the notice; and\n (j) state that the penalty is payable to the Commission on behalf of the Commonwealth; and\n (k) explain how payment of the penalty is to be made; and\n (l) explain the effect of sections 60M, 60N, 60P and 60Q.\n Amount of penalty\n (5) The penalty to be specified in an infringement notice that is to be issued to a person in relation to an alleged contravention of an infringement notice provision must be:\n (a) if the person is a listed corporation—600 penalty units; or\n (b) if the person is a body corporate other than a listed corporation—60 penalty units; or\n (c) if the person is not a body corporate—12 penalty units.\n\n#### 60M Effect of compliance with an infringement notice\n\n Scope\n (1) This section applies if:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person pays the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q.\n Effect\n (2) The person is not, merely because of the payment, regarded as:\n (a) having contravened the infringement notice provision; or\n (b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the infringement notice provision.\n (3) No proceedings (whether criminal or civil) may be started or continued against the person, by or on behalf of the Commonwealth, in relation to:\n (a) the alleged contravention of the infringement notice provision; or\n (b) an offence constituted by the same conduct that constituted the alleged contravention.\n\n#### 60N Effect of failure to comply with an infringement notice\n\n If:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person fails to pay the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q;\n the person is liable to proceedings under Part VI in relation to the alleged contravention of the infringement notice provision.\n\n#### 60P Infringement notice compliance period for infringement notice\n\n (1) The infringement notice compliance period for an infringement notice is the period of 28 days beginning on the day after the day on which the infringement notice is issued by the Commission.\n (2) Subsection (1) has effect subject to subsection (7).\n (3) The Commission may extend, by notice in writing, the infringement notice compliance period for the notice if the Commission is satisfied that it is appropriate to do so.\n (4) Only one extension may be given, and the extension must not be for longer than 28 days.\n (5) Notice of the extension must be given to the person who was issued the infringement notice.\n (6) A failure to comply with subsection (5) does not affect the validity of the extension.\n (7) If the Commission extends the infringement notice compliance period for an infringement notice, a reference in this Division to the infringement notice compliance period for an infringement notice is taken to be a reference to the infringement notice compliance period as so extended.\n\n#### 60Q Withdrawal of an infringement notice\n\n Representations to the Commission\n (1) A person to whom an infringement notice has been issued for an alleged contravention of an infringement notice provision may make written representations to the Commission seeking the withdrawal of the infringement notice.\n (2) Evidence or information that the person, or a representative of the person, gives to the Commission in the course of making representations under subsection (1) is not admissible in evidence against the person or representative in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).\n Withdrawal by the Commission\n (3) The Commission may, by written notice (the withdrawal notice) given to the person to whom an infringement notice was issued, withdraw the infringement notice if the Commission is satisfied that it is appropriate to do so.\n (4) Subsection (3) applies whether or not the person has made representations seeking the withdrawal.\n Content of withdrawal notices\n (5) The withdrawal notice must state:\n (a) the name and address of the person; and\n (b) the day on which the infringement notice was issued to the person; and\n (c) that the infringement notice is withdrawn; and\n (d) that proceedings under Part VI may be started or continued against the person in relation to:\n (i) the alleged contravention the infringement notice provision; or\n (ii) an offence constituted by the same conduct that constituted the alleged contravention.\n Time limit for giving withdrawal notices\n (6) To be effective, the withdrawal notice must be given to the person within the infringement notice compliance period for the infringement notice.\n Refunds\n (7) If the infringement notice is withdrawn after the person has paid the penalty specified in the infringement notice, the Commission must, on behalf of the Commonwealth, refund to the person an amount equal to the amount paid.\n\n> Note: For appropriation, see section 28 of the Financial Management and Accountability Act 1997.\n\n#### 60R Effect of this Division\n\n This Division does not:\n (a) require an infringement notice to be issued to a person for an alleged contravention of an infringement notice provision; or\n (b) affect the liability of a person to proceedings under Part VI in relation to an alleged contravention of an infringement notice provision if:\n (i) an infringement notice is not issued to the person for the alleged contravention; or\n (ii) an infringement notice issued to a person for the alleged contravention is withdrawn under section 60Q; or\n (c) prevent a court from imposing a higher penalty than the penalty specified in the infringement notice if the person does not comply with the notice.\n\n4 Subsection 75B(1)\n\nAfter “section”, insert “60C, 60K or”.\n\n5 After subparagraph 76(1)(a)(i)\n\nInsert:\n\n (ii) section 60C;\n (iia) section 60K;\n\n6 After paragraph 76(1A)(b)\n\nInsert:\n\n (ba) for each act or omission to which this section applies that relates to section 60C or 60K—6,471 penalty units; and\n\n7 Before paragraph 76(1B)(a)\n\nInsert:\n\n (aa) for each act or omission to which this section applies that relates to section 60C or 60K—1,295 penalty units; and\n\n8 Paragraph 77A(3) (at the end of the definition of civil liability)\n\nAdd “or Part V”.\n\n9 Paragraph 80(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a contravention of any of the following provisions:\n (i) a provision of Part IV;\n (ii) a provision of Division 2 or 5 of Part IVB;\n (iii) section 60C;\n (iv) section 60K; or\n\n10 At the end of subsection 80(1A)\n\nAdd “, 60C or 60K”.\n\n11 After section 80\n\nInsert:\n\n#### 80A Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money\n\n (1) If, on the application of the Commission, the Court is satisfied that a person has engaged in conduct constituting a contravention of section 60C, the Court may make either or both of the following orders:\n (a) an order requiring that person, or a person involved in the contravention, not to make a regulated supply of a kind specified in the order for a price in excess of the price specified in the order while the order remains in force;\n (b) an order requiring that person, or a person involved in the contravention, to refund money to a person specified in the order.\n\n> Note: Section 60C is about price exploitation in relation to the carbon tax repeal.\n\n (2) This section does not limit section 80.\n (3) In this section:\n\n> price has the same meaning as in Part V.\n\n> regulated supply has the same meaning as in Part V.\n\n12 Subsection 82(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n13 Section 83\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n14 Paragraphs 84(1)(b) and (3)(b)\n\nAfter “IVB”, insert “or V”.\n\n15 After paragraph 85(a)\n\nInsert:\n\n (aa) engaged in conduct in contravention of section 60C or 60K; or\n\n16 Paragraph 86C(2)(a)\n\nBefore “a”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n17 Paragraph 86C(2)(b)\n\nBefore “a probation”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n18 Subsection 86C(4) (paragraph (a) of the definition of contravening conduct)\n\nAfter “section”, insert “60C, 60K or”.\n\n19 Subsection 87(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n20 Paragraph 87(1A)(a)\n\nAfter “IVB”, insert “or section 60C or 60K”.\n\n21 Paragraph 87(1A)(b)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n22 Paragraph 87(1B)(a)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n23 Subsection 87(1C)\n\nOmit “or Division 2 of Part IVB”, substitute “, Division 2 of Part IVB or section 60C or 60K”.\n\n24 Subsection 155AAA(21) (paragraph (a) of the definition of core statutory provision)\n\nAfter “Part IV,”, insert “V,”.\n\n25 Subsection 155AAA(21) (after paragraph (b) of the definition of protected information)\n\nInsert:\n\n (ba) information that was obtained by the Commission under paragraph 60FD(2)(b) or section 60FA or 60H; or\n\n26 Before subparagraph 163A(1)(a)(ii)\n\nInsert:\n\n (i) Part V;\n\nSchedule 3—Repeal of tax offset for conservation tillage\n\nClean Energy (Consequential Amendments) Act 2011\n\n1 Subsection 2(1) (table item 6)\n\nRepeal the item.\n\n2 Part 3 of Schedule 2\n\nRepeal the Part.\n\nIncome Tax Assessment Act 1997\n\n3 Section 67‑23 (table item 24)\n\nRepeal the item.\n\n4 Subdivision 385‑J\n\nRepeal the Subdivision.\n\n5 Subsection 995‑1(1) (definition of eligible no‑till seeder)\n\nRepeal the definition.\n\n6 Application of amendments\n\nThe amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.\n\nNote: The provisions of the Income Tax Assessment Act 1997 repealed by this Schedule will continue to apply to assessments for the 2012‑13 and 2013‑14 income years.\n\n7 Transitional—timing relating to 2013‑14 income year\n\nThe following provisions of the Income Tax Assessment Act 1997:\n\n (a) subparagraph 385‑175(1)(e)(ii);\n (b) subparagraph 385‑190(1)(c)(ii);\n\napply for the purposes of assessments for the 2013‑14 income year as if those provisions referred to 30 June 2014 rather than 30 June 2015.\n\nSchedule 4—Repeal of the Steel Transformation Plan Act 2011\n\nSteel Transformation Plan Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nNote: On the repeal of the Act, the Steel Transformation Plan 2012 (which was made under Part 3 of the Act) will also cease to have effect.\n\n2 Effect of repeal\n\n(1) To avoid doubt:\n\n (a) no assistance is payable under the old Act or the old Plan after the commencement of this Schedule, including in respect of the half‑year ending on 30 June 2014; and\n (b) a return is not required to be (and cannot be) provided under Part 4 of the old Plan in respect of the half‑year ending on 30 June 2014 (or any later half‑year); and\n (c) the following conditions cease to have effect on the commencement of this Schedule:\n (i) conditions to which payments of competitiveness assistance advances under the old Act were subject;\n (ii) conditions to which registrations of corporations under the old Plan as STP participants were subject; and\n (d) the Department’s annual report for the financial year ending on 30 June 2014 (or any later financial year) is not required to comply with section 26 of the old Act.\n\n(2) In this item:\n\nold Act means the Steel Transformation Plan Act 2011.\n\nold Plan means the Steel Transformation Plan 2012 made under Part 3 of the old Act.\n\nSchedule 5—Australian Renewable Energy Agency’s finances\n\nAustralian Renewable Energy Agency Act 2011\n\n1 Subsection 64(1) (table)\n\nRepeal the table, substitute:\n\n```html\n

Yearly maximum payments to ARENA

Item

Financial year

Amount for financial year

1

2013‑2014

$581,276,000.00

2

2014‑2015

$194,340,000.00

3

2015‑2016

$89,991,000.00

4

2016‑2017

$56,950,000.00

5

2017‑2018

$499,893,000.00

6

2018‑2019

$237,000,000.00

7

2019‑2020

$468,340,000.00

8

2020‑2021

$135,000,000.00

9

2021‑2022

$135,000,000.00

\n```\n\n2 Subsections 64(3) to (6)\n\nRepeal the subsections.\n\n3 Subsection 65(4) (note)\n\nOmit “subsections 64(2) to (6)”, substitute “subsection 64(2)”.\n\n4 Application\n\nTo avoid doubt:\n\n (a) the amendments made by this Part do not affect how the Australian Renewable Energy Agency Act 2011 applied, before the commencement of this Part, in relation to the financial year 2012‑2013; but\n (b) for the purposes of that Act as amended by this Part, subsection 64(2) of that Act does not apply so as to carry over to the 2013‑2014 financial year any unspent amount from the 2012‑2013 financial year.\n\nNote: The unspent amount from the 2012‑2013 financial year has instead been directly factored into amounts specified in the table substituted by item 1.","sortOrder":36},{"sectionNumber":"60FE","sectionType":"section","heading":"Statements for customers","content":"#### 60FE Statements for customers\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers.\n Preparation of statement\n (2) Within 30 days after the Royal Assent day, the entity must prepare a statement that:\n (a) if the entity has electricity customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014; and\n (b) if the entity has natural gas customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014.\n Communication of contents of statement to customers\n (3) During the period:\n (a) beginning 30 days after the Royal Assent day; and\n (b) ending 60 days after the Royal Assent day;\n the entity must ensure that the contents of the statement prepared by it under subsection (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n Compliance\n (4) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (3); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 400 penalty units.\n\n (5) Subsection (4) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (6) If subsection (4) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.\n (7) If subsection (2) or (3) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from:\n (a) preparing a statement under subsection (2) of this section; or\n (b) communicating the contents of a statement under subsection (3) of this section;\n on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.","sortOrder":37},{"sectionNumber":"Division 3","sectionType":"division","heading":"Price monitoring in relation to the carbon tax repeal etc.","content":"An Act to repeal the Clean Energy Act 2011, and for other purposes\n\n#### 1 Short title\n\n This Act may be cited as the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 July 2014

2. Schedule 1, Parts 1 and 2

1 July 2014.

1 July 2014

3. Schedule 1, Part 3, Divisions 1 to 4

1 July 2014.

1 July 2014

4. Schedule 1, Part 3, Division 5

The day this Act receives the Royal Assent.

17 July 2014

5. Schedule 1, Part 4

The day after this Act receives the Royal Assent.

However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.

18 July 2014

6. Schedule 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 January 2014.

18 July 2014

(paragraph (a) applies)

7. Schedule 3

The day after this Act receives the Royal Assent.

18 July 2014

8. Schedule 4

1 July 2014.

1 July 2014

9. Schedule 5

The day this Act receives the Royal Assent.

17 July 2014

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Schedule(s)\n\n Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\nSchedule 1—Repeal of the carbon tax\n\nPart 1—Repeal of Acts\n\nClean Energy Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Customs) Act 2011\n\n2 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Excise) Act 2011\n\n3 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Auctions) Act 2011\n\n4 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Fixed Charge) Act 2011\n\n5 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Shortfall Charge—General) Act 2011\n\n6 The whole of the Act\n\nRepeal the Act.\n\nPart 2—Amendments\n\nA New Tax System (Goods and Services Tax) Act 1999\n\n7 Section 195‑1\n\nInsert:\n\n> eligible Australian carbon credit unit means:\n\n (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or\n (b) a non‑Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:\n (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non‑Kyoto Australian carbon credit unit; and\n (ii) the non‑Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or\n (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.\n Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.\n\n8 Section 195‑1 (definition of eligible emissions unit)\n\nRepeal the definition, substitute:\n\n> eligible emissions unit means:\n\n (a) an \\*eligible international emissions unit; or\n (b) an \\*eligible Australian carbon credit unit.\n\n9 Section 195‑1\n\nInsert:\n\n> eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nAnti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n10 Section 5 (definition of carbon unit)\n\nRepeal the definition.\n\n11 Subsection 6(2) (paragraph (baa) of the cell at table item 33, column headed “Provision of a designated service”)\n\nRepeal the paragraph.\n\n12 Subsection 6(2) (paragraph (d) of the cell at table item 33, column headed “Provision of a designated service”)\n\nOmit “carbon units,”.\n\nAustralian National Registry of Emissions Units Act 2011\n\n13 Section 3\n\nOmit:\n\n• Entries may be made in Registry accounts for:\n\n(a) carbon units; and\n\n(b) Australian carbon credit units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\n• This Act sets out rules about dealings with:\n\n(a) Kyoto units; and\n\n(b) prescribed international units.\n\nsubstitute:\n\n• Entries may be made in Registry accounts for:\n\n(a) Australian carbon credit units; and\n\n(b) Kyoto units.\n\n• This Act sets out rules about dealings with Kyoto units.\n\n14 Section 4 (definition of Australian‑issued international unit)\n\nRepeal the definition.\n\n15 Section 4 (definition of benchmark average auction charge)\n\nRepeal the definition.\n\n16 Section 4 (definition of carbon unit)\n\nRepeal the definition.\n\n17 Section 4 (definition of Commonwealth foreign registry account)\n\nRepeal the definition.\n\n18 Section 4 (paragraph (d) of the definition of eligible international emissions unit)\n\nOmit “rules; or”, substitute “rules.”.\n\n19 Section 4 (paragraph (e) of the definition of eligible international emissions unit)\n\nRepeal the paragraph.\n\n20 Section 4 (definition of European allowance unit)\n\nRepeal the definition.\n\n21 Section 4 (definition of European Union Greenhouse Gas Emission Allowance Trading Directive)\n\nRepeal the definition.\n\n22 Section 4 (definition of fixed charge year)\n\nRepeal the definition.\n\n23 Section 4 (definition of foreign account)\n\nRepeal the definition, substitute:\n\n> foreign account, when used in relation to a Kyoto unit, means an account kept within a foreign Kyoto registry.\n\n24 Section 4 (definition of foreign government body)\n\nRepeal the definition.\n\n25 Section 4 (definition of hold)\n\nOmit “a carbon unit or”.\n\n26 Section 4 (definition of Information Database)\n\nRepeal the definition.\n\n27 Section 4 (definition of international arrangement)\n\nRepeal the definition.\n\n28 Section 4 (definition of international organisation)\n\nRepeal the definition.\n\n29 Section 4 (definition of issue)\n\nRepeal the definition, substitute:\n\n> issue, in relation to an Australian carbon credit unit, has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n30 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n31 Section 4 (definition of quarter)\n\nRepeal the definition.\n\n32 Section 4 (paragraph (aa) of the definition of registered holder)\n\nRepeal the paragraph.\n\n33 Section 4 (paragraph (b) of the definition of registered holder)\n\nOmit “unit; or”, substitute “unit.”.\n\n34 Section 4 (paragraph (c) of the definition of registered holder)\n\nRepeal the paragraph.\n\n35 Section 4 (definition of relinquish)\n\nRepeal the definition.\n\n36 Section 4 (definition of transfer)\n\nRepeal the definition, substitute:\n\n> transfer, in relation to a Kyoto unit, has the meaning given by section 33.\n\n37 Section 4 (definition of vintage year)\n\nRepeal the definition.\n\n38 Paragraph 9(4)(a)\n\nOmit “carbon units, Australian carbon credit units and prescribed international units”, substitute “Australian carbon credit units”.\n\n39 Paragraph 11(5)(a)\n\nOmit “carbon units or”.\n\n40 Section 14A\n\nRepeal the section.\n\n41 Paragraph 15(2)(aa)\n\nRepeal the paragraph.\n\n42 Paragraph 15(2)(c)\n\nOmit “account; and”, substitute “account.”.\n\n43 Paragraph 15(2)(d)\n\nRepeal the paragraph.\n\n44 Subparagraph 16(2)(b)(ii)\n\nOmit “(4), (5) and (6)”, substitute “(4) and (6)”.\n\n45 Subsection 16(2A)\n\nRepeal the subsection (not including the heading).\n\n46 Subsection 16(5)\n\nRepeal the subsection.\n\n47 Paragraph 16(7)(b)\n\nOmit “or (5)”.\n\n48 Subsection 17(1A)\n\nRepeal the subsection.\n\n49 Subsection 17(3)\n\nRepeal the subsection.\n\n50 Paragraph 19(3A)(a)\n\nOmit “or 49A”.\n\n51 Subsection 19(3B)\n\nRepeal the subsection.\n\n52 Section 21\n\nRepeal the section.\n\n53 Paragraph 22(4A)(a)\n\nOmit “or 49A”.\n\n54 Subsection 22(4B)\n\nRepeal the subsection.\n\n55 Subparagraph 26(3)(a)(ia)\n\nRepeal the subparagraph.\n\n56 Subparagraph 26(3)(a)(ii)\n\nOmit “or”.\n\n57 Subparagraph 26(3)(a)(iii)\n\nRepeal the subparagraph.\n\n58 Paragraph 27(3B)(b)\n\nOmit “account; or”, substitute “account.”.\n\n59 Paragraph 27(3B)(c)\n\nRepeal the paragraph.\n\n60 Paragraph 28A(1)(aa)\n\nRepeal the paragraph.\n\n61 Paragraph 28A(1)(b)\n\nOmit “or”.\n\n62 Paragraph 28A(1)(c)\n\nRepeal the paragraph.\n\n63 Paragraph 28A(4)(aa)\n\nRepeal the paragraph.\n\n64 Paragraph 28B(1)(aa)\n\nRepeal the paragraph.\n\n65 Paragraph 28B(1)(b)\n\nOmit “or”.\n\n66 Paragraph 28B(1)(c)\n\nRepeal the paragraph.\n\n67 Paragraph 28B(11)(aa)\n\nRepeal the paragraph.\n\n68 Subsection 28B(11) (paragraph (c) of the note)\n\nOmit “Act; and”, substitute “Act.”.\n\n69 Subsection 28B(11) (paragraphs (d) and (e) of the note)\n\nRepeal the paragraphs.\n\n70 Paragraph 28C(17)(aa)\n\nRepeal the paragraph.\n\n71 Subparagraph 28D(5)(a)(ii)\n\nOmit “carbon units or”.\n\n72 Paragraph 28D(5)(b)\n\nRepeal the paragraph, substitute:\n\n (b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.\n\n73 Paragraph 28D(16)(aa)\n\nRepeal the paragraph.\n\n74 Part 4\n\nRepeal the Part.\n\n75 Section 58\n\nOmit:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) carbon units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\nsubstitute:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) Kyoto units.\n\n76 Section 59A\n\nRepeal the section.\n\n77 Subsections 61(3) to (6)\n\nRepeal the subsections.\n\n78 Section 61A\n\nRepeal the section.\n\n79 Sections 63 to 63G\n\nRepeal the sections.\n\n80 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more carbon units, the person may request the Regulator to cancel any or all of those units. However, this rule does not apply to a unit that was issued for a fixed charge and has a vintage year that is a fixed charge year.\n\n81 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more prescribed international units, the person may request the Regulator to cancel any or all of those units.\n\n82 Section 64A\n\nRepeal the section.\n\n83 Section 66\n\nRepeal the section.\n\n84 Parts 6A and 6B\n\nRepeal the Parts.\n\n85 Paragraph 79(1)(c)\n\nOmit “27(4);”, substitute “27(4).”.\n\n86 Paragraph 79(1)(d)\n\nRepeal the paragraph.\n\n87 Section 82 (table item 2)\n\nOmit “or 53”.\n\n88 Section 82 (table item 3)\n\nRepeal the item.\n\n89 Section 82 (table items 8 and 9)\n\nOmit “or 21”.\n\n90 Section 82 (table items 15 and 16)\n\nRepeal the items.\n\n91 Section 86A\n\nRepeal the section.\n\nAustralian Securities and Investments Commission Act 2001\n\n92 Paragraph 12BAA(7)(ka)\n\nRepeal the paragraph.\n\n93 Paragraph 12BAB(1)(g)\n\nOmit “a carbon unit,”.\n\n94 At the end of the Act\n\nAdd:\n\n## Part 20—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 295 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 296 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\nClean Energy Regulator Act 2011\n\n95 Section 3\n\nOmit:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Clean Energy Act 2011; and\n\n(b) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(c) the National Greenhouse and Energy Reporting Act 2007; and\n\n(d) the Renewable Energy (Electricity) Act 2000; and\n\n(e) the Australian National Registry of Emissions Units Act 2011.\n\nsubstitute:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(b) the National Greenhouse and Energy Reporting Act 2007; and\n\n(c) the Renewable Energy (Electricity) Act 2000; and\n\n(d) the Australian National Registry of Emissions Units Act 2011.\n\n96 Section 4\n\nInsert:\n\n> Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.\n\n> Note: The text of the Convention is set out in Australian Treaty Series 1994 No. 2 (\\[1994\\] ATS 2). In 2013, the text of a Convention in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).\n\n97 Section 4 (paragraphs (b) to (h) of the definition of climate change law)\n\nRepeal the paragraphs.\n\n98 Section 4\n\nInsert:\n\n> greenhouse gas has the same meaning as in the National Greenhouse and Energy Reporting Act 2007.\n\n99 Section 4 (definition of international agreement)\n\nRepeal the definition, substitute:\n\n> international agreement means an agreement whose parties are:\n\n (a) Australia and a foreign country; or\n (b) Australia and 2 or more foreign countries.\n\n100 Section 4 (definition of international climate change agreement)\n\nRepeal the definition, substitute:\n\n> international climate change agreement means:\n\n (a) the Climate Change Convention; or\n (b) any other international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) imposes obligations on Australia to take action to reduce greenhouse gas emissions; or\n (c) an international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) is specified in a legislative instrument made by the Minister for the purposes of this definition.\n\n101 Section 4 (paragraph (a) of the definition of objectives of the Regulator)\n\nRepeal the paragraph.\n\n102 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n103 Paragraph 41(3)(a)\n\nRepeal the paragraph.\n\n104 Paragraph 49(1)(z)\n\nRepeal the paragraph, substitute:\n\n (z) a person or body responsible for the administration of a scheme that involves the issue or registration of prescribed eligible carbon units;\n\nCorporations Act 2001\n\n105 Section 9 (definition of carbon unit)\n\nRepeal the definition.\n\n106 Paragraph 764A(1)(kaa)\n\nRepeal the paragraph.\n\n107 At the end Chapter 10\n\nAdd:\n\n## Part 10.23—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 1542 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 1543 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n#### 1544 Transitional—variation of conditions on Australian financial services licences\n\n Scope\n (1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.\n Variation\n (2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.\n\n#### 1545 Transitional—immediate cancellation of Australian financial services licences\n\n Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:\n Licence relating to carbon units\n (5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.\n\n#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences\n\n Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).\n\nFuel Tax Act 2006\n\n108 Section 2‑1\n\nOmit:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n For fuel that is not \\*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced.\n Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax.\n Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n\n109 Subsection 40‑5(2)\n\nAfter “reduce”, insert “or remove”.\n\n110 Subsections 40‑5(3) and (4)\n\nRepeal the subsections.\n\n111 Section 41‑1\n\nOmit:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme.\n\nsubstitute:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft.\n\n112 Paragraph 41‑5(3)(b)\n\nOmit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”.\n\n113 Subsection 41‑15(1)\n\nOmit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”.\n\n114 Subparagraph 41‑25(2)(a)(ii)\n\nOmit “\\*agricultural property”, substitute “agricultural property”.\n\n115 Section 41‑30 (heading)\n\nRepeal the heading, substitute:\n\n#### 41‑30 No fuel tax credit for fuel to be used in an aircraft\n\n116 Subsection 41‑30(1)\n\nOmit “(1)”.\n\n117 Subsection 41‑30(2)\n\nRepeal the subsection.\n\n118 Section 41‑35\n\nRepeal the section.\n\n119 Division 42A\n\nRepeal the Division.\n\n120 Section 43‑1\n\nOmit:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:\n\n(a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and\n\n(b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).\n\nFor fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.\n\nFor gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).\n\n121 Subsection 43‑5(1)\n\nRepeal the subsection, substitute:\n\n (1) The \\*amount of your tax fuel credit for taxable fuel is the amount of \\*effective fuel tax that is payable on the fuel.\n\n> Note: The amount of the credit may be reduced under section 43‑10.\n\n122 Subsections 43‑5(4) and (5)\n\nRepeal the subsections.\n\n123 Section 43‑8\n\nRepeal the section.\n\n124 Section 43‑10 (heading)\n\nRepeal the heading, substitute:\n\n#### 43‑10 Reducing the amount of your fuel tax credit\n\n125 Subsection 43‑10(1A)\n\nRepeal the subsection.\n\n126 Section 43‑11\n\nRepeal the section.\n\n127 Subdivision 43‑B\n\nRepeal the Subdivision.\n\n128 Section 110‑5 (definition of agricultural activity)\n\nRepeal the definition.\n\n129 Section 110‑5 (definition of agricultural construction activity)\n\nRepeal the definition.\n\n130 Section 110‑5 (definition of agricultural property)\n\nRepeal the definition.\n\n131 Section 110‑5 (definition of agricultural soil/water activity)\n\nRepeal the definition.\n\n132 Section 110‑5 (definition of agricultural waste activity)\n\nRepeal the definition.\n\n133 Section 110‑5 (definition of agriculture)\n\nRepeal the definition.\n\n134 Section 110‑5 (definition of approved catchment area)\n\nRepeal the definition.\n\n135 Section 110‑5 (definition of carbon reduction)\n\nRepeal the definition.\n\n136 Section 110‑5 (definition of CNG)\n\nRepeal the definition.\n\n137 Section 110‑5 (definition of core agricultural activity)\n\nRepeal the definition.\n\n138 Section 110‑5 (definition of covered by the Opt‑in Scheme)\n\nRepeal the definition.\n\n139 Section 110‑5 (definition of earthworks)\n\nRepeal the definition.\n\n140 Section 110‑5 (definition of fish)\n\nRepeal the definition.\n\n141 Section 110‑5 (definition of fishing operations)\n\nRepeal the definition.\n\n142 Section 110‑5 (definition of forestry)\n\nRepeal the definition.\n\n143 Section 110‑5 (definition of half‑year)\n\nRepeal the definition.\n\n144 Section 110‑5 (definition of horticulture)\n\nRepeal the definition.\n\n145 Section 110‑5 (definition of livestock)\n\nRepeal the definition.\n\n146 Section 110‑5 (definition of livestock activity)\n\nRepeal the definition.\n\n147 Section 110‑5 (definition of LNG)\n\nRepeal the definition.\n\n148 Section 110‑5 (definition of pearling operations)\n\nRepeal the definition.\n\n149 Section 110‑5 (definition of port)\n\nRepeal the definition.\n\n150 Section 110‑5 (definition of processing of fish)\n\nRepeal the definition.\n\n151 Section 110‑5 (definition of public authority)\n\nRepeal the definition.\n\n152 Section 110‑5 (definition of renewable diesel)\n\nRepeal the definition.\n\n153 Section 110‑5 (definition of sundry agricultural activity)\n\nRepeal the definition.\n\n154 Section 110‑5 (definition of taxable fuel)\n\nRepeal the definition, substitute:\n\n> taxable fuel means fuel in respect of which duty is payable under:\n\n (a) the Excise Act 1901 and the Excise Tariff Act 1921; or\n (b) the Customs Act 1901 and the Customs Tariff Act 1995;\n but does not include fuel covered by:\n (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921; or\n (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921, if the goods had been manufactured in Australia.\n\n> Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate.\n\nFuel Tax (Consequential and Transitional Provisions) Act 2006\n\n155 Subitem 12(2A) of Schedule 3\n\nRepeal the subitem.\n\nIncome Tax Assessment Act 1997\n\n156 Section 12‑5 (table item headed “clean energy”)\n\nRepeal the item.\n\n157 Section 26‑18\n\nRepeal the section.\n\n158 Section 104‑5 (table item relating to CGT event K1, column headed “Event number and description”)\n\nOmit “\\*carbon unit, an \\*international emissions unit”, substitute “\\*Kyoto unit”.\n\n159 Subparagraphs 104‑205(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n160 Subparagraph 104‑205(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n161 Subparagraph 104‑205(1)(a)(iv)\n\nOmit “an \\*international emissions unit”, substitute “a Kyoto unit”.\n\n162 Section 112‑97 (table item 18A, column headed “In this situation”)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n163 Subsection 118‑15(2)\n\nRepeal the subsection.\n\n164 Paragraph 420‑10(a)\n\nRepeal the paragraph.\n\n165 Paragraph 420‑10(c)\n\nRepeal the paragraph.\n\n166 Subsection 420‑15(1) (note)\n\nRepeal the note.\n\n167 Subsection 420‑15(3)\n\nRepeal the subsection.\n\n168 Subsection 420‑20(3)\n\nRepeal the subsection (not including the note), substitute:\n\n (3) This section does not apply to the issue of an \\*Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n169 Subparagraphs 420‑21(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n170 Subparagraph 420‑21(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n171 Subparagraph 420‑21(1)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n172 Subsection 420‑21(1) (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n173 Subparagraphs 420‑21(2)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n174 Subparagraph 420‑21(2)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n175 Subparagraph 420‑21(2)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n176 Subparagraph 420‑35(b)(i)\n\nRepeal the subparagraph.\n\n177 Subparagraph 420‑35(b)(ii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n178 Section 420‑35 (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n179 Section 420‑43\n\nRepeal the section.\n\n180 Subsection 420‑51(1)\n\nOmit “(1)”.\n\n181 Subsection 420‑51(2)\n\nRepeal the subsection.\n\n182 Subparagraph 420‑52(a)(i)\n\nRepeal the subparagraph.\n\n183 Paragraph 420‑52(b)\n\nRepeal the paragraph.\n\n184 Subsection 420‑55(6)\n\nRepeal the subsection.\n\n185 Subsection 420‑57(9)\n\nRepeal the subsection.\n\n186 Section 420‑58\n\nRepeal the section.\n\n187 Subsections 420‑60(1) and (2)\n\nRepeal the subsections.\n\n188 Subsection 420‑60(4)\n\nOmit all the words from and including “If a \\*registered” to and including “cost of the unit”, substitute “The cost of a \\*registered emissions unit (other than an \\*Australian carbon credit unit)”.\n\n189 Subsection 420‑65(3)\n\nRepeal the subsection.\n\n190 Subsection 420‑70(3)\n\nRepeal the subsection.\n\n191 Subsection 995‑1(1) (definition of carbon unit)\n\nRepeal the definition.\n\n192 Subsection 995‑1(1) (definition of free carbon unit)\n\nRepeal the definition.\n\n193 Subsection 995‑1(1) (definition of international emissions unit)\n\nRepeal the definition.\n\n194 Subsection 995‑1(1) (definition of prescribed international unit)\n\nRepeal the definition.\n\n195 Subsection 995‑1(1) (definition of vintage year)\n\nRepeal the definition.\n\nNational Greenhouse and Energy Reporting Act 2007\n\n196 Section 3 (heading)\n\nRepeal the heading, substitute:\n\n#### 3 Object\n\n197 Subsection 3(1)\n\nOmit “(1) The first object”, substitute “The object”.\n\n198 Subsection 3(2)\n\nRepeal the subsection.\n\n199 Subsection 4(1)\n\nOmit “(1) This Act (except to the extent to which it underpins the Clean Energy Act 2011)”, substitute “This Act”.\n\n200 Subsection 4(2)\n\nRepeal the subsection.\n\n201 Subsection 5(1)\n\nOmit “(1)”.\n\n202 Before subparagraph 5(1)(a)(ii)\n\nInsert:\n\n (i) greenhouse gas emissions; or\n\n203 Subsection 5(2)\n\nRepeal the subsection.\n\n204 Section 7 (definition of carbon dioxide equivalence)\n\nRepeal the definition, substitute:\n\n> carbon dioxide equivalence, of an amount of greenhouse gas, means the amount of the gas multiplied by a value specified in the regulations in relation to that kind of greenhouse gas.\n\n205 Section 7\n\nInsert:\n\n> designated financial year means:\n\n (a) the financial year beginning on 1 July 2012; or\n (b) a later financial year.\n\n206 Section 7 (definition of designated fuel)\n\nRepeal the definition.\n\n207 Section 7 (definition of eligible financial year)\n\nRepeal the definition.\n\n208 Section 7 (definition of emissions number)\n\nRepeal the definition.\n\n209 Section 7 (definition of financial control liability transfer certificate)\n\nRepeal the definition.\n\n210 Section 7 (definition of fixed charge year)\n\nRepeal the definition.\n\n211 Section 7 (definition of foreign country)\n\nRepeal the definition, substitute:\n\n> foreign country includes a region where:\n\n (a) the region is a colony, territory or protectorate of a foreign country; or\n (b) the region is part of a foreign country; or\n (c) the region is under the protection of a foreign country; or\n (d) a foreign country exercises jurisdiction or control over the region; or\n (e) a foreign country is responsible for the region’s international relations.\n\n212 Section 7\n\nInsert:\n\n> foreign corporation means a corporation that:\n\n (a) is incorporated outside Australia; or\n (b) is an authority of a foreign country.\n\n213 Section 7 (definition of foreign person)\n\nRepeal the definition.\n\n214 Section 7\n\nInsert:\n\n> group entity means a corporation that is a member of a controlling corporation’s group.\n\n215 Section 7 (definition of interim emissions number)\n\nRepeal the definition.\n\n216 Section 7 (definition of liable entity)\n\nRepeal the definition.\n\n217 Section 7 (definition of liquefied natural gas)\n\nRepeal the definition.\n\n218 Section 7 (definition of liquefied petroleum gas)\n\nRepeal the definition.\n\n218A Section 7 (definition of local governing body)\n\nRepeal the definition.\n\n219 Section 7 (definition of natural gas supplier)\n\nRepeal the definition.\n\n220 Section 7 (definition of non‑group entity)\n\nRepeal the definition.\n\n221 Section 7 (definition of operational control)\n\nOmit “11A, 11B or 11C”, substitute “11A or 11B”.\n\n222 Section 7 (definition of Opt‑in Scheme)\n\nRepeal the definition.\n\n223 Section 7 (definition of OTN)\n\nRepeal the definition.\n\n224 Section 7 (definition of person)\n\nRepeal the definition.\n\n225 Section 7 (definition of potential greenhouse gas emissions)\n\nRepeal the definition.\n\n226 Section 7 (definition of provisional emissions number)\n\nRepeal the definition.\n\n227 Section 7 (definition of supply)\n\nRepeal the definition.\n\n228 Section 7 (definition of taxable fuel)\n\nRepeal the definition.\n\n229 Section 7 (definition of trust)\n\nRepeal the definition.\n\n230 Section 7 (definition of trustee)\n\nRepeal the definition.\n\n231 Section 7 (definition of trust estate)\n\nRepeal the definition.\n\n232 Section 7 (definition of unit shortfall charge)\n\nRepeal the definition.\n\n233 Subsection 7A(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n234 Sections 7B and 7C\n\nRepeal the sections.\n\n235 Subsection 8(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n236 Subsection 9(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n237 Paragraph 9(1)(b)\n\nOmit “or 54A”.\n\n238 Section 10 (heading)\n\nRepeal the heading, substitute:\n\n#### 10 Emissions, energy production, energy consumption etc.\n\n239 Subsection 10(1)\n\nOmit “or the Clean Energy Act 2011”.\n\n240 Subsection 10(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n241 Subsections 10(4) to (9)\n\nRepeal the subsections.\n\n242 Subsection 11(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n243 Subsection 11(1)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n244 Paragraph 11(1)(b)\n\nOmit “or 55A”.\n\n245 Subsection 11(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n246 Subsection 11(3)\n\nOmit “person”, substitute “group entity”.\n\n247 Subsection 11(4)\n\nOmit “11A, 11B and 11C”, substitute “11A and 11B”.\n\n248 Section 11A (heading)\n\nRepeal the heading, substitute:\n\n#### 11A Operational control—group entity with greatest authority\n\n249 Subsection 11A(1)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n250 Paragraph 11A(1)(a)\n\nOmit “persons”, substitute “group entities”.\n\n251 Paragraph 11A(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n252 Paragraph 11A(1)(c)\n\nOmit “or 55A”.\n\n253 Subsection 11A(2)\n\nOmit “person”, substitute “group entity”.\n\n254 Subsection 11A(2)\n\nOmit “and the Clean Energy Act 2011”.\n\n255 Section 11B (heading)\n\nRepeal the heading, substitute:\n\n#### 11B Operational control—nominated group entity\n\n256 Paragraph 11B(1)(a)\n\nOmit “more persons”, substitute “more group entities”.\n\n257 Paragraph 11B(1)(a)\n\nOmit “relevant persons”, substitute “relevant group entities”.\n\n258 Paragraph 11B(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n259 Paragraph 11B(1)(c)\n\nOmit “or 55A”.\n\n260 Paragraph 11B(1)(d)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n261 Subsection 11B(2)\n\nOmit “persons”, substitute “group entities”.\n\n262 Subsection 11B(2)\n\nOmit “person”, substitute “group entity”.\n\n263 Paragraph 11B(4)(a)\n\nOmit “persons is a foreign person”, substitute “group entities is a foreign corporation”.\n\n264 Paragraph 11B(4)(b)\n\nOmit “persons is not a foreign person”, substitute “group entities is not a foreign corporation”.\n\n265 Subsection 11B(4)\n\nOmit “foreign person cannot”, substitute “foreign corporation cannot”.\n\n266 Paragraph 11B(5)(b)\n\nOmit “persons”, substitute “group entities”.\n\n267 Subsection 11B(7)\n\nRepeal the subsection.\n\n268 Subsection 11B(8)\n\nOmit “eligible financial year” (wherever occurring), substitute “designated financial year”.\n\n269 Subsection 11B(10)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n270 Paragraph 11B(15)(b)\n\nOmit “and”.\n\n271 Paragraph 11B(15)(c)\n\nRepeal the paragraph.\n\n272 Subsection 11B(15)\n\nOmit “person”, substitute “group entity”.\n\n273 Subsection 11B(16)\n\nRepeal the subsection.\n\n274 Paragraph 11B(17)(b)\n\nOmit “and”.\n\n275 Paragraph 11B(17)(c)\n\nRepeal the paragraph.\n\n276 Subsection 11B(17)\n\nOmit “persons”, substitute “group entities”.\n\n277 Subsections 11B(18) and (19)\n\nRepeal the subsections.\n\n278 Subsection 11B(21)\n\nRepeal the subsection, substitute:\n\n Exceptions\n (21) A group entity is not required to comply with subsection (20) if the question of who has operational control of the facility is not relevant (whether directly or indirectly) to a requirement under this Act.\n\n279 Subsection 11B(22)\n\nOmit “person”, substitute “group entity”.\n\n280 Subsection 11B(22)\n\nOmit “or 55A”.\n\n281 Section 11C\n\nRepeal the section.\n\n282 Paragraph 11D(1)(c)\n\nRepeal the paragraph.\n\n283 Paragraphs 11D(1)(e) and (f)\n\nRepeal the paragraphs, substitute:\n\n (e) at any time during the preceding 5 years, the person has breached a civil penalty provision of this Act; or\n (f) if the person is a body corporate—at any time during the preceding 5 years, an executive officer of the body corporate has breached a civil penalty provision of this Act; or\n\n284 Paragraphs 11D(1)(i) and (j)\n\nRepeal the paragraphs, substitute:\n\n (i) the person has been convicted of an offence against this Act; or\n (j) if the person is a body corporate—an executive officer of the body corporate has been convicted of an offence against this Act.\n\n285 Subdivision A of Division 1 of Part 2 (heading)\n\nRepeal the heading.\n\n286 Subsections 13(2) and (3)\n\nOmit “member of a controlling corporation’s group”, substitute “group entity”.\n\n287 Subsection 13(4)\n\nRepeal the subsection.\n\n288 Subdivision B of Division 1 of Part 2\n\nRepeal the Subdivision.\n\n289 Division 4 of Part 2\n\nRepeal the Division.\n\n290 Paragraph 18B(3)(b)\n\nRepeal the paragraph.\n\n291 Subsection 19(1) (note 4)\n\nRepeal the note.\n\n292 Subsection 19(4)\n\nRepeal the subsection.\n\n293 Paragraphs 22(1)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n294 Paragraphs 22(2)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n295 Parts 3A and 3D\n\nRepeal the Parts.\n\n296 Paragraph 22X(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a facility is under the operational control of a member (the responsible member) of a controlling corporation’s group during the whole or a part of a financial year; and\n\n297 Subsection 24(1AA)\n\nRepeal the subsection.\n\n298 Subsection 24(1AD)\n\nOmit “22E or”.\n\n299 Paragraph 24(1AE)(a)\n\nOmit “22E(2)(b) or”.\n\n300 Subsection 24(1H)\n\nOmit “22E or”.\n\n301 Subsection 24(1J)\n\nOmit “or financial control liability transfer certificate”.\n\n302 Subsection 24(8)\n\nOmit “22E or”.\n\n303 Subsection 25(1)\n\nOmit “22G, a person required to provide information under section 20, or a person required to provide a report under section 22A, 22AA, 22E or 22X”, substitute “22G or 22X, or a person required to provide information under section 20,”.\n\n304 Subsection 30(2A)\n\nOmit “11C, 15A, 15AA, 22A, 22AA, 22E, 22X, 74AA”, substitute “22X”.\n\n305 Section 54A\n\nRepeal the section.\n\n306 Section 55A\n\nRepeal the section.\n\n307 Paragraphs 56(aab), (aa), (ga) and (gb)\n\nRepeal the paragraphs.\n\n308 Paragraph 56(j)\n\nOmit “75A;”, substitute “75A.”\n\n309 Paragraphs 56(k) and (l)\n\nRepeal the paragraphs.\n\n310 Section 74AA\n\nRepeal the section.\n\n311 Subsection 74B(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if:\n (a) the person is the responsible member mentioned in subsection 22X(1); and\n (b) the person is not a registered corporation; and\n (c) the Regulator has reasonable grounds to suspect that the person has contravened, is contravening, or is proposing to contravene, this Act or the regulations.\n\n312 Subsection 74C(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if the person:\n (a) is the responsible member mentioned in subsection 22X(1); and\n (b) is not a registered corporation.\n\nOzone Protection and Synthetic Greenhouse Gas Management Act 1989\n\n313 Paragraphs 65C(1)(aa), (ab) and (ac)\n\nOmit “equal to the prescribed rate component of an amount of levy”.\n\n314 Subsections 65C(4), (5) and (6)\n\nRepeal the subsections.\n\n315 Sections 69AA to 69AD\n\nRepeal the sections.\n\nPetroleum Resource Rent Tax Assessment Act 1987\n\n316 Subparagraph 28(1)(b)(iii)\n\nOmit “expenditure;”, substitute “expenditure.”.\n\n317 Paragraph 28(1)(c)\n\nRepeal the paragraph.\n\n318 Paragraph 44(1)(ia)\n\nRepeal the paragraph.\n\nTaxation Administration Act 1953\n\n319 Subsection 355‑65(7) in Schedule 1 (table item 3)\n\nRepeal the item.\n\nPart 3—Application and transitional provisions\n\nDivision 1—Preliminary\n\n320 Objects\n\n(1) The main objects of this Part are:\n\n (a) to provide for the winding‑up of the carbon tax scheme; and\n (b) to ensure that carbon tax liabilities relating to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n can be administered, collected and recovered after the start of 1 July 2014; and\n (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and\n (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and\n (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013.\n\n(2) The other objects of this Part are:\n\n (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and\n (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and\n (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.\n\n321 Definitions\n\nIn this Part:\n\ndesignated carbon unit day has the meaning given by item 322.\n\nRegistry has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegistry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegulator means the Clean Energy Regulator.\n\n322 Designated carbon unit day\n\n(1) For the purposes of this Part, designated carbon unit day means:\n\n (a) 9 February 2015; or\n (b) if a later day is specified in an instrument under subitem (2)—that later day.\n\n(2) The Regulator may, by legislative instrument, specify a day for the purposes of paragraph (1)(b).\n\n(3) The Regulator must not make an instrument under subitem (2) unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.\n\nNote: Subsection 142(3) of the Clean Energy Act 2011 enables the Regulator to extend the 2 February 2015 surrender deadline. See also item 345A (deadlines of 1 February and 15 June).\n\nDivision 2—Provisions relating to the Clean Energy Act 2011 and associated charge Acts\n\n323 Winding‑up of the carbon tax scheme—recovery of liabilities attributable to pre‑1 July 2014 emissions etc.\n\n(1) Despite the repeal of the Clean Energy Act 2011 by this Schedule, that Act continues in force, subject to:\n\n (a) this Part; and\n (b) the modifications set out in the following table;\n\nas if that repeal had not happened.\n\n```html\n

Modifications of the Clean Energy Act 2011

Item

Provision

Modification

1

section 4

Omit the section.

2

section 5 (definitions of average carbon unit auction price, benchmark average auction charge, carbon pollution cap, carbon pollution cap number, designated limit, and designated limit percentage)

Omit the definitions.

3

section 5 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

4

section 5 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

5

section 5 (definitions of flexible charge year and per‑tonne carbon price equivalent)

Omit the definitions.

6

section 5 (definition of unit shortfall)

Omit “128, 129 or 133”, substitute “128 or 129”.

7

section 5 (definition of vintage year)

Omit “eligible”.

8

Part 2

Omit the Part.

9

subsections 26(2), 27(2) and 28(2)

Omit all the words after “is taken to be”, substitute “zero”.

10

Subdivision A of Division 4 of Part 3

The Regulator must not issue an OTN under the Subdivision on or after 1 July 2014.

11

sections 42 and 43

Omit the sections.

12

section 43A

The section ceases to have effect at the end of 30 June 2015.

13

subsection 45(3)

The subsection ceases to have effect at the end of 30 June 2015.

14

subsections 45(4) to (13)

The subsections cease to have effect at the start of 1 September 2014.

15

subsection 46(1)

The subsection has effect, on and after 1 September 2014, as if the words “(as it stood at a particular time before the start of 1 September 2014)” were inserted after “OTN Register”.

16

section 47

The section ceases to have effect at the start of 1 August 2014.

17

section 64B

Omit the section.

18

paragraph 64F(1)(b)

Omit the paragraph.

19

subsection 66(4)

The subsection ceases to have effect at the start of 1 August 2014.

20

section 70

The Regulator must not make a declaration under the section on or after 1 July 2014.

21

section 71A

Omit the section.

22

section 72

The Regulator must not give a notice under the section on or after 1 July 2014.

24

section 83

The Regulator must not issue a certificate under the section on or after 1 July 2014.

25

section 87

The Regulator must not issue a certificate under the section on or after 1 July 2014.

26

sections 89 and 90

Omit the sections.

27

section 93

Omit the section.

28

subsection 96(2)

Omit “eligible”.

29

section 97 (note)

Omit the note.

30

subsection 100(1) (table items 5, 6, 7, 8 and 9)

Omit the table items.

31

subsection 100(2)

Omit the subsection.

32

subsection 100(3) (heading)

Omit “1, 3 and 5”, substitute “1 and 3”.

33

subsection 100(3)

Omit “1, 3 or 5”, substitute “1 or 3”.

34

subsection 100(4) (heading)

Omit “2, 4, 6, 7, 8 and 9”, substitute “2 and 4”.

35

subsection 100(4)

Omit “2, 4, 6, 7, 8 or 9”, substitute “2 or 4”.

36

subsections 100(9), (14) and (15)

Omit the subsections.

37

sections 101 and 102

Omit the sections.

38

sections 108 and 109

Omit the sections.

39

section 114

Omit the section.

40

Division 1 of Part 6

Omit the Division.

41

subsection 122(1)

Omit “during an eligible financial year”.

42

subsections 122(3), (4), (5), (9) and (11)

Omit the subsections.

43

sections 123 and 123A

Omit the sections.

44

paragraph 128(7)(d)

Before “this Division”, insert “if the eligible financial year began on 1 July 2012—“.

45

Subdivision B of Division 3 of Part 6

Omit the Subdivision.

46

subsection 134(3)

Omit the subsection.

47

subsection 134A(3) (paragraph (b) of the definition of applicable amount for the financial year)

Omit the paragraph.

48

paragraphs 142(3)(c), (e) and (f)

Omit the paragraphs.

48A

section 144

Omit the section.

49

paragraph 145(5)(b)

Omit the paragraph.

50

paragraph 145(5)(c)

Omit the paragraph, substitute:

(c) the principle that changes should not have a negative effect on recipients of assistance under the Jobs and Competitiveness Program;

51

Division 5 of Part 7

Omit the Division.

52

section 160

Omit the section.

53

paragraphs 161(2)(b) and (c)

Omit the paragraphs.

54

subsection 161(3)

Omit the subsection.

55

subsection 161(4)

Omit “or (3)”.

56

subsection 161(5)

Omit “a later”, substitute “an”.

57

subsections 161(6), (7), (8) and (9)

Omit “or (3)”.

58

Part 9

The Part ceases to have effect at the end of 30 June 2015.

59

Division 3 of Part 9

Omit the Division.

60

sections 196 and 196A

Omit the sections.

61

subsections 197(3) to (6)

Omit the subsections.

62

section 199

After “each quarter”, insert “that ends on or before 31 March 2015”.

63

section 200

Omit the section.

64

subsection 212(2) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

65

subsection 212(3) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

66

Part 12

Omit the Part.

67

paragraphs 262(1)(ma), (r), (u) and (v) and 263(2)(g), (i) and (j)

Omit the paragraphs.

68

section 281 (table items 3, 4, 5, 7, 8, 11, 12, 13 and 16)

Omit the table items.

69

Part 22

Omit the Part.

70

subparagraph 295(d)(iii)

Omit the subparagraph.

71

subparagraph 295(e)(ii)

Omit the subparagraph.

72

subparagraph 295(i)(iii)

Omit the subparagraph.

73

sections 303A and 303B

Omit the sections.

\n```\n\nCarbon units with a vintage year beginning on or after 1 July 2014\n\n(2) The modification made by item 3 of the table in subitem (1) does not apply in relation to the issue of a carbon unit with a vintage year beginning on or after 1 July 2014, if the carbon unit was issued as a result of an auction conducted before 1 July 2014.\n\nReview of decisions\n\n(3) The modification of section 281 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a decision made before 1 July 2014.\n\nCivil penalty orders\n\n(4) The modification of section 262 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a contravention that occurred before 1 July 2014.\n\n324 Application—repeal of Charge Acts\n\nCharge for issue of carbon units for a fixed charge\n\n(1) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units in accordance with section 100 of the Clean Energy Act 2011:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n\ndoes not apply to the issue of carbon units with a vintage year beginning on 1 July 2012 or 1 July 2013.\n\nCharge for issue of carbon units as a result of an auction\n\n(2) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units as a result of an auction:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n\ndoes not apply to the issue of carbon units if the carbon units were issued as a result of an auction conducted before 1 July 2014.\n\nCharge on unit shortfall\n\n(3) The repeal by this Schedule of the following Acts, so far as they relate to a unit shortfall for a financial year:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011;\n\ndoes not apply to:\n\n (d) a unit shortfall for the financial year beginning on 1 July 2012; or\n (e) a unit shortfall for the financial year beginning on 1 July 2013.\n\n325 Issue of carbon units\n\nThe Regulator must not issue any carbon units after the start of the designated carbon unit day.\n\n327 Cancellation of carbon units—designated carbon unit day\n\nScope\n\n(1) This item applies if there was an entry for a carbon unit in a person’s Registry account at the start of the designated carbon unit day.\n\nCancellation of unit\n\n(2) The Regulator must cancel the unit.\n\n(3) The Regulator must remove the entry for the unit from the person’s Registry account.\n\n(4) The Registry must set out a record of each cancellation under subitem (2).\n\n328 Surrender of eligible Australian carbon credit units\n\n(1) If:\n\n (a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and\n (b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and\n (c) the person has a Registry account;\n\nthen:\n\n (d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:\n (i) during that period; and\n (ii) in relation to the financial year beginning on 1 July 2013;\n are restored units for the purposes of this item; and\n (e) a restored unit is taken never to have been surrendered or cancelled; and\n (f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.\n\n(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).\n\n(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.\n\n(4) A determination under paragraph (1)(d) is not a legislative instrument.\n\n329 Opt‑in Scheme\n\n(1) A reference in the Opt‑in Scheme to a financial year does not include a reference to a financial year beginning on or after 1 July 2014.\n\n(2) Regulations 3.48 and 3.50 of the Clean Energy Regulations 2011 cease to have effect at the end of 30 June 2014.\n\nDivision 3—Provisions relating to other Acts\n\n330 Transitional—A New Tax System (Goods and Services Tax) Act 1999\n\nDespite the amendments of the A New Tax System (Goods and Services Tax) Act 1999 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n331 Transitional—Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\nDespite the amendments of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n332 Transitional—Australian National Registry of Emissions Units Act 2011\n\nDespite the amendments of the Australian National Registry of Emissions Units Act 2011 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n333 Transitional—Clean Energy Regulator Act 2011\n\n(1) Despite the amendment of the definition of climate change law in section 4 of the Clean Energy Regulator Act 2011 made by this Schedule, that definition continues to apply, in relation to paragraph 12(a) and subsection 43(3) and section 44 of that Act, as if that amendment had not been made.\n\n(2) Each of the following:\n\n (a) this Act;\n (b) a legislative instrument under this Act;\n (c) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (d) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014;\n\nis taken to be a climate change law for the purposes of paragraph 12(a) and subsection 43(3) and section 44 of the Clean Energy Regulator Act 2011.\n\n334 Application—amendments of the Fuel Tax Act 2006\n\nThe amendments of the Fuel Tax Act 2006 made by this Schedule apply to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n335 Application—amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006\n\nThe amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 made by this Act applies to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n336 Application—amendments of the Income Tax Assessment Act 1997\n\n(1) The repeal of section 26‑18 of the Income Tax Assessment Act 1997 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n(2) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule (other than the amendment of section 12‑5 or the repeal of section 26‑18), that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n337 Transitional—National Greenhouse and Energy Reporting Act 2007\n\nGeneral\n\n(1) Despite the amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to the following matters:\n\n (a) determining the meaning of the following expressions, when used in the Clean Energy Act 2011:\n (i) carbon dioxide equivalence;\n (ii) facility;\n (iii) greenhouse gas;\n (iv) group;\n (v) member, when used in relation to a group;\n (vi) non‑group entity;\n (vii) operational control;\n (viii) potential greenhouse gas emissions;\n (ix) provisional emissions number;\n (x) scope 1 emission of greenhouse gas;\n (b) the matters mentioned in subsections 10(3) to (9) of the National Greenhouse and Energy Reporting Act 2007, so far as those matters are relevant to the Clean Energy Act 2011;\n (c) reports under section 22A, 22AA or 22E of the National Greenhouse and Energy Reporting Act 2007;\n (d) records under section 22B, 22C or 22F of the National Greenhouse and Energy Reporting Act 2007;\n (e) applications under section 15A or 15AA of the National Greenhouse and Energy Reporting Act 2007;\n (f) the registration of persons under section 18A of the National Greenhouse and Energy Reporting Act 2007;\n (g) the publication of information under section 24 of the National Greenhouse and Energy Reporting Act 2007, so far as the information relates to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n (h) audits under section 74AA of the National Greenhouse and Energy Reporting Act 2007;\n (i) audits under section 74B or 74C of the National Greenhouse and Energy Reporting Act 2007, so far as the audits relate to a person’s compliance with obligations under that Act (or regulations under that Act) in relation to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n\nas if:\n\n (j) the National Greenhouse and Energy Reporting Act 2007 were modified as set out in the following table; and\n (k) those amendments had not been made; and\n (l) subitem (6) had not been enacted.\n\n```html\n

Modifications of the National Greenhouse and Energy Reporting Act 2007

Item

Provision

Modification

1

section 7 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

2

section 7 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

\n```\n\nThresholds\n\n(2) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they are relevant to determining whether a controlling corporation’s group meets a threshold under section 13 of that Act for a financial year, apply in relation to a threshold for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nReports\n\n(3) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 19 of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\n(4) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 22G or 22X of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nUnsatisfactory compliance record\n\n(5) Despite the amendments of section 11D of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to:\n\n (a) unpaid unit shortfall charge; and\n (b) a breach of a civil penalty provision of:\n (ii) the Clean Energy Act 2011; or\n (iii) a determination under section 113 of the Clean Energy Act 2011; and\n (c) a conviction of an offence against the Clean Energy Act 2011;\n\nas if those amendments had not been made.\n\nRegulations—carbon dioxide equivalence\n\n(6) If, immediately before the commencement of this item, regulations were in force for the purposes of paragraph (a) of the definition of carbon dioxide equivalence in section 7 of the National Greenhouse and Energy Reporting Act 2007, the regulations have effect, after that commencement, as if they had been made for the purposes of the definition of carbon dioxide equivalence in section 7 of that Act as amended by this Schedule.\n\nDeregistration—section 18A registrations\n\n(7) If:\n\n (a) a person was registered under the National Greenhouse and Energy Reporting Act 2007 because of the operation of section 18A of that Act; and\n (b) the person is registered under that Act as at the start of 1 July 2014;\n\nthe Regulator must remove the person’s name from the Register.\n\n338 Transitional—Ozone Protection and Synthetic Greenhouse Gas Management Act 1989\n\nAmounts to be credited to the Ozone Protection and SGG Account\n\n(1) Despite the amendments of section 65C of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 made by this Schedule, that section continues to apply, in relation to levy for a quarter ending before 1 July 2014, as if those amendments had not been made.\n\nRemission or refund of levy for a quarter ending before 1 July 2014\n\n(2) Despite the repeal of sections 69AA to 69AD of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 by this Schedule, those sections continue to apply, in relation to levy for a quarter ending before 1 July 2014, as if:\n\n (a) that Act provided that an application under section 69AA, 69AB or 69AC of that Act must be made before 1 January 2016; and\n (b) that repeal had not happened.\n\n339 Transitional—Petroleum Resource Rent Tax Assessment Act 1987\n\n(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n340 Transitional—Taxation Administration Act 1953\n\nDespite the amendment of the Taxation Administration Act 1953 made by this Schedule, that Act continues to apply, in relation to records or disclosures made for the purpose of:\n\n (a) the verification from the Regulator of information provided to the Commissioner under or for the purposes of the Fuel Tax Act 2006 so far as that Act applies to taxable fuel acquired, manufactured or imported before 1 July 2014; or\n (b) administering the Clean Energy Act 2011 or the associated provisions (within the meaning of that Act);\n\nas if that amendment had not been made.\n\nDivision 4—Miscellaneous\n\n342 Transitional rules\n\nThe Minister may, by legislative instrument, make rules in relation to transitional matters arising out of the amendments and repeals made by this Schedule.\n\nDivision 5—Transitional provisions commencing on Royal Assent\n\n343 Auctions of carbon units\n\n(1) The Regulator must not conduct an auction of carbon units after the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014.\n\n(2) Any determination under subsection 113(1) of the Clean Energy Act 2011 ceases to have effect at the end of the day (the relevant day) that is the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014;\n\nexcept to the extent to which the determination relates to auctions conducted on or before the relevant day.\n\n343A Carbon units issued as a result of an auction conducted by the Regulator\n\n(1) If:\n\n (a) a carbon unit was issued as a result of an auction conducted by the Regulator; and\n (b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;\n\nthe Regulator must:\n\n (c) cancel the unit; and\n (d) remove the entry for the unit from the person’s Registry account; and\n (e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.\n\n(2) The Registry must set out a record of each cancellation under paragraph (1)(c).\n\n(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.\n\n(4) In this item:\n\nbusiness day means a day that is not:\n\n (a) a Saturday; or\n (b) a Sunday; or\n (c) a public holiday in the Australian Capital Territory.\n\n344 Carbon pollution cap regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if section 16 of that Act had not been enacted.\n\n345 Fixed charge regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if subsections 100(14) and (15) of that Act had not been enacted.\n\n345A Deadlines of 1 February and 15 June\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the following definitions were inserted in section 5 of that Act:\n\n> 15 June means:\n\n (a) if the 15 June concerned is a business day—that 15 June; or\n (b) if the 15 June concerned is not a business day—the first business day after that 15 June.\n\n> 1 February means:\n\n (a) if the 1 February concerned is a business day—that 1 February; or\n (b) if the 1 February concerned is not a business day—the first business day after that 1 February.\n\n345B Surplus and estimation error adjustment number\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the formula in subsection 131(3) of that Act were omitted and the following formula substituted:![Start formula Total estimation error numbers plus Provisional surplus surrender number end formula](image.002.png)\n\n345C Definitions\n\nIf this Division commences before 1 July 2014, this Division has effect as if item 321 (definitions) had commenced at the same time as this Division commences.\n\n345D Compensation for acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\nPart 4—Jobs and Competitiveness Program\n\nDivision 1—Preliminary\n\n346 Definitions\n\n(1) In this Part:\n\nlevy means levy imposed by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\nover‑allocation of free carbon units has the meaning given by item 354.\n\nrules means rules made under item 359.\n\ntrue‑up shortfall has the meaning given by item 355.\n\nunder‑allocation of free carbon units has the meaning given by item 352.\n\n(2) An expression used in this Part and in the Clean Energy Act 2011 has the same meaning in this Part as in that Act.\n\n347 Crown to be bound\n\nThis Part binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.\n\n348 Extension to external Territories\n\nThis Part extends to every external Territory.\n\n349 Extension to exclusive economic zone and continental shelf\n\nThis Part extends to Australia’s exclusive economic zone and continental shelf.\n\n350 Extension to Joint Petroleum Development Area\n\nThis Part extends to the Joint Petroleum Development Area.\n\nDivision 2—Reporting requirements\n\n351 Reporting requirements\n\nReport\n\n(1) The rules may make provision for and in relation to requiring a designated person to give a written report to the Regulator for the purposes of this Part.\n\nDesignated person\n\n(2) For the purposes of this item, a person is a designated person if free carbon units with a vintage year beginning on 1 July 2013 are or were issued to the person in accordance with the Jobs and Competitiveness Program.\n\nCompliance with reporting requirements\n\n(3) Subsection 151(1) of the Clean Energy Act 2011 has effect as if a requirement under rules made for the purposes of subitem (1) were a requirement under the Jobs and Competitiveness Program.\n\nDivision 3—Issue of additional free carbon units\n\n352 Under‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an under‑allocation of free carbon units; and\n (d) the number of units in that under‑allocation is equal to the number ascertained in accordance with the rules.\n\n353 Issue of additional free carbon units\n\n(1) If:\n\n (a) a person has an under‑allocation of free carbon units; and\n (b) the person has a Registry account;\n\nthe Regulator must:\n\n (c) issue to the person, under section 94 of the Clean Energy Act 2011, a number of free carbon units equal to the number of units in the under‑allocation; and\n (d) do so within the period ascertained in accordance with the rules.\n\n(2) Free carbon units issued in accordance with subitem (1):\n\n (a) are to have a vintage year beginning on 1 July 2013; and\n (b) are taken (except for the purposes of this Part) to have been issued in accordance with the Jobs and Competitiveness Program.\n\nDivision 4—True‑up shortfalls\n\n354 Over‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an over‑allocation of free carbon units; and\n (d) the number of units in that over‑allocation is equal to the number ascertained in accordance with the rules.\n\n355 True‑up shortfall\n\n(1) For the purposes of this Part, if:\n\n (a) a person has an over‑allocation of free carbon units; and\n (b) the number worked out using the formula in subitem (2) exceeds zero;\n\nthen:\n\n (c) the person has a true‑up shortfall; and\n (d) the number of units in that shortfall is equal to the number worked out using that formula.\n\nNote: Levy is imposed on a true‑up shortfall by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n(2) The formula is as follows:\n\n![Start formula Number of units in the over-allocation minus Number of units relinquished end formula](image.003.png)\n\nwhere:\n\nnumber of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.\n\nDivision 5—Collection of levy\n\n356 When levy is due and payable\n\nLevy imposed on a true‑up shortfall of a person is due and payable at the end of the period ascertained in accordance with the rules.\n\n357 Late payment penalty\n\n(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:\n\n (a) 20% per annum; or\n (b) if a lower percentage is specified in the rules—that lower percentage per annum;\n\non the amount unpaid, computed from that time.\n\nPower to remit\n\n(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).\n\n(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.\n\n358 Recovery of levy and late payment penalty\n\nScope\n\n(1) This item applies to the following amounts:\n\n (a) an amount of levy;\n (b) an amount payable under item 357.\n\nRecovery\n\n(2) The amount:\n\n (a) is a debt due to the Commonwealth; and\n (b) may be recovered by the Regulator, on behalf of the Commonwealth, by action in a court of competent jurisdiction.\n\nDivision 6—Miscellaneous\n\n358A Associated provisions\n\nA reference in the Clean Energy Act 2011 (other than section 307) to the associated provisions includes a reference to:\n\n (a) the provisions of this Part; and\n (b) the provisions of the rules; and\n (c) the provisions of the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014; and\n (d) the provisions of the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n359 Rules\n\n(1) The Minister may, by legislative instrument, make rules prescribing matters:\n\n (a) required or permitted by this Part to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.\n\n(2) Conditions specified in rules made for the purposes of paragraph 352(b) or 354(b) may relate to events or things that occurred, or circumstances that existed, before the rules were registered under the Legislation Act 2003.\n\n(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the rules.\n\nSchedule 2—Carbon tax price reduction obligation\n\nCompetition and Consumer Act 2010\n\n1 After paragraph 2B(1)(a)\n\nInsert:\n\n (aa) Part V;\n\n2 After subparagraph 6(2)(b)(i)\n\nInsert:\n\n (ia) Part V (other than Division 5);\n\n3 After Part IVB\n\nInsert:\n\n## Part V—Carbon tax price reduction obligation\n\n### Division 1—Preliminary\n\n#### 60 Simplified outline of this Part\n\n• An entity must not engage in price exploitation in relation to the carbon tax repeal.\n\n• The Commission may monitor prices in relation to the carbon tax repeal and the carbon tax scheme.\n\n• An entity must not make false or misleading representations about the effect of the carbon tax repeal, or the carbon tax scheme, on the price for the supply of goods or services.\n\n• An entity that sells electricity or natural gas, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas, will be required to explain and substantiate:\n\n(a) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n\n(b) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n• An entity that sells electricity or natural gas to customers, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas to customers, must:\n\n(a) give a carbon tax removal substantiation statement to the Commission; and\n\n(b) include in the statement the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, attributable to the carbon tax repeal and that have been, are being, or will be, passed on to customers during the financial year that began on 1 July 2014; and\n\n(c) provide information with the statement that substantiates such an estimate; and\n\n(d) in a case where the entity sells electricity or natural gas to customers—communicate to customers a statement that identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings to customers that are for the financial year that began on 1 July 2014.\n\n• Infringement notices may be issued for certain contraventions of this Part.\n\n#### 60AA Objects etc.\n\n (1) The main objects of this Part are:\n (a) to deter price exploitation in relation to the carbon tax repeal at each point in the supply chain for regulated goods; and\n (b) to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods.\n (2) The intention of the Parliament in enacting this Part is to ensure that all cost savings attributable to the carbon tax repeal are passed on to consumers of regulated goods through lower prices.\n\n#### 60A Definitions\n\n In this Part:\n\n> applicable compliance period, for a carbon tax removal substantiation notice, has the meaning given by subsection 60FC(2).\n\n> bulk SGG importer means an entity that:\n\n (a) holds a controlled substances licence under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 that allows the entity to import synthetic greenhouse gases; and\n (b) supplies synthetic greenhouse gas to SGG customers.\n\n> carbon charge component of levy means so much of the amount of the levy as is calculated by multiplying the number of tonnes of carbon dioxide equivalence by a per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit.\n\n> carbon tax removal substantiation notice has the meaning given by subsection 60FA(3).\n\n> carbon tax removal substantiation statement has the meaning given by subsection 60FD(3).\n\n> carbon tax repeal means:\n\n (a) the repeal of the following Acts by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Clean Energy Act 2011;\n (ii) the Clean Energy (Charges—Customs) Act 2011;\n (iii) the Clean Energy (Charges—Excise) Act 2011;\n (iv) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n (v) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n (vi) the Clean Energy (Unit Shortfall Charge—General) Act 2011; and\n (b) the amendments of the following Acts made by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Fuel Tax Act 2006;\n (ii) the Fuel Tax (Consequential and Transitional Provisions) Act 2006; and\n (c) the amendments made by the following Acts:\n (i) the Customs Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (ii) the Excise Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (iii) the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Act 2014;\n (iv) the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Carbon Tax Repeal) Act 2014.\n\n> carbon tax repeal transition period means the period:\n\n (a) beginning at the start of 1 July 2014; and\n (b) ending at the end of 30 June 2015.\n\n> carbon tax scheme means the scheme embodied in the following:\n\n (a) the Clean Energy Act 2011, as in force at the start of 1 January 2014;\n (b) the associated provisions (within the meaning of that Act as in force at that time);\n (c) the following provisions of the Fuel Tax Act 2006, as in force at the start of 1 January 2014:\n (i) Division 42A;\n (ii) section 43‑5, so far as that section relates to a carbon reduction;\n (iii) section 43‑8;\n (iv) section 43‑11;\n (d) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (e) section 4A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (f) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (g) sections 6FA, 6FB and 6FC of the Excise Tariff Act 1921, as in force at the start of 1 January 2014;\n (h) section 19A of the Customs Tariff Act 1995, as in force at the start of 1 January 2014.\n\n> electricity customer means an entity that purchases electricity.\n\n> electricity retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells electricity to electricity customers; or\n (b) an entity who is a retailer within the meaning of the Electricity Industry Act 2000 (Vic.); or\n (c) an entity who is a retail entity within the meaning of the Electricity Act 1994 (Qld); or\n (d) an entity who:\n (i) holds a retail licence within the meaning of the Electricity Industry Act 2004 (WA); or\n (ii) holds an integrated regional licence within the meaning of the Electricity Industry Act 2004 (WA) that authorises the entity to sell electricity; or\n (e) an entity who is an electricity entity within the meaning of the Electricity Reform Act (NT) and whose licence under that Act authorises the entity to sell electricity; or\n (f) any other entity who produces electricity in Australia.\n\n> engages in price exploitation in relation to the carbon tax repeal: see section 60C.\n\n> entity means any of the following:\n\n (a) a corporation (as defined by section 4);\n (b) an individual;\n (c) a body corporate;\n (d) a corporation sole;\n (e) a body politic;\n (f) a partnership;\n (g) any other unincorporated association or body of entities;\n (h) a trust;\n (i) any party or entity which can or does buy or sell electricity, natural gas or synthetic greenhouse gas.\n\n> infringement notice means an infringement notice issued under subsection 60L(1).\n\n> infringement notice compliance period: see section 60P.\n\n> infringement notice provision means section 60C or 60K.\n\n> listed corporation has the meaning given by section 9 of the Corporations Act 2001.\n\n> National Energy Retail Law means the National Energy Retail Law set out in the Schedule to the National Energy Retail Law (South Australia) Act 2011 (SA).\n\n> natural gas has the same meaning as in the National Gas (Commonwealth) Law (as defined by the Australian Energy Market Act 2004).\n\n> natural gas customer means an entity that purchases natural gas.\n\n> natural gas retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells natural gas to natural gas customers; or\n (b) an entity who is a gas retailer within the meaning of the Gas Industry Act 2001 (Vic.); or\n (c) an entity who is a retailer within the meaning of the Gas Supply Act 2003 (Qld); or\n (d) an entity who holds a trading licence under the Energy Coordination Act 1994 (WA); or\n (e) an entity who holds a licence under the Gas Act 2000 (Tas.) to sell gas by retail.\n\n> price, in relation to a supply, includes:\n\n (a) a charge of any description for the supply; and\n (b) any pecuniary or other benefit, whether direct or indirect, received or to be received by a person for or in connection with the supply.\n\n> regulated goods: see section 60B.\n\n> regulated supply means a supply that:\n\n (a) occurs during the carbon tax repeal transition period; and\n (b) is of regulated goods.\n\n> regulated supply input costs of an entity means the entity’s input costs in relation to the making by the entity of regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n> Royal Assent day means the day on which the Act that inserted this Part receives the Royal Assent.\n\n> SGG customer means an entity that purchases synthetic greenhouse gas.\n\n> SGG equipment has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n> synthetic greenhouse gas has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n#### 60B Regulated goods\n\n (1) For the purposes of this Part, regulated goods means:\n (a) natural gas; or\n (b) electricity; or\n (c) synthetic greenhouse gas; or\n (d) SGG equipment; or\n (e) other goods of a kind specified in a legislative instrument under subsection (2).\n (2) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (1)(e).\n\n### Division 2—Carbon tax price reduction obligation\n\n#### 60C Price exploitation in relation to the carbon tax repeal\n\n (1) An entity must not engage in price exploitation in relation to the carbon tax repeal.\n (2) For the purposes of this Part, an entity engages in price exploitation in relation to the carbon tax repeal if, and only if:\n (a) it makes a regulated supply; and\n (b) the price for the supply does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal.\n (3) For the purposes of this Part, in determining whether the price for a supply made by an entity does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal, have regard to the following matters:\n (a) the entity’s cost savings that are directly or indirectly attributable to the carbon tax repeal;\n (b) how the cost savings mentioned in paragraph (a) can reasonably be attributed to the different supplies that the entity makes;\n (c) the entity’s costs;\n (d) any other relevant matter that may reasonably influence the price.\n\n#### 60CA Failure to pass on cost savings—250% penalty\n\n (1) If:\n (a) either:\n (i) an entity contravenes subsection 60C(1) in relation to a particular supply of electricity or natural gas; or\n (ii) an entity that is a bulk SGG importer contravenes subsection 60C(1) in relation to a particular supply of synthetic greenhouse gas; and\n (b) the contravention involved a failure to pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal;\n there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount equal to 250% of those cost savings that were not passed through.\n When penalty becomes due and payable\n (2) An amount payable by an entity under subsection (1) is due and payable on 1 July 2015.\n Late payment penalty\n (3) If an amount payable by an entity under subsection (1) remains unpaid after the time when it became due for payment, there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount calculated at the rate of 6% per annum on the amount unpaid, computed from that time.\n Recovery of penalties\n (4) An amount payable by an entity under subsection (1) or (3):\n (a) is a debt due to the Commonwealth; and\n (b) shall be recovered by the Commission, on behalf of the Commonwealth, by action in a court of competent jurisdiction, unless the cost of doing so exceeds the amount.\n Report to Parliament\n (5) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of penalties payable by entities.\n\n#### 60D Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that the entity has engaged in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) identify:\n (i) the entity that made the supply; and\n (ii) the kind of supply made; and\n (iii) the circumstances in which the supply was made; and\n (c) state that, in the Commission’s opinion, the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (3) In any proceedings:\n (aa) under section 60CA; or\n (a) under section 76 for a pecuniary penalty order relating to section 60C; or\n (b) under section 80 for an injunction relating to section 60C; or\n (c) under section 80A, 82, 86C, 86D or 87 for an order relating to section 60C;\n the notice is prima facie evidence that the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (4) The Commission may vary or revoke the notice on its own initiative or on application made by the entity. The Commission must give the entity written notice of the variation or revocation.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60E Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that doing so will aid the prevention of the entity engaging in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) be expressed to relate to any supply that the entity makes that is:\n (i) of a kind specified in the notice; and\n (ii) made in circumstances specified in the notice; and\n (iii) made during the period specified in the notice (which must not be a period ending after the end of the carbon tax repeal transition period); and\n (c) specify the maximum price that, in the Commission’s opinion, may be charged for a supply to which the notice is expressed to relate.\n (3) The Commission may, on its own initiative or on application made by the entity:\n (a) vary the notice to:\n (i) change the period specified as required by subparagraph (2)(b)(iii); or\n (ii) change the price specified in the notice as required by paragraph (2)(c); or\n (b) revoke the notice.\n The Commission must give the entity written notice of the variation or revocation.\n (4) The Commission may publish the notice, or particulars of any variation or revocation of the notice, in such manner as the Commission considers appropriate.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60F Acquisition of property\n\n Scope\n (1) This section applies to the following provisions of this Act:\n (a) section 60C;\n (b) any other provision to the extent to which it relates to section 60C.\n Effect of provision\n (2) The provision has no effect to the extent (if any) to which its operation would result in the acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph).\n\n### Division 2A—Carbon tax removal substantiation notices\n\n#### 60FA Carbon tax removal substantiation notices\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation notice\n (2) The Commission must, within 30 days after the Royal Assent day, by written notice given to the entity, require the entity:\n (a) to give to the Commission, within the period specified in the notice, a written statement that explains:\n (i) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n (ii) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas; and\n (b) to do either or both of the following:\n (i) give to the Commission, within the period and in the manner and form specified in the notice, information that substantiates the explanation set out in the statement;\n (ii) produce to the Commission, within the period and in the manner specified in the notice, documents that substantiate the explanation set out in the statement.\n (3) A notice under subsection (2) is to be known as a carbon tax removal substantiation notice.\n (4) A period specified in a carbon tax removal substantiation notice must be 21 days after the notice is given.\n (5) A carbon tax removal substantiation notice must explain the effect of:\n (a) section 60FB; and\n (b) section 60FC; and\n (c) sections 137.1 and 137.2 of the Criminal Code.\n Section does not limit section 60H\n (6) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (7) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60FB Extending periods for complying with carbon tax removal substantiation notices\n\n (1) An entity that has been given a carbon tax removal substantiation notice may, at any time within 14 days after the notice was given to the entity by the Commission, apply in writing to the Commission for an extension of the period for complying with the notice.\n (2) The Commission may, by written notice given to the entity, extend the period within which the entity must comply with the notice, so long as the extension is for a period of not more than 28 days.\n\n#### 60FC Compliance with carbon tax removal substantiation notices\n\n (1) An entity that is given a carbon tax removal substantiation notice must comply with it within the applicable compliance period for the notice.\n (2) The applicable compliance period for a carbon tax removal substantiation notice is:\n (a) the period of 21 days specified in the notice; or\n (b) if the period for complying with the notice has been extended under section 60FB—the period as so extended;\n and includes (if an application has been made under section 60FB for an extension of the period for complying with the notice) the period up until the time when the applicant is given notice of the Commission’s decision on the application.\n (3) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (1); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 200 penalty units.\n\n (4) Subsection (3) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (5) If subsection (3) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (3) of this section has effect, in relation to the individual, as if the reference to 200 penalty units were a reference to 40 penalty units.\n (6) If subsection (1) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving information or producing a document in accordance with a carbon tax removal substantiation notice on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 2B—Carbon tax removal substantiation statements\n\n#### 60FD Carbon tax removal substantiation statements\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation statement\n (2) Within 30 days after the Royal Assent day, the entity must give to the Commission:\n (a) a written statement that sets out:\n (i) if the entity has electricity customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and\n (ii) if the entity has natural gas customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and\n (iii) if the entity has SGG customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and\n (b) information that substantiates the estimate or estimates set out in the statement.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n (3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement.\n (4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity’s website, in a way that is readily accessible by the public, until the end of 30 June 2015.\n Compliance\n (5) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (4); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 500 penalty units.\n\n (6) Subsection (5) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.\n (8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60H\n (9) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (10) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n Report to Parliament\n (11) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of compliance by all entities.\n\n### Division 2C—Statements for customers\n\n#### 60FE Statements for customers\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers.\n Preparation of statement\n (2) Within 30 days after the Royal Assent day, the entity must prepare a statement that:\n (a) if the entity has electricity customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014; and\n (b) if the entity has natural gas customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014.\n Communication of contents of statement to customers\n (3) During the period:\n (a) beginning 30 days after the Royal Assent day; and\n (b) ending 60 days after the Royal Assent day;\n the entity must ensure that the contents of the statement prepared by it under subsection (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n Compliance\n (4) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (3); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 400 penalty units.\n\n (5) Subsection (4) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (6) If subsection (4) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.\n (7) If subsection (2) or (3) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from:\n (a) preparing a statement under subsection (2) of this section; or\n (b) communicating the contents of a statement under subsection (3) of this section;\n on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 3—Price monitoring in relation to the carbon tax repeal etc.\n\n#### 60G Commission may monitor prices in relation to the carbon tax repeal etc.\n\n Price monitoring—carbon tax repeal transition period\n (1) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged by entities for supplies, in the carbon tax repeal transition period, of relevant goods.\n\n> Note: For relevant goods, see subsection (11).\n\n (2) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of relevant goods by entities.\n\n> Note: For relevant goods, see subsection (11).\n\n (3) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n (4) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n Price monitoring—price exploitation\n (5) The Commission may monitor prices to assist the Commission’s consideration of whether an entity has engaged, is engaging, or may in the future engage, in price exploitation in relation to the carbon tax repeal.\n Price monitoring—pre‑repeal transition period\n (6) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged by entities for supplies, in the pre‑repeal transition period, of relevant goods.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (7) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of relevant goods by entities.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (8) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n (9) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n Section does not limit Part VIIA\n (10) This section does not limit Part VIIA (which is about prices surveillance).\n Relevant goods\n (11) For the purposes of this section, the following are relevant goods:\n (a) regulated goods;\n (b) other goods of a kind specified in a legislative instrument under subsection (12).\n (12) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (11)(b).\n Pre‑repeal transition period\n (13) For the purposes of this section, pre‑repeal transition period means the period:\n (a) beginning at the commencement of this section; and\n (b) ending at the end of 30 June 2014.\n\n#### 60H Information‑gathering powers\n\n (1) A member of the Commission may, by written notice given to a person, require the person:\n (a) to give the Commission specified information in writing signed by:\n (i) the person; or\n (ii) if the person is a body corporate—a competent officer of the body corporate; or\n (b) to produce to the Commission specified documents;\n if:\n (c) the information, or information contained in the documents, relates to prices or the setting of prices; and\n (d) the member reasonably believes that the information, or information contained in the documents, will or may be useful to the Commission in monitoring prices as mentioned in any of subsections 60G(1) to (9).\n\n> Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.\n\n (2) Information or documents that may be required under subsection (1) may relate to prices, or the setting of prices:\n (a) before or after the carbon tax repeal; and\n (b) before or after the start of the carbon tax repeal transition period; and\n (c) in a situation, or during a period, specified in the notice.\n (3) Subsection (2) does not limit subsection (1).\n (4) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (1); and\n (b) the person is capable of complying with the requirement; and\n (c) the person omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 20 penalty units.\n\n (5) An individual is excused from giving information or producing a document in accordance with a requirement under subsection (1) on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60FA\n (5A) This section does not limit section 60FA (which is about carbon tax removal substantiation notices).\n Section does not limit section 155\n (6) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60J Reporting\n\n (1) The Commission must, within 28 days after the end of each quarter, give the Minister a written report about the operations of the Commission under this Part during the quarter.\n (2) A report under subsection (1) must include particulars of:\n (a) all notices given under section 60E during the quarter; and\n (b) all variations or revocations during the quarter of notices given under section 60E.\n (3) Subsection (2) does not limit subsection (1).\n (4) For the purposes of this section, a quarter is a period of 3 months:\n (a) that occurs wholly or partly during the carbon tax repeal transition period; and\n (b) that starts on any of the following days in a year:\n (i) 1 January;\n (ii) 1 April;\n (iii) 1 July;\n (iv) 1 October.\n (5) As soon as practicable after the Minister receives a report under subsection (1), the Minister must make the report public by such means as the Minister considers appropriate.\n (6) If this section commences during a quarter (but not on the first day of a quarter):\n (a) no report is to be made at the end of the quarter; but\n (b) the report made at the end of the next quarter is also to include the information required by subsections (1) and (2) in relation to the previous quarter.\n\n### Division 4—False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n#### 60K False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n An entity must not, in trade or commerce, in connection with:\n (a) the supply or possible supply of goods or services; or\n (b) the promotion by any means of the supply or use of goods or services;\n make a false or misleading representation, during the carbon tax repeal transition period, concerning the effect of:\n (c) the carbon tax repeal or a part of the carbon tax repeal; or\n (d) the carbon tax scheme or a part of the carbon tax scheme;\n on the price for the supply of the goods or services.\n\n### Division 5—Infringement notices\n\n#### 60L Issuing an infringement notice\n\n Issuing an infringement notice\n (1) If the Commission has reasonable grounds to believe that a person has contravened an infringement notice provision, the Commission may issue an infringement notice to the person.\n (2) The Commission must not issue more than one infringement notice to the person for the same alleged contravention of the infringement notice provision.\n (3) The infringement notice does not have any effect if the notice:\n (a) is issued more than 12 months after the day on which the contravention of the infringement notice provision is alleged to have occurred; or\n (b) relates to more than one alleged contravention of an infringement notice provision by the person.\n Matters to be included in an infringement notice\n (4) An infringement notice must:\n (a) be identified by a unique number; and\n (b) state the day on which it is issued; and\n (c) state the name and address of the person to whom it is issued; and\n (d) identify the Commission; and\n (e) state how the Commission may be contacted; and\n (f) give details of the alleged contravention by the person, including:\n (i) the date of the alleged contravention; and\n (ii) the particular infringement notice provision that was allegedly contravened; and\n (g) state the maximum pecuniary penalty that the court could order the person to pay under section 76 for the alleged contravention; and\n (h) specify the penalty that is payable in relation to the alleged contravention; and\n (i) state that the penalty is payable within the infringement notice compliance period for the notice; and\n (j) state that the penalty is payable to the Commission on behalf of the Commonwealth; and\n (k) explain how payment of the penalty is to be made; and\n (l) explain the effect of sections 60M, 60N, 60P and 60Q.\n Amount of penalty\n (5) The penalty to be specified in an infringement notice that is to be issued to a person in relation to an alleged contravention of an infringement notice provision must be:\n (a) if the person is a listed corporation—600 penalty units; or\n (b) if the person is a body corporate other than a listed corporation—60 penalty units; or\n (c) if the person is not a body corporate—12 penalty units.\n\n#### 60M Effect of compliance with an infringement notice\n\n Scope\n (1) This section applies if:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person pays the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q.\n Effect\n (2) The person is not, merely because of the payment, regarded as:\n (a) having contravened the infringement notice provision; or\n (b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the infringement notice provision.\n (3) No proceedings (whether criminal or civil) may be started or continued against the person, by or on behalf of the Commonwealth, in relation to:\n (a) the alleged contravention of the infringement notice provision; or\n (b) an offence constituted by the same conduct that constituted the alleged contravention.\n\n#### 60N Effect of failure to comply with an infringement notice\n\n If:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person fails to pay the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q;\n the person is liable to proceedings under Part VI in relation to the alleged contravention of the infringement notice provision.\n\n#### 60P Infringement notice compliance period for infringement notice\n\n (1) The infringement notice compliance period for an infringement notice is the period of 28 days beginning on the day after the day on which the infringement notice is issued by the Commission.\n (2) Subsection (1) has effect subject to subsection (7).\n (3) The Commission may extend, by notice in writing, the infringement notice compliance period for the notice if the Commission is satisfied that it is appropriate to do so.\n (4) Only one extension may be given, and the extension must not be for longer than 28 days.\n (5) Notice of the extension must be given to the person who was issued the infringement notice.\n (6) A failure to comply with subsection (5) does not affect the validity of the extension.\n (7) If the Commission extends the infringement notice compliance period for an infringement notice, a reference in this Division to the infringement notice compliance period for an infringement notice is taken to be a reference to the infringement notice compliance period as so extended.\n\n#### 60Q Withdrawal of an infringement notice\n\n Representations to the Commission\n (1) A person to whom an infringement notice has been issued for an alleged contravention of an infringement notice provision may make written representations to the Commission seeking the withdrawal of the infringement notice.\n (2) Evidence or information that the person, or a representative of the person, gives to the Commission in the course of making representations under subsection (1) is not admissible in evidence against the person or representative in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).\n Withdrawal by the Commission\n (3) The Commission may, by written notice (the withdrawal notice) given to the person to whom an infringement notice was issued, withdraw the infringement notice if the Commission is satisfied that it is appropriate to do so.\n (4) Subsection (3) applies whether or not the person has made representations seeking the withdrawal.\n Content of withdrawal notices\n (5) The withdrawal notice must state:\n (a) the name and address of the person; and\n (b) the day on which the infringement notice was issued to the person; and\n (c) that the infringement notice is withdrawn; and\n (d) that proceedings under Part VI may be started or continued against the person in relation to:\n (i) the alleged contravention the infringement notice provision; or\n (ii) an offence constituted by the same conduct that constituted the alleged contravention.\n Time limit for giving withdrawal notices\n (6) To be effective, the withdrawal notice must be given to the person within the infringement notice compliance period for the infringement notice.\n Refunds\n (7) If the infringement notice is withdrawn after the person has paid the penalty specified in the infringement notice, the Commission must, on behalf of the Commonwealth, refund to the person an amount equal to the amount paid.\n\n> Note: For appropriation, see section 28 of the Financial Management and Accountability Act 1997.\n\n#### 60R Effect of this Division\n\n This Division does not:\n (a) require an infringement notice to be issued to a person for an alleged contravention of an infringement notice provision; or\n (b) affect the liability of a person to proceedings under Part VI in relation to an alleged contravention of an infringement notice provision if:\n (i) an infringement notice is not issued to the person for the alleged contravention; or\n (ii) an infringement notice issued to a person for the alleged contravention is withdrawn under section 60Q; or\n (c) prevent a court from imposing a higher penalty than the penalty specified in the infringement notice if the person does not comply with the notice.\n\n4 Subsection 75B(1)\n\nAfter “section”, insert “60C, 60K or”.\n\n5 After subparagraph 76(1)(a)(i)\n\nInsert:\n\n (ii) section 60C;\n (iia) section 60K;\n\n6 After paragraph 76(1A)(b)\n\nInsert:\n\n (ba) for each act or omission to which this section applies that relates to section 60C or 60K—6,471 penalty units; and\n\n7 Before paragraph 76(1B)(a)\n\nInsert:\n\n (aa) for each act or omission to which this section applies that relates to section 60C or 60K—1,295 penalty units; and\n\n8 Paragraph 77A(3) (at the end of the definition of civil liability)\n\nAdd “or Part V”.\n\n9 Paragraph 80(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a contravention of any of the following provisions:\n (i) a provision of Part IV;\n (ii) a provision of Division 2 or 5 of Part IVB;\n (iii) section 60C;\n (iv) section 60K; or\n\n10 At the end of subsection 80(1A)\n\nAdd “, 60C or 60K”.\n\n11 After section 80\n\nInsert:\n\n#### 80A Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money\n\n (1) If, on the application of the Commission, the Court is satisfied that a person has engaged in conduct constituting a contravention of section 60C, the Court may make either or both of the following orders:\n (a) an order requiring that person, or a person involved in the contravention, not to make a regulated supply of a kind specified in the order for a price in excess of the price specified in the order while the order remains in force;\n (b) an order requiring that person, or a person involved in the contravention, to refund money to a person specified in the order.\n\n> Note: Section 60C is about price exploitation in relation to the carbon tax repeal.\n\n (2) This section does not limit section 80.\n (3) In this section:\n\n> price has the same meaning as in Part V.\n\n> regulated supply has the same meaning as in Part V.\n\n12 Subsection 82(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n13 Section 83\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n14 Paragraphs 84(1)(b) and (3)(b)\n\nAfter “IVB”, insert “or V”.\n\n15 After paragraph 85(a)\n\nInsert:\n\n (aa) engaged in conduct in contravention of section 60C or 60K; or\n\n16 Paragraph 86C(2)(a)\n\nBefore “a”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n17 Paragraph 86C(2)(b)\n\nBefore “a probation”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n18 Subsection 86C(4) (paragraph (a) of the definition of contravening conduct)\n\nAfter “section”, insert “60C, 60K or”.\n\n19 Subsection 87(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n20 Paragraph 87(1A)(a)\n\nAfter “IVB”, insert “or section 60C or 60K”.\n\n21 Paragraph 87(1A)(b)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n22 Paragraph 87(1B)(a)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n23 Subsection 87(1C)\n\nOmit “or Division 2 of Part IVB”, substitute “, Division 2 of Part IVB or section 60C or 60K”.\n\n24 Subsection 155AAA(21) (paragraph (a) of the definition of core statutory provision)\n\nAfter “Part IV,”, insert “V,”.\n\n25 Subsection 155AAA(21) (after paragraph (b) of the definition of protected information)\n\nInsert:\n\n (ba) information that was obtained by the Commission under paragraph 60FD(2)(b) or section 60FA or 60H; or\n\n26 Before subparagraph 163A(1)(a)(ii)\n\nInsert:\n\n (i) Part V;\n\nSchedule 3—Repeal of tax offset for conservation tillage\n\nClean Energy (Consequential Amendments) Act 2011\n\n1 Subsection 2(1) (table item 6)\n\nRepeal the item.\n\n2 Part 3 of Schedule 2\n\nRepeal the Part.\n\nIncome Tax Assessment Act 1997\n\n3 Section 67‑23 (table item 24)\n\nRepeal the item.\n\n4 Subdivision 385‑J\n\nRepeal the Subdivision.\n\n5 Subsection 995‑1(1) (definition of eligible no‑till seeder)\n\nRepeal the definition.\n\n6 Application of amendments\n\nThe amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.\n\nNote: The provisions of the Income Tax Assessment Act 1997 repealed by this Schedule will continue to apply to assessments for the 2012‑13 and 2013‑14 income years.\n\n7 Transitional—timing relating to 2013‑14 income year\n\nThe following provisions of the Income Tax Assessment Act 1997:\n\n (a) subparagraph 385‑175(1)(e)(ii);\n (b) subparagraph 385‑190(1)(c)(ii);\n\napply for the purposes of assessments for the 2013‑14 income year as if those provisions referred to 30 June 2014 rather than 30 June 2015.\n\nSchedule 4—Repeal of the Steel Transformation Plan Act 2011\n\nSteel Transformation Plan Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nNote: On the repeal of the Act, the Steel Transformation Plan 2012 (which was made under Part 3 of the Act) will also cease to have effect.\n\n2 Effect of repeal\n\n(1) To avoid doubt:\n\n (a) no assistance is payable under the old Act or the old Plan after the commencement of this Schedule, including in respect of the half‑year ending on 30 June 2014; and\n (b) a return is not required to be (and cannot be) provided under Part 4 of the old Plan in respect of the half‑year ending on 30 June 2014 (or any later half‑year); and\n (c) the following conditions cease to have effect on the commencement of this Schedule:\n (i) conditions to which payments of competitiveness assistance advances under the old Act were subject;\n (ii) conditions to which registrations of corporations under the old Plan as STP participants were subject; and\n (d) the Department’s annual report for the financial year ending on 30 June 2014 (or any later financial year) is not required to comply with section 26 of the old Act.\n\n(2) In this item:\n\nold Act means the Steel Transformation Plan Act 2011.\n\nold Plan means the Steel Transformation Plan 2012 made under Part 3 of the old Act.\n\nSchedule 5—Australian Renewable Energy Agency’s finances\n\nAustralian Renewable Energy Agency Act 2011\n\n1 Subsection 64(1) (table)\n\nRepeal the table, substitute:\n\n```html\n

Yearly maximum payments to ARENA

Item

Financial year

Amount for financial year

1

2013‑2014

$581,276,000.00

2

2014‑2015

$194,340,000.00

3

2015‑2016

$89,991,000.00

4

2016‑2017

$56,950,000.00

5

2017‑2018

$499,893,000.00

6

2018‑2019

$237,000,000.00

7

2019‑2020

$468,340,000.00

8

2020‑2021

$135,000,000.00

9

2021‑2022

$135,000,000.00

\n```\n\n2 Subsections 64(3) to (6)\n\nRepeal the subsections.\n\n3 Subsection 65(4) (note)\n\nOmit “subsections 64(2) to (6)”, substitute “subsection 64(2)”.\n\n4 Application\n\nTo avoid doubt:\n\n (a) the amendments made by this Part do not affect how the Australian Renewable Energy Agency Act 2011 applied, before the commencement of this Part, in relation to the financial year 2012‑2013; but\n (b) for the purposes of that Act as amended by this Part, subsection 64(2) of that Act does not apply so as to carry over to the 2013‑2014 financial year any unspent amount from the 2012‑2013 financial year.\n\nNote: The unspent amount from the 2012‑2013 financial year has instead been directly factored into amounts specified in the table substituted by item 1.","sortOrder":38},{"sectionNumber":"60G","sectionType":"section","heading":"Commission may monitor prices in relation to the carbon tax repeal etc.","content":"#### 60G Commission may monitor prices in relation to the carbon tax repeal etc.\n\n Price monitoring—carbon tax repeal transition period\n (1) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged by entities for supplies, in the carbon tax repeal transition period, of relevant goods.\n\n> Note: For relevant goods, see subsection (11).\n\n (2) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of relevant goods by entities.\n\n> Note: For relevant goods, see subsection (11).\n\n (3) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n (4) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n Price monitoring—price exploitation\n (5) The Commission may monitor prices to assist the Commission’s consideration of whether an entity has engaged, is engaging, or may in the future engage, in price exploitation in relation to the carbon tax repeal.\n Price monitoring—pre‑repeal transition period\n (6) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged by entities for supplies, in the pre‑repeal transition period, of relevant goods.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (7) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of relevant goods by entities.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (8) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n (9) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n Section does not limit Part VIIA\n (10) This section does not limit Part VIIA (which is about prices surveillance).\n Relevant goods\n (11) For the purposes of this section, the following are relevant goods:\n (a) regulated goods;\n (b) other goods of a kind specified in a legislative instrument under subsection (12).\n (12) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (11)(b).\n Pre‑repeal transition period\n (13) For the purposes of this section, pre‑repeal transition period means the period:\n (a) beginning at the commencement of this section; and\n (b) ending at the end of 30 June 2014.","sortOrder":39},{"sectionNumber":"60H","sectionType":"section","heading":"Information‑gathering powers","content":"#### 60H Information‑gathering powers\n\n (1) A member of the Commission may, by written notice given to a person, require the person:\n (a) to give the Commission specified information in writing signed by:\n (i) the person; or\n (ii) if the person is a body corporate—a competent officer of the body corporate; or\n (b) to produce to the Commission specified documents;\n if:\n (c) the information, or information contained in the documents, relates to prices or the setting of prices; and\n (d) the member reasonably believes that the information, or information contained in the documents, will or may be useful to the Commission in monitoring prices as mentioned in any of subsections 60G(1) to (9).\n\n> Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.\n\n (2) Information or documents that may be required under subsection (1) may relate to prices, or the setting of prices:\n (a) before or after the carbon tax repeal; and\n (b) before or after the start of the carbon tax repeal transition period; and\n (c) in a situation, or during a period, specified in the notice.\n (3) Subsection (2) does not limit subsection (1).\n (4) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (1); and\n (b) the person is capable of complying with the requirement; and\n (c) the person omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 20 penalty units.\n\n (5) An individual is excused from giving information or producing a document in accordance with a requirement under subsection (1) on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60FA\n (5A) This section does not limit section 60FA (which is about carbon tax removal substantiation notices).\n Section does not limit section 155\n (6) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).","sortOrder":40},{"sectionNumber":"60J","sectionType":"section","heading":"Reporting","content":"#### 60J Reporting\n\n (1) The Commission must, within 28 days after the end of each quarter, give the Minister a written report about the operations of the Commission under this Part during the quarter.\n (2) A report under subsection (1) must include particulars of:\n (a) all notices given under section 60E during the quarter; and\n (b) all variations or revocations during the quarter of notices given under section 60E.\n (3) Subsection (2) does not limit subsection (1).\n (4) For the purposes of this section, a quarter is a period of 3 months:\n (a) that occurs wholly or partly during the carbon tax repeal transition period; and\n (b) that starts on any of the following days in a year:\n (i) 1 January;\n (ii) 1 April;\n (iii) 1 July;\n (iv) 1 October.\n (5) As soon as practicable after the Minister receives a report under subsection (1), the Minister must make the report public by such means as the Minister considers appropriate.\n (6) If this section commences during a quarter (but not on the first day of a quarter):\n (a) no report is to be made at the end of the quarter; but\n (b) the report made at the end of the next quarter is also to include the information required by subsections (1) and (2) in relation to the previous quarter.","sortOrder":41},{"sectionNumber":"Division 4","sectionType":"division","heading":"False or misleading representations about the effect of the carbon tax repeal etc. on prices","content":"An Act to repeal the Clean Energy Act 2011, and for other purposes\n\n#### 1 Short title\n\n This Act may be cited as the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 July 2014

2. Schedule 1, Parts 1 and 2

1 July 2014.

1 July 2014

3. Schedule 1, Part 3, Divisions 1 to 4

1 July 2014.

1 July 2014

4. Schedule 1, Part 3, Division 5

The day this Act receives the Royal Assent.

17 July 2014

5. Schedule 1, Part 4

The day after this Act receives the Royal Assent.

However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.

18 July 2014

6. Schedule 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 January 2014.

18 July 2014

(paragraph (a) applies)

7. Schedule 3

The day after this Act receives the Royal Assent.

18 July 2014

8. Schedule 4

1 July 2014.

1 July 2014

9. Schedule 5

The day this Act receives the Royal Assent.

17 July 2014

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Schedule(s)\n\n Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\nSchedule 1—Repeal of the carbon tax\n\nPart 1—Repeal of Acts\n\nClean Energy Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Customs) Act 2011\n\n2 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Excise) Act 2011\n\n3 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Auctions) Act 2011\n\n4 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Fixed Charge) Act 2011\n\n5 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Shortfall Charge—General) Act 2011\n\n6 The whole of the Act\n\nRepeal the Act.\n\nPart 2—Amendments\n\nA New Tax System (Goods and Services Tax) Act 1999\n\n7 Section 195‑1\n\nInsert:\n\n> eligible Australian carbon credit unit means:\n\n (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or\n (b) a non‑Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:\n (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non‑Kyoto Australian carbon credit unit; and\n (ii) the non‑Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or\n (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.\n Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.\n\n8 Section 195‑1 (definition of eligible emissions unit)\n\nRepeal the definition, substitute:\n\n> eligible emissions unit means:\n\n (a) an \\*eligible international emissions unit; or\n (b) an \\*eligible Australian carbon credit unit.\n\n9 Section 195‑1\n\nInsert:\n\n> eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nAnti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n10 Section 5 (definition of carbon unit)\n\nRepeal the definition.\n\n11 Subsection 6(2) (paragraph (baa) of the cell at table item 33, column headed “Provision of a designated service”)\n\nRepeal the paragraph.\n\n12 Subsection 6(2) (paragraph (d) of the cell at table item 33, column headed “Provision of a designated service”)\n\nOmit “carbon units,”.\n\nAustralian National Registry of Emissions Units Act 2011\n\n13 Section 3\n\nOmit:\n\n• Entries may be made in Registry accounts for:\n\n(a) carbon units; and\n\n(b) Australian carbon credit units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\n• This Act sets out rules about dealings with:\n\n(a) Kyoto units; and\n\n(b) prescribed international units.\n\nsubstitute:\n\n• Entries may be made in Registry accounts for:\n\n(a) Australian carbon credit units; and\n\n(b) Kyoto units.\n\n• This Act sets out rules about dealings with Kyoto units.\n\n14 Section 4 (definition of Australian‑issued international unit)\n\nRepeal the definition.\n\n15 Section 4 (definition of benchmark average auction charge)\n\nRepeal the definition.\n\n16 Section 4 (definition of carbon unit)\n\nRepeal the definition.\n\n17 Section 4 (definition of Commonwealth foreign registry account)\n\nRepeal the definition.\n\n18 Section 4 (paragraph (d) of the definition of eligible international emissions unit)\n\nOmit “rules; or”, substitute “rules.”.\n\n19 Section 4 (paragraph (e) of the definition of eligible international emissions unit)\n\nRepeal the paragraph.\n\n20 Section 4 (definition of European allowance unit)\n\nRepeal the definition.\n\n21 Section 4 (definition of European Union Greenhouse Gas Emission Allowance Trading Directive)\n\nRepeal the definition.\n\n22 Section 4 (definition of fixed charge year)\n\nRepeal the definition.\n\n23 Section 4 (definition of foreign account)\n\nRepeal the definition, substitute:\n\n> foreign account, when used in relation to a Kyoto unit, means an account kept within a foreign Kyoto registry.\n\n24 Section 4 (definition of foreign government body)\n\nRepeal the definition.\n\n25 Section 4 (definition of hold)\n\nOmit “a carbon unit or”.\n\n26 Section 4 (definition of Information Database)\n\nRepeal the definition.\n\n27 Section 4 (definition of international arrangement)\n\nRepeal the definition.\n\n28 Section 4 (definition of international organisation)\n\nRepeal the definition.\n\n29 Section 4 (definition of issue)\n\nRepeal the definition, substitute:\n\n> issue, in relation to an Australian carbon credit unit, has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n30 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n31 Section 4 (definition of quarter)\n\nRepeal the definition.\n\n32 Section 4 (paragraph (aa) of the definition of registered holder)\n\nRepeal the paragraph.\n\n33 Section 4 (paragraph (b) of the definition of registered holder)\n\nOmit “unit; or”, substitute “unit.”.\n\n34 Section 4 (paragraph (c) of the definition of registered holder)\n\nRepeal the paragraph.\n\n35 Section 4 (definition of relinquish)\n\nRepeal the definition.\n\n36 Section 4 (definition of transfer)\n\nRepeal the definition, substitute:\n\n> transfer, in relation to a Kyoto unit, has the meaning given by section 33.\n\n37 Section 4 (definition of vintage year)\n\nRepeal the definition.\n\n38 Paragraph 9(4)(a)\n\nOmit “carbon units, Australian carbon credit units and prescribed international units”, substitute “Australian carbon credit units”.\n\n39 Paragraph 11(5)(a)\n\nOmit “carbon units or”.\n\n40 Section 14A\n\nRepeal the section.\n\n41 Paragraph 15(2)(aa)\n\nRepeal the paragraph.\n\n42 Paragraph 15(2)(c)\n\nOmit “account; and”, substitute “account.”.\n\n43 Paragraph 15(2)(d)\n\nRepeal the paragraph.\n\n44 Subparagraph 16(2)(b)(ii)\n\nOmit “(4), (5) and (6)”, substitute “(4) and (6)”.\n\n45 Subsection 16(2A)\n\nRepeal the subsection (not including the heading).\n\n46 Subsection 16(5)\n\nRepeal the subsection.\n\n47 Paragraph 16(7)(b)\n\nOmit “or (5)”.\n\n48 Subsection 17(1A)\n\nRepeal the subsection.\n\n49 Subsection 17(3)\n\nRepeal the subsection.\n\n50 Paragraph 19(3A)(a)\n\nOmit “or 49A”.\n\n51 Subsection 19(3B)\n\nRepeal the subsection.\n\n52 Section 21\n\nRepeal the section.\n\n53 Paragraph 22(4A)(a)\n\nOmit “or 49A”.\n\n54 Subsection 22(4B)\n\nRepeal the subsection.\n\n55 Subparagraph 26(3)(a)(ia)\n\nRepeal the subparagraph.\n\n56 Subparagraph 26(3)(a)(ii)\n\nOmit “or”.\n\n57 Subparagraph 26(3)(a)(iii)\n\nRepeal the subparagraph.\n\n58 Paragraph 27(3B)(b)\n\nOmit “account; or”, substitute “account.”.\n\n59 Paragraph 27(3B)(c)\n\nRepeal the paragraph.\n\n60 Paragraph 28A(1)(aa)\n\nRepeal the paragraph.\n\n61 Paragraph 28A(1)(b)\n\nOmit “or”.\n\n62 Paragraph 28A(1)(c)\n\nRepeal the paragraph.\n\n63 Paragraph 28A(4)(aa)\n\nRepeal the paragraph.\n\n64 Paragraph 28B(1)(aa)\n\nRepeal the paragraph.\n\n65 Paragraph 28B(1)(b)\n\nOmit “or”.\n\n66 Paragraph 28B(1)(c)\n\nRepeal the paragraph.\n\n67 Paragraph 28B(11)(aa)\n\nRepeal the paragraph.\n\n68 Subsection 28B(11) (paragraph (c) of the note)\n\nOmit “Act; and”, substitute “Act.”.\n\n69 Subsection 28B(11) (paragraphs (d) and (e) of the note)\n\nRepeal the paragraphs.\n\n70 Paragraph 28C(17)(aa)\n\nRepeal the paragraph.\n\n71 Subparagraph 28D(5)(a)(ii)\n\nOmit “carbon units or”.\n\n72 Paragraph 28D(5)(b)\n\nRepeal the paragraph, substitute:\n\n (b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.\n\n73 Paragraph 28D(16)(aa)\n\nRepeal the paragraph.\n\n74 Part 4\n\nRepeal the Part.\n\n75 Section 58\n\nOmit:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) carbon units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\nsubstitute:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) Kyoto units.\n\n76 Section 59A\n\nRepeal the section.\n\n77 Subsections 61(3) to (6)\n\nRepeal the subsections.\n\n78 Section 61A\n\nRepeal the section.\n\n79 Sections 63 to 63G\n\nRepeal the sections.\n\n80 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more carbon units, the person may request the Regulator to cancel any or all of those units. However, this rule does not apply to a unit that was issued for a fixed charge and has a vintage year that is a fixed charge year.\n\n81 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more prescribed international units, the person may request the Regulator to cancel any or all of those units.\n\n82 Section 64A\n\nRepeal the section.\n\n83 Section 66\n\nRepeal the section.\n\n84 Parts 6A and 6B\n\nRepeal the Parts.\n\n85 Paragraph 79(1)(c)\n\nOmit “27(4);”, substitute “27(4).”.\n\n86 Paragraph 79(1)(d)\n\nRepeal the paragraph.\n\n87 Section 82 (table item 2)\n\nOmit “or 53”.\n\n88 Section 82 (table item 3)\n\nRepeal the item.\n\n89 Section 82 (table items 8 and 9)\n\nOmit “or 21”.\n\n90 Section 82 (table items 15 and 16)\n\nRepeal the items.\n\n91 Section 86A\n\nRepeal the section.\n\nAustralian Securities and Investments Commission Act 2001\n\n92 Paragraph 12BAA(7)(ka)\n\nRepeal the paragraph.\n\n93 Paragraph 12BAB(1)(g)\n\nOmit “a carbon unit,”.\n\n94 At the end of the Act\n\nAdd:\n\n## Part 20—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 295 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 296 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\nClean Energy Regulator Act 2011\n\n95 Section 3\n\nOmit:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Clean Energy Act 2011; and\n\n(b) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(c) the National Greenhouse and Energy Reporting Act 2007; and\n\n(d) the Renewable Energy (Electricity) Act 2000; and\n\n(e) the Australian National Registry of Emissions Units Act 2011.\n\nsubstitute:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(b) the National Greenhouse and Energy Reporting Act 2007; and\n\n(c) the Renewable Energy (Electricity) Act 2000; and\n\n(d) the Australian National Registry of Emissions Units Act 2011.\n\n96 Section 4\n\nInsert:\n\n> Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.\n\n> Note: The text of the Convention is set out in Australian Treaty Series 1994 No. 2 (\\[1994\\] ATS 2). In 2013, the text of a Convention in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).\n\n97 Section 4 (paragraphs (b) to (h) of the definition of climate change law)\n\nRepeal the paragraphs.\n\n98 Section 4\n\nInsert:\n\n> greenhouse gas has the same meaning as in the National Greenhouse and Energy Reporting Act 2007.\n\n99 Section 4 (definition of international agreement)\n\nRepeal the definition, substitute:\n\n> international agreement means an agreement whose parties are:\n\n (a) Australia and a foreign country; or\n (b) Australia and 2 or more foreign countries.\n\n100 Section 4 (definition of international climate change agreement)\n\nRepeal the definition, substitute:\n\n> international climate change agreement means:\n\n (a) the Climate Change Convention; or\n (b) any other international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) imposes obligations on Australia to take action to reduce greenhouse gas emissions; or\n (c) an international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) is specified in a legislative instrument made by the Minister for the purposes of this definition.\n\n101 Section 4 (paragraph (a) of the definition of objectives of the Regulator)\n\nRepeal the paragraph.\n\n102 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n103 Paragraph 41(3)(a)\n\nRepeal the paragraph.\n\n104 Paragraph 49(1)(z)\n\nRepeal the paragraph, substitute:\n\n (z) a person or body responsible for the administration of a scheme that involves the issue or registration of prescribed eligible carbon units;\n\nCorporations Act 2001\n\n105 Section 9 (definition of carbon unit)\n\nRepeal the definition.\n\n106 Paragraph 764A(1)(kaa)\n\nRepeal the paragraph.\n\n107 At the end Chapter 10\n\nAdd:\n\n## Part 10.23—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 1542 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 1543 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n#### 1544 Transitional—variation of conditions on Australian financial services licences\n\n Scope\n (1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.\n Variation\n (2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.\n\n#### 1545 Transitional—immediate cancellation of Australian financial services licences\n\n Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:\n Licence relating to carbon units\n (5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.\n\n#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences\n\n Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).\n\nFuel Tax Act 2006\n\n108 Section 2‑1\n\nOmit:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n For fuel that is not \\*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced.\n Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax.\n Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n\n109 Subsection 40‑5(2)\n\nAfter “reduce”, insert “or remove”.\n\n110 Subsections 40‑5(3) and (4)\n\nRepeal the subsections.\n\n111 Section 41‑1\n\nOmit:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme.\n\nsubstitute:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft.\n\n112 Paragraph 41‑5(3)(b)\n\nOmit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”.\n\n113 Subsection 41‑15(1)\n\nOmit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”.\n\n114 Subparagraph 41‑25(2)(a)(ii)\n\nOmit “\\*agricultural property”, substitute “agricultural property”.\n\n115 Section 41‑30 (heading)\n\nRepeal the heading, substitute:\n\n#### 41‑30 No fuel tax credit for fuel to be used in an aircraft\n\n116 Subsection 41‑30(1)\n\nOmit “(1)”.\n\n117 Subsection 41‑30(2)\n\nRepeal the subsection.\n\n118 Section 41‑35\n\nRepeal the section.\n\n119 Division 42A\n\nRepeal the Division.\n\n120 Section 43‑1\n\nOmit:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:\n\n(a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and\n\n(b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).\n\nFor fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.\n\nFor gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).\n\n121 Subsection 43‑5(1)\n\nRepeal the subsection, substitute:\n\n (1) The \\*amount of your tax fuel credit for taxable fuel is the amount of \\*effective fuel tax that is payable on the fuel.\n\n> Note: The amount of the credit may be reduced under section 43‑10.\n\n122 Subsections 43‑5(4) and (5)\n\nRepeal the subsections.\n\n123 Section 43‑8\n\nRepeal the section.\n\n124 Section 43‑10 (heading)\n\nRepeal the heading, substitute:\n\n#### 43‑10 Reducing the amount of your fuel tax credit\n\n125 Subsection 43‑10(1A)\n\nRepeal the subsection.\n\n126 Section 43‑11\n\nRepeal the section.\n\n127 Subdivision 43‑B\n\nRepeal the Subdivision.\n\n128 Section 110‑5 (definition of agricultural activity)\n\nRepeal the definition.\n\n129 Section 110‑5 (definition of agricultural construction activity)\n\nRepeal the definition.\n\n130 Section 110‑5 (definition of agricultural property)\n\nRepeal the definition.\n\n131 Section 110‑5 (definition of agricultural soil/water activity)\n\nRepeal the definition.\n\n132 Section 110‑5 (definition of agricultural waste activity)\n\nRepeal the definition.\n\n133 Section 110‑5 (definition of agriculture)\n\nRepeal the definition.\n\n134 Section 110‑5 (definition of approved catchment area)\n\nRepeal the definition.\n\n135 Section 110‑5 (definition of carbon reduction)\n\nRepeal the definition.\n\n136 Section 110‑5 (definition of CNG)\n\nRepeal the definition.\n\n137 Section 110‑5 (definition of core agricultural activity)\n\nRepeal the definition.\n\n138 Section 110‑5 (definition of covered by the Opt‑in Scheme)\n\nRepeal the definition.\n\n139 Section 110‑5 (definition of earthworks)\n\nRepeal the definition.\n\n140 Section 110‑5 (definition of fish)\n\nRepeal the definition.\n\n141 Section 110‑5 (definition of fishing operations)\n\nRepeal the definition.\n\n142 Section 110‑5 (definition of forestry)\n\nRepeal the definition.\n\n143 Section 110‑5 (definition of half‑year)\n\nRepeal the definition.\n\n144 Section 110‑5 (definition of horticulture)\n\nRepeal the definition.\n\n145 Section 110‑5 (definition of livestock)\n\nRepeal the definition.\n\n146 Section 110‑5 (definition of livestock activity)\n\nRepeal the definition.\n\n147 Section 110‑5 (definition of LNG)\n\nRepeal the definition.\n\n148 Section 110‑5 (definition of pearling operations)\n\nRepeal the definition.\n\n149 Section 110‑5 (definition of port)\n\nRepeal the definition.\n\n150 Section 110‑5 (definition of processing of fish)\n\nRepeal the definition.\n\n151 Section 110‑5 (definition of public authority)\n\nRepeal the definition.\n\n152 Section 110‑5 (definition of renewable diesel)\n\nRepeal the definition.\n\n153 Section 110‑5 (definition of sundry agricultural activity)\n\nRepeal the definition.\n\n154 Section 110‑5 (definition of taxable fuel)\n\nRepeal the definition, substitute:\n\n> taxable fuel means fuel in respect of which duty is payable under:\n\n (a) the Excise Act 1901 and the Excise Tariff Act 1921; or\n (b) the Customs Act 1901 and the Customs Tariff Act 1995;\n but does not include fuel covered by:\n (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921; or\n (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921, if the goods had been manufactured in Australia.\n\n> Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate.\n\nFuel Tax (Consequential and Transitional Provisions) Act 2006\n\n155 Subitem 12(2A) of Schedule 3\n\nRepeal the subitem.\n\nIncome Tax Assessment Act 1997\n\n156 Section 12‑5 (table item headed “clean energy”)\n\nRepeal the item.\n\n157 Section 26‑18\n\nRepeal the section.\n\n158 Section 104‑5 (table item relating to CGT event K1, column headed “Event number and description”)\n\nOmit “\\*carbon unit, an \\*international emissions unit”, substitute “\\*Kyoto unit”.\n\n159 Subparagraphs 104‑205(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n160 Subparagraph 104‑205(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n161 Subparagraph 104‑205(1)(a)(iv)\n\nOmit “an \\*international emissions unit”, substitute “a Kyoto unit”.\n\n162 Section 112‑97 (table item 18A, column headed “In this situation”)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n163 Subsection 118‑15(2)\n\nRepeal the subsection.\n\n164 Paragraph 420‑10(a)\n\nRepeal the paragraph.\n\n165 Paragraph 420‑10(c)\n\nRepeal the paragraph.\n\n166 Subsection 420‑15(1) (note)\n\nRepeal the note.\n\n167 Subsection 420‑15(3)\n\nRepeal the subsection.\n\n168 Subsection 420‑20(3)\n\nRepeal the subsection (not including the note), substitute:\n\n (3) This section does not apply to the issue of an \\*Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n169 Subparagraphs 420‑21(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n170 Subparagraph 420‑21(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n171 Subparagraph 420‑21(1)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n172 Subsection 420‑21(1) (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n173 Subparagraphs 420‑21(2)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n174 Subparagraph 420‑21(2)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n175 Subparagraph 420‑21(2)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n176 Subparagraph 420‑35(b)(i)\n\nRepeal the subparagraph.\n\n177 Subparagraph 420‑35(b)(ii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n178 Section 420‑35 (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n179 Section 420‑43\n\nRepeal the section.\n\n180 Subsection 420‑51(1)\n\nOmit “(1)”.\n\n181 Subsection 420‑51(2)\n\nRepeal the subsection.\n\n182 Subparagraph 420‑52(a)(i)\n\nRepeal the subparagraph.\n\n183 Paragraph 420‑52(b)\n\nRepeal the paragraph.\n\n184 Subsection 420‑55(6)\n\nRepeal the subsection.\n\n185 Subsection 420‑57(9)\n\nRepeal the subsection.\n\n186 Section 420‑58\n\nRepeal the section.\n\n187 Subsections 420‑60(1) and (2)\n\nRepeal the subsections.\n\n188 Subsection 420‑60(4)\n\nOmit all the words from and including “If a \\*registered” to and including “cost of the unit”, substitute “The cost of a \\*registered emissions unit (other than an \\*Australian carbon credit unit)”.\n\n189 Subsection 420‑65(3)\n\nRepeal the subsection.\n\n190 Subsection 420‑70(3)\n\nRepeal the subsection.\n\n191 Subsection 995‑1(1) (definition of carbon unit)\n\nRepeal the definition.\n\n192 Subsection 995‑1(1) (definition of free carbon unit)\n\nRepeal the definition.\n\n193 Subsection 995‑1(1) (definition of international emissions unit)\n\nRepeal the definition.\n\n194 Subsection 995‑1(1) (definition of prescribed international unit)\n\nRepeal the definition.\n\n195 Subsection 995‑1(1) (definition of vintage year)\n\nRepeal the definition.\n\nNational Greenhouse and Energy Reporting Act 2007\n\n196 Section 3 (heading)\n\nRepeal the heading, substitute:\n\n#### 3 Object\n\n197 Subsection 3(1)\n\nOmit “(1) The first object”, substitute “The object”.\n\n198 Subsection 3(2)\n\nRepeal the subsection.\n\n199 Subsection 4(1)\n\nOmit “(1) This Act (except to the extent to which it underpins the Clean Energy Act 2011)”, substitute “This Act”.\n\n200 Subsection 4(2)\n\nRepeal the subsection.\n\n201 Subsection 5(1)\n\nOmit “(1)”.\n\n202 Before subparagraph 5(1)(a)(ii)\n\nInsert:\n\n (i) greenhouse gas emissions; or\n\n203 Subsection 5(2)\n\nRepeal the subsection.\n\n204 Section 7 (definition of carbon dioxide equivalence)\n\nRepeal the definition, substitute:\n\n> carbon dioxide equivalence, of an amount of greenhouse gas, means the amount of the gas multiplied by a value specified in the regulations in relation to that kind of greenhouse gas.\n\n205 Section 7\n\nInsert:\n\n> designated financial year means:\n\n (a) the financial year beginning on 1 July 2012; or\n (b) a later financial year.\n\n206 Section 7 (definition of designated fuel)\n\nRepeal the definition.\n\n207 Section 7 (definition of eligible financial year)\n\nRepeal the definition.\n\n208 Section 7 (definition of emissions number)\n\nRepeal the definition.\n\n209 Section 7 (definition of financial control liability transfer certificate)\n\nRepeal the definition.\n\n210 Section 7 (definition of fixed charge year)\n\nRepeal the definition.\n\n211 Section 7 (definition of foreign country)\n\nRepeal the definition, substitute:\n\n> foreign country includes a region where:\n\n (a) the region is a colony, territory or protectorate of a foreign country; or\n (b) the region is part of a foreign country; or\n (c) the region is under the protection of a foreign country; or\n (d) a foreign country exercises jurisdiction or control over the region; or\n (e) a foreign country is responsible for the region’s international relations.\n\n212 Section 7\n\nInsert:\n\n> foreign corporation means a corporation that:\n\n (a) is incorporated outside Australia; or\n (b) is an authority of a foreign country.\n\n213 Section 7 (definition of foreign person)\n\nRepeal the definition.\n\n214 Section 7\n\nInsert:\n\n> group entity means a corporation that is a member of a controlling corporation’s group.\n\n215 Section 7 (definition of interim emissions number)\n\nRepeal the definition.\n\n216 Section 7 (definition of liable entity)\n\nRepeal the definition.\n\n217 Section 7 (definition of liquefied natural gas)\n\nRepeal the definition.\n\n218 Section 7 (definition of liquefied petroleum gas)\n\nRepeal the definition.\n\n218A Section 7 (definition of local governing body)\n\nRepeal the definition.\n\n219 Section 7 (definition of natural gas supplier)\n\nRepeal the definition.\n\n220 Section 7 (definition of non‑group entity)\n\nRepeal the definition.\n\n221 Section 7 (definition of operational control)\n\nOmit “11A, 11B or 11C”, substitute “11A or 11B”.\n\n222 Section 7 (definition of Opt‑in Scheme)\n\nRepeal the definition.\n\n223 Section 7 (definition of OTN)\n\nRepeal the definition.\n\n224 Section 7 (definition of person)\n\nRepeal the definition.\n\n225 Section 7 (definition of potential greenhouse gas emissions)\n\nRepeal the definition.\n\n226 Section 7 (definition of provisional emissions number)\n\nRepeal the definition.\n\n227 Section 7 (definition of supply)\n\nRepeal the definition.\n\n228 Section 7 (definition of taxable fuel)\n\nRepeal the definition.\n\n229 Section 7 (definition of trust)\n\nRepeal the definition.\n\n230 Section 7 (definition of trustee)\n\nRepeal the definition.\n\n231 Section 7 (definition of trust estate)\n\nRepeal the definition.\n\n232 Section 7 (definition of unit shortfall charge)\n\nRepeal the definition.\n\n233 Subsection 7A(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n234 Sections 7B and 7C\n\nRepeal the sections.\n\n235 Subsection 8(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n236 Subsection 9(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n237 Paragraph 9(1)(b)\n\nOmit “or 54A”.\n\n238 Section 10 (heading)\n\nRepeal the heading, substitute:\n\n#### 10 Emissions, energy production, energy consumption etc.\n\n239 Subsection 10(1)\n\nOmit “or the Clean Energy Act 2011”.\n\n240 Subsection 10(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n241 Subsections 10(4) to (9)\n\nRepeal the subsections.\n\n242 Subsection 11(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n243 Subsection 11(1)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n244 Paragraph 11(1)(b)\n\nOmit “or 55A”.\n\n245 Subsection 11(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n246 Subsection 11(3)\n\nOmit “person”, substitute “group entity”.\n\n247 Subsection 11(4)\n\nOmit “11A, 11B and 11C”, substitute “11A and 11B”.\n\n248 Section 11A (heading)\n\nRepeal the heading, substitute:\n\n#### 11A Operational control—group entity with greatest authority\n\n249 Subsection 11A(1)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n250 Paragraph 11A(1)(a)\n\nOmit “persons”, substitute “group entities”.\n\n251 Paragraph 11A(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n252 Paragraph 11A(1)(c)\n\nOmit “or 55A”.\n\n253 Subsection 11A(2)\n\nOmit “person”, substitute “group entity”.\n\n254 Subsection 11A(2)\n\nOmit “and the Clean Energy Act 2011”.\n\n255 Section 11B (heading)\n\nRepeal the heading, substitute:\n\n#### 11B Operational control—nominated group entity\n\n256 Paragraph 11B(1)(a)\n\nOmit “more persons”, substitute “more group entities”.\n\n257 Paragraph 11B(1)(a)\n\nOmit “relevant persons”, substitute “relevant group entities”.\n\n258 Paragraph 11B(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n259 Paragraph 11B(1)(c)\n\nOmit “or 55A”.\n\n260 Paragraph 11B(1)(d)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n261 Subsection 11B(2)\n\nOmit “persons”, substitute “group entities”.\n\n262 Subsection 11B(2)\n\nOmit “person”, substitute “group entity”.\n\n263 Paragraph 11B(4)(a)\n\nOmit “persons is a foreign person”, substitute “group entities is a foreign corporation”.\n\n264 Paragraph 11B(4)(b)\n\nOmit “persons is not a foreign person”, substitute “group entities is not a foreign corporation”.\n\n265 Subsection 11B(4)\n\nOmit “foreign person cannot”, substitute “foreign corporation cannot”.\n\n266 Paragraph 11B(5)(b)\n\nOmit “persons”, substitute “group entities”.\n\n267 Subsection 11B(7)\n\nRepeal the subsection.\n\n268 Subsection 11B(8)\n\nOmit “eligible financial year” (wherever occurring), substitute “designated financial year”.\n\n269 Subsection 11B(10)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n270 Paragraph 11B(15)(b)\n\nOmit “and”.\n\n271 Paragraph 11B(15)(c)\n\nRepeal the paragraph.\n\n272 Subsection 11B(15)\n\nOmit “person”, substitute “group entity”.\n\n273 Subsection 11B(16)\n\nRepeal the subsection.\n\n274 Paragraph 11B(17)(b)\n\nOmit “and”.\n\n275 Paragraph 11B(17)(c)\n\nRepeal the paragraph.\n\n276 Subsection 11B(17)\n\nOmit “persons”, substitute “group entities”.\n\n277 Subsections 11B(18) and (19)\n\nRepeal the subsections.\n\n278 Subsection 11B(21)\n\nRepeal the subsection, substitute:\n\n Exceptions\n (21) A group entity is not required to comply with subsection (20) if the question of who has operational control of the facility is not relevant (whether directly or indirectly) to a requirement under this Act.\n\n279 Subsection 11B(22)\n\nOmit “person”, substitute “group entity”.\n\n280 Subsection 11B(22)\n\nOmit “or 55A”.\n\n281 Section 11C\n\nRepeal the section.\n\n282 Paragraph 11D(1)(c)\n\nRepeal the paragraph.\n\n283 Paragraphs 11D(1)(e) and (f)\n\nRepeal the paragraphs, substitute:\n\n (e) at any time during the preceding 5 years, the person has breached a civil penalty provision of this Act; or\n (f) if the person is a body corporate—at any time during the preceding 5 years, an executive officer of the body corporate has breached a civil penalty provision of this Act; or\n\n284 Paragraphs 11D(1)(i) and (j)\n\nRepeal the paragraphs, substitute:\n\n (i) the person has been convicted of an offence against this Act; or\n (j) if the person is a body corporate—an executive officer of the body corporate has been convicted of an offence against this Act.\n\n285 Subdivision A of Division 1 of Part 2 (heading)\n\nRepeal the heading.\n\n286 Subsections 13(2) and (3)\n\nOmit “member of a controlling corporation’s group”, substitute “group entity”.\n\n287 Subsection 13(4)\n\nRepeal the subsection.\n\n288 Subdivision B of Division 1 of Part 2\n\nRepeal the Subdivision.\n\n289 Division 4 of Part 2\n\nRepeal the Division.\n\n290 Paragraph 18B(3)(b)\n\nRepeal the paragraph.\n\n291 Subsection 19(1) (note 4)\n\nRepeal the note.\n\n292 Subsection 19(4)\n\nRepeal the subsection.\n\n293 Paragraphs 22(1)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n294 Paragraphs 22(2)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n295 Parts 3A and 3D\n\nRepeal the Parts.\n\n296 Paragraph 22X(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a facility is under the operational control of a member (the responsible member) of a controlling corporation’s group during the whole or a part of a financial year; and\n\n297 Subsection 24(1AA)\n\nRepeal the subsection.\n\n298 Subsection 24(1AD)\n\nOmit “22E or”.\n\n299 Paragraph 24(1AE)(a)\n\nOmit “22E(2)(b) or”.\n\n300 Subsection 24(1H)\n\nOmit “22E or”.\n\n301 Subsection 24(1J)\n\nOmit “or financial control liability transfer certificate”.\n\n302 Subsection 24(8)\n\nOmit “22E or”.\n\n303 Subsection 25(1)\n\nOmit “22G, a person required to provide information under section 20, or a person required to provide a report under section 22A, 22AA, 22E or 22X”, substitute “22G or 22X, or a person required to provide information under section 20,”.\n\n304 Subsection 30(2A)\n\nOmit “11C, 15A, 15AA, 22A, 22AA, 22E, 22X, 74AA”, substitute “22X”.\n\n305 Section 54A\n\nRepeal the section.\n\n306 Section 55A\n\nRepeal the section.\n\n307 Paragraphs 56(aab), (aa), (ga) and (gb)\n\nRepeal the paragraphs.\n\n308 Paragraph 56(j)\n\nOmit “75A;”, substitute “75A.”\n\n309 Paragraphs 56(k) and (l)\n\nRepeal the paragraphs.\n\n310 Section 74AA\n\nRepeal the section.\n\n311 Subsection 74B(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if:\n (a) the person is the responsible member mentioned in subsection 22X(1); and\n (b) the person is not a registered corporation; and\n (c) the Regulator has reasonable grounds to suspect that the person has contravened, is contravening, or is proposing to contravene, this Act or the regulations.\n\n312 Subsection 74C(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if the person:\n (a) is the responsible member mentioned in subsection 22X(1); and\n (b) is not a registered corporation.\n\nOzone Protection and Synthetic Greenhouse Gas Management Act 1989\n\n313 Paragraphs 65C(1)(aa), (ab) and (ac)\n\nOmit “equal to the prescribed rate component of an amount of levy”.\n\n314 Subsections 65C(4), (5) and (6)\n\nRepeal the subsections.\n\n315 Sections 69AA to 69AD\n\nRepeal the sections.\n\nPetroleum Resource Rent Tax Assessment Act 1987\n\n316 Subparagraph 28(1)(b)(iii)\n\nOmit “expenditure;”, substitute “expenditure.”.\n\n317 Paragraph 28(1)(c)\n\nRepeal the paragraph.\n\n318 Paragraph 44(1)(ia)\n\nRepeal the paragraph.\n\nTaxation Administration Act 1953\n\n319 Subsection 355‑65(7) in Schedule 1 (table item 3)\n\nRepeal the item.\n\nPart 3—Application and transitional provisions\n\nDivision 1—Preliminary\n\n320 Objects\n\n(1) The main objects of this Part are:\n\n (a) to provide for the winding‑up of the carbon tax scheme; and\n (b) to ensure that carbon tax liabilities relating to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n can be administered, collected and recovered after the start of 1 July 2014; and\n (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and\n (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and\n (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013.\n\n(2) The other objects of this Part are:\n\n (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and\n (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and\n (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.\n\n321 Definitions\n\nIn this Part:\n\ndesignated carbon unit day has the meaning given by item 322.\n\nRegistry has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegistry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegulator means the Clean Energy Regulator.\n\n322 Designated carbon unit day\n\n(1) For the purposes of this Part, designated carbon unit day means:\n\n (a) 9 February 2015; or\n (b) if a later day is specified in an instrument under subitem (2)—that later day.\n\n(2) The Regulator may, by legislative instrument, specify a day for the purposes of paragraph (1)(b).\n\n(3) The Regulator must not make an instrument under subitem (2) unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.\n\nNote: Subsection 142(3) of the Clean Energy Act 2011 enables the Regulator to extend the 2 February 2015 surrender deadline. See also item 345A (deadlines of 1 February and 15 June).\n\nDivision 2—Provisions relating to the Clean Energy Act 2011 and associated charge Acts\n\n323 Winding‑up of the carbon tax scheme—recovery of liabilities attributable to pre‑1 July 2014 emissions etc.\n\n(1) Despite the repeal of the Clean Energy Act 2011 by this Schedule, that Act continues in force, subject to:\n\n (a) this Part; and\n (b) the modifications set out in the following table;\n\nas if that repeal had not happened.\n\n```html\n

Modifications of the Clean Energy Act 2011

Item

Provision

Modification

1

section 4

Omit the section.

2

section 5 (definitions of average carbon unit auction price, benchmark average auction charge, carbon pollution cap, carbon pollution cap number, designated limit, and designated limit percentage)

Omit the definitions.

3

section 5 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

4

section 5 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

5

section 5 (definitions of flexible charge year and per‑tonne carbon price equivalent)

Omit the definitions.

6

section 5 (definition of unit shortfall)

Omit “128, 129 or 133”, substitute “128 or 129”.

7

section 5 (definition of vintage year)

Omit “eligible”.

8

Part 2

Omit the Part.

9

subsections 26(2), 27(2) and 28(2)

Omit all the words after “is taken to be”, substitute “zero”.

10

Subdivision A of Division 4 of Part 3

The Regulator must not issue an OTN under the Subdivision on or after 1 July 2014.

11

sections 42 and 43

Omit the sections.

12

section 43A

The section ceases to have effect at the end of 30 June 2015.

13

subsection 45(3)

The subsection ceases to have effect at the end of 30 June 2015.

14

subsections 45(4) to (13)

The subsections cease to have effect at the start of 1 September 2014.

15

subsection 46(1)

The subsection has effect, on and after 1 September 2014, as if the words “(as it stood at a particular time before the start of 1 September 2014)” were inserted after “OTN Register”.

16

section 47

The section ceases to have effect at the start of 1 August 2014.

17

section 64B

Omit the section.

18

paragraph 64F(1)(b)

Omit the paragraph.

19

subsection 66(4)

The subsection ceases to have effect at the start of 1 August 2014.

20

section 70

The Regulator must not make a declaration under the section on or after 1 July 2014.

21

section 71A

Omit the section.

22

section 72

The Regulator must not give a notice under the section on or after 1 July 2014.

24

section 83

The Regulator must not issue a certificate under the section on or after 1 July 2014.

25

section 87

The Regulator must not issue a certificate under the section on or after 1 July 2014.

26

sections 89 and 90

Omit the sections.

27

section 93

Omit the section.

28

subsection 96(2)

Omit “eligible”.

29

section 97 (note)

Omit the note.

30

subsection 100(1) (table items 5, 6, 7, 8 and 9)

Omit the table items.

31

subsection 100(2)

Omit the subsection.

32

subsection 100(3) (heading)

Omit “1, 3 and 5”, substitute “1 and 3”.

33

subsection 100(3)

Omit “1, 3 or 5”, substitute “1 or 3”.

34

subsection 100(4) (heading)

Omit “2, 4, 6, 7, 8 and 9”, substitute “2 and 4”.

35

subsection 100(4)

Omit “2, 4, 6, 7, 8 or 9”, substitute “2 or 4”.

36

subsections 100(9), (14) and (15)

Omit the subsections.

37

sections 101 and 102

Omit the sections.

38

sections 108 and 109

Omit the sections.

39

section 114

Omit the section.

40

Division 1 of Part 6

Omit the Division.

41

subsection 122(1)

Omit “during an eligible financial year”.

42

subsections 122(3), (4), (5), (9) and (11)

Omit the subsections.

43

sections 123 and 123A

Omit the sections.

44

paragraph 128(7)(d)

Before “this Division”, insert “if the eligible financial year began on 1 July 2012—“.

45

Subdivision B of Division 3 of Part 6

Omit the Subdivision.

46

subsection 134(3)

Omit the subsection.

47

subsection 134A(3) (paragraph (b) of the definition of applicable amount for the financial year)

Omit the paragraph.

48

paragraphs 142(3)(c), (e) and (f)

Omit the paragraphs.

48A

section 144

Omit the section.

49

paragraph 145(5)(b)

Omit the paragraph.

50

paragraph 145(5)(c)

Omit the paragraph, substitute:

(c) the principle that changes should not have a negative effect on recipients of assistance under the Jobs and Competitiveness Program;

51

Division 5 of Part 7

Omit the Division.

52

section 160

Omit the section.

53

paragraphs 161(2)(b) and (c)

Omit the paragraphs.

54

subsection 161(3)

Omit the subsection.

55

subsection 161(4)

Omit “or (3)”.

56

subsection 161(5)

Omit “a later”, substitute “an”.

57

subsections 161(6), (7), (8) and (9)

Omit “or (3)”.

58

Part 9

The Part ceases to have effect at the end of 30 June 2015.

59

Division 3 of Part 9

Omit the Division.

60

sections 196 and 196A

Omit the sections.

61

subsections 197(3) to (6)

Omit the subsections.

62

section 199

After “each quarter”, insert “that ends on or before 31 March 2015”.

63

section 200

Omit the section.

64

subsection 212(2) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

65

subsection 212(3) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

66

Part 12

Omit the Part.

67

paragraphs 262(1)(ma), (r), (u) and (v) and 263(2)(g), (i) and (j)

Omit the paragraphs.

68

section 281 (table items 3, 4, 5, 7, 8, 11, 12, 13 and 16)

Omit the table items.

69

Part 22

Omit the Part.

70

subparagraph 295(d)(iii)

Omit the subparagraph.

71

subparagraph 295(e)(ii)

Omit the subparagraph.

72

subparagraph 295(i)(iii)

Omit the subparagraph.

73

sections 303A and 303B

Omit the sections.

\n```\n\nCarbon units with a vintage year beginning on or after 1 July 2014\n\n(2) The modification made by item 3 of the table in subitem (1) does not apply in relation to the issue of a carbon unit with a vintage year beginning on or after 1 July 2014, if the carbon unit was issued as a result of an auction conducted before 1 July 2014.\n\nReview of decisions\n\n(3) The modification of section 281 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a decision made before 1 July 2014.\n\nCivil penalty orders\n\n(4) The modification of section 262 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a contravention that occurred before 1 July 2014.\n\n324 Application—repeal of Charge Acts\n\nCharge for issue of carbon units for a fixed charge\n\n(1) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units in accordance with section 100 of the Clean Energy Act 2011:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n\ndoes not apply to the issue of carbon units with a vintage year beginning on 1 July 2012 or 1 July 2013.\n\nCharge for issue of carbon units as a result of an auction\n\n(2) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units as a result of an auction:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n\ndoes not apply to the issue of carbon units if the carbon units were issued as a result of an auction conducted before 1 July 2014.\n\nCharge on unit shortfall\n\n(3) The repeal by this Schedule of the following Acts, so far as they relate to a unit shortfall for a financial year:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011;\n\ndoes not apply to:\n\n (d) a unit shortfall for the financial year beginning on 1 July 2012; or\n (e) a unit shortfall for the financial year beginning on 1 July 2013.\n\n325 Issue of carbon units\n\nThe Regulator must not issue any carbon units after the start of the designated carbon unit day.\n\n327 Cancellation of carbon units—designated carbon unit day\n\nScope\n\n(1) This item applies if there was an entry for a carbon unit in a person’s Registry account at the start of the designated carbon unit day.\n\nCancellation of unit\n\n(2) The Regulator must cancel the unit.\n\n(3) The Regulator must remove the entry for the unit from the person’s Registry account.\n\n(4) The Registry must set out a record of each cancellation under subitem (2).\n\n328 Surrender of eligible Australian carbon credit units\n\n(1) If:\n\n (a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and\n (b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and\n (c) the person has a Registry account;\n\nthen:\n\n (d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:\n (i) during that period; and\n (ii) in relation to the financial year beginning on 1 July 2013;\n are restored units for the purposes of this item; and\n (e) a restored unit is taken never to have been surrendered or cancelled; and\n (f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.\n\n(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).\n\n(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.\n\n(4) A determination under paragraph (1)(d) is not a legislative instrument.\n\n329 Opt‑in Scheme\n\n(1) A reference in the Opt‑in Scheme to a financial year does not include a reference to a financial year beginning on or after 1 July 2014.\n\n(2) Regulations 3.48 and 3.50 of the Clean Energy Regulations 2011 cease to have effect at the end of 30 June 2014.\n\nDivision 3—Provisions relating to other Acts\n\n330 Transitional—A New Tax System (Goods and Services Tax) Act 1999\n\nDespite the amendments of the A New Tax System (Goods and Services Tax) Act 1999 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n331 Transitional—Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\nDespite the amendments of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n332 Transitional—Australian National Registry of Emissions Units Act 2011\n\nDespite the amendments of the Australian National Registry of Emissions Units Act 2011 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n333 Transitional—Clean Energy Regulator Act 2011\n\n(1) Despite the amendment of the definition of climate change law in section 4 of the Clean Energy Regulator Act 2011 made by this Schedule, that definition continues to apply, in relation to paragraph 12(a) and subsection 43(3) and section 44 of that Act, as if that amendment had not been made.\n\n(2) Each of the following:\n\n (a) this Act;\n (b) a legislative instrument under this Act;\n (c) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (d) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014;\n\nis taken to be a climate change law for the purposes of paragraph 12(a) and subsection 43(3) and section 44 of the Clean Energy Regulator Act 2011.\n\n334 Application—amendments of the Fuel Tax Act 2006\n\nThe amendments of the Fuel Tax Act 2006 made by this Schedule apply to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n335 Application—amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006\n\nThe amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 made by this Act applies to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n336 Application—amendments of the Income Tax Assessment Act 1997\n\n(1) The repeal of section 26‑18 of the Income Tax Assessment Act 1997 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n(2) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule (other than the amendment of section 12‑5 or the repeal of section 26‑18), that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n337 Transitional—National Greenhouse and Energy Reporting Act 2007\n\nGeneral\n\n(1) Despite the amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to the following matters:\n\n (a) determining the meaning of the following expressions, when used in the Clean Energy Act 2011:\n (i) carbon dioxide equivalence;\n (ii) facility;\n (iii) greenhouse gas;\n (iv) group;\n (v) member, when used in relation to a group;\n (vi) non‑group entity;\n (vii) operational control;\n (viii) potential greenhouse gas emissions;\n (ix) provisional emissions number;\n (x) scope 1 emission of greenhouse gas;\n (b) the matters mentioned in subsections 10(3) to (9) of the National Greenhouse and Energy Reporting Act 2007, so far as those matters are relevant to the Clean Energy Act 2011;\n (c) reports under section 22A, 22AA or 22E of the National Greenhouse and Energy Reporting Act 2007;\n (d) records under section 22B, 22C or 22F of the National Greenhouse and Energy Reporting Act 2007;\n (e) applications under section 15A or 15AA of the National Greenhouse and Energy Reporting Act 2007;\n (f) the registration of persons under section 18A of the National Greenhouse and Energy Reporting Act 2007;\n (g) the publication of information under section 24 of the National Greenhouse and Energy Reporting Act 2007, so far as the information relates to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n (h) audits under section 74AA of the National Greenhouse and Energy Reporting Act 2007;\n (i) audits under section 74B or 74C of the National Greenhouse and Energy Reporting Act 2007, so far as the audits relate to a person’s compliance with obligations under that Act (or regulations under that Act) in relation to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n\nas if:\n\n (j) the National Greenhouse and Energy Reporting Act 2007 were modified as set out in the following table; and\n (k) those amendments had not been made; and\n (l) subitem (6) had not been enacted.\n\n```html\n

Modifications of the National Greenhouse and Energy Reporting Act 2007

Item

Provision

Modification

1

section 7 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

2

section 7 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

\n```\n\nThresholds\n\n(2) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they are relevant to determining whether a controlling corporation’s group meets a threshold under section 13 of that Act for a financial year, apply in relation to a threshold for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nReports\n\n(3) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 19 of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\n(4) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 22G or 22X of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nUnsatisfactory compliance record\n\n(5) Despite the amendments of section 11D of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to:\n\n (a) unpaid unit shortfall charge; and\n (b) a breach of a civil penalty provision of:\n (ii) the Clean Energy Act 2011; or\n (iii) a determination under section 113 of the Clean Energy Act 2011; and\n (c) a conviction of an offence against the Clean Energy Act 2011;\n\nas if those amendments had not been made.\n\nRegulations—carbon dioxide equivalence\n\n(6) If, immediately before the commencement of this item, regulations were in force for the purposes of paragraph (a) of the definition of carbon dioxide equivalence in section 7 of the National Greenhouse and Energy Reporting Act 2007, the regulations have effect, after that commencement, as if they had been made for the purposes of the definition of carbon dioxide equivalence in section 7 of that Act as amended by this Schedule.\n\nDeregistration—section 18A registrations\n\n(7) If:\n\n (a) a person was registered under the National Greenhouse and Energy Reporting Act 2007 because of the operation of section 18A of that Act; and\n (b) the person is registered under that Act as at the start of 1 July 2014;\n\nthe Regulator must remove the person’s name from the Register.\n\n338 Transitional—Ozone Protection and Synthetic Greenhouse Gas Management Act 1989\n\nAmounts to be credited to the Ozone Protection and SGG Account\n\n(1) Despite the amendments of section 65C of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 made by this Schedule, that section continues to apply, in relation to levy for a quarter ending before 1 July 2014, as if those amendments had not been made.\n\nRemission or refund of levy for a quarter ending before 1 July 2014\n\n(2) Despite the repeal of sections 69AA to 69AD of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 by this Schedule, those sections continue to apply, in relation to levy for a quarter ending before 1 July 2014, as if:\n\n (a) that Act provided that an application under section 69AA, 69AB or 69AC of that Act must be made before 1 January 2016; and\n (b) that repeal had not happened.\n\n339 Transitional—Petroleum Resource Rent Tax Assessment Act 1987\n\n(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n340 Transitional—Taxation Administration Act 1953\n\nDespite the amendment of the Taxation Administration Act 1953 made by this Schedule, that Act continues to apply, in relation to records or disclosures made for the purpose of:\n\n (a) the verification from the Regulator of information provided to the Commissioner under or for the purposes of the Fuel Tax Act 2006 so far as that Act applies to taxable fuel acquired, manufactured or imported before 1 July 2014; or\n (b) administering the Clean Energy Act 2011 or the associated provisions (within the meaning of that Act);\n\nas if that amendment had not been made.\n\nDivision 4—Miscellaneous\n\n342 Transitional rules\n\nThe Minister may, by legislative instrument, make rules in relation to transitional matters arising out of the amendments and repeals made by this Schedule.\n\nDivision 5—Transitional provisions commencing on Royal Assent\n\n343 Auctions of carbon units\n\n(1) The Regulator must not conduct an auction of carbon units after the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014.\n\n(2) Any determination under subsection 113(1) of the Clean Energy Act 2011 ceases to have effect at the end of the day (the relevant day) that is the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014;\n\nexcept to the extent to which the determination relates to auctions conducted on or before the relevant day.\n\n343A Carbon units issued as a result of an auction conducted by the Regulator\n\n(1) If:\n\n (a) a carbon unit was issued as a result of an auction conducted by the Regulator; and\n (b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;\n\nthe Regulator must:\n\n (c) cancel the unit; and\n (d) remove the entry for the unit from the person’s Registry account; and\n (e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.\n\n(2) The Registry must set out a record of each cancellation under paragraph (1)(c).\n\n(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.\n\n(4) In this item:\n\nbusiness day means a day that is not:\n\n (a) a Saturday; or\n (b) a Sunday; or\n (c) a public holiday in the Australian Capital Territory.\n\n344 Carbon pollution cap regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if section 16 of that Act had not been enacted.\n\n345 Fixed charge regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if subsections 100(14) and (15) of that Act had not been enacted.\n\n345A Deadlines of 1 February and 15 June\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the following definitions were inserted in section 5 of that Act:\n\n> 15 June means:\n\n (a) if the 15 June concerned is a business day—that 15 June; or\n (b) if the 15 June concerned is not a business day—the first business day after that 15 June.\n\n> 1 February means:\n\n (a) if the 1 February concerned is a business day—that 1 February; or\n (b) if the 1 February concerned is not a business day—the first business day after that 1 February.\n\n345B Surplus and estimation error adjustment number\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the formula in subsection 131(3) of that Act were omitted and the following formula substituted:![Start formula Total estimation error numbers plus Provisional surplus surrender number end formula](image.002.png)\n\n345C Definitions\n\nIf this Division commences before 1 July 2014, this Division has effect as if item 321 (definitions) had commenced at the same time as this Division commences.\n\n345D Compensation for acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\nPart 4—Jobs and Competitiveness Program\n\nDivision 1—Preliminary\n\n346 Definitions\n\n(1) In this Part:\n\nlevy means levy imposed by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\nover‑allocation of free carbon units has the meaning given by item 354.\n\nrules means rules made under item 359.\n\ntrue‑up shortfall has the meaning given by item 355.\n\nunder‑allocation of free carbon units has the meaning given by item 352.\n\n(2) An expression used in this Part and in the Clean Energy Act 2011 has the same meaning in this Part as in that Act.\n\n347 Crown to be bound\n\nThis Part binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.\n\n348 Extension to external Territories\n\nThis Part extends to every external Territory.\n\n349 Extension to exclusive economic zone and continental shelf\n\nThis Part extends to Australia’s exclusive economic zone and continental shelf.\n\n350 Extension to Joint Petroleum Development Area\n\nThis Part extends to the Joint Petroleum Development Area.\n\nDivision 2—Reporting requirements\n\n351 Reporting requirements\n\nReport\n\n(1) The rules may make provision for and in relation to requiring a designated person to give a written report to the Regulator for the purposes of this Part.\n\nDesignated person\n\n(2) For the purposes of this item, a person is a designated person if free carbon units with a vintage year beginning on 1 July 2013 are or were issued to the person in accordance with the Jobs and Competitiveness Program.\n\nCompliance with reporting requirements\n\n(3) Subsection 151(1) of the Clean Energy Act 2011 has effect as if a requirement under rules made for the purposes of subitem (1) were a requirement under the Jobs and Competitiveness Program.\n\nDivision 3—Issue of additional free carbon units\n\n352 Under‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an under‑allocation of free carbon units; and\n (d) the number of units in that under‑allocation is equal to the number ascertained in accordance with the rules.\n\n353 Issue of additional free carbon units\n\n(1) If:\n\n (a) a person has an under‑allocation of free carbon units; and\n (b) the person has a Registry account;\n\nthe Regulator must:\n\n (c) issue to the person, under section 94 of the Clean Energy Act 2011, a number of free carbon units equal to the number of units in the under‑allocation; and\n (d) do so within the period ascertained in accordance with the rules.\n\n(2) Free carbon units issued in accordance with subitem (1):\n\n (a) are to have a vintage year beginning on 1 July 2013; and\n (b) are taken (except for the purposes of this Part) to have been issued in accordance with the Jobs and Competitiveness Program.\n\nDivision 4—True‑up shortfalls\n\n354 Over‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an over‑allocation of free carbon units; and\n (d) the number of units in that over‑allocation is equal to the number ascertained in accordance with the rules.\n\n355 True‑up shortfall\n\n(1) For the purposes of this Part, if:\n\n (a) a person has an over‑allocation of free carbon units; and\n (b) the number worked out using the formula in subitem (2) exceeds zero;\n\nthen:\n\n (c) the person has a true‑up shortfall; and\n (d) the number of units in that shortfall is equal to the number worked out using that formula.\n\nNote: Levy is imposed on a true‑up shortfall by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n(2) The formula is as follows:\n\n![Start formula Number of units in the over-allocation minus Number of units relinquished end formula](image.003.png)\n\nwhere:\n\nnumber of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.\n\nDivision 5—Collection of levy\n\n356 When levy is due and payable\n\nLevy imposed on a true‑up shortfall of a person is due and payable at the end of the period ascertained in accordance with the rules.\n\n357 Late payment penalty\n\n(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:\n\n (a) 20% per annum; or\n (b) if a lower percentage is specified in the rules—that lower percentage per annum;\n\non the amount unpaid, computed from that time.\n\nPower to remit\n\n(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).\n\n(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.\n\n358 Recovery of levy and late payment penalty\n\nScope\n\n(1) This item applies to the following amounts:\n\n (a) an amount of levy;\n (b) an amount payable under item 357.\n\nRecovery\n\n(2) The amount:\n\n (a) is a debt due to the Commonwealth; and\n (b) may be recovered by the Regulator, on behalf of the Commonwealth, by action in a court of competent jurisdiction.\n\nDivision 6—Miscellaneous\n\n358A Associated provisions\n\nA reference in the Clean Energy Act 2011 (other than section 307) to the associated provisions includes a reference to:\n\n (a) the provisions of this Part; and\n (b) the provisions of the rules; and\n (c) the provisions of the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014; and\n (d) the provisions of the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n359 Rules\n\n(1) The Minister may, by legislative instrument, make rules prescribing matters:\n\n (a) required or permitted by this Part to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.\n\n(2) Conditions specified in rules made for the purposes of paragraph 352(b) or 354(b) may relate to events or things that occurred, or circumstances that existed, before the rules were registered under the Legislation Act 2003.\n\n(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the rules.\n\nSchedule 2—Carbon tax price reduction obligation\n\nCompetition and Consumer Act 2010\n\n1 After paragraph 2B(1)(a)\n\nInsert:\n\n (aa) Part V;\n\n2 After subparagraph 6(2)(b)(i)\n\nInsert:\n\n (ia) Part V (other than Division 5);\n\n3 After Part IVB\n\nInsert:\n\n## Part V—Carbon tax price reduction obligation\n\n### Division 1—Preliminary\n\n#### 60 Simplified outline of this Part\n\n• An entity must not engage in price exploitation in relation to the carbon tax repeal.\n\n• The Commission may monitor prices in relation to the carbon tax repeal and the carbon tax scheme.\n\n• An entity must not make false or misleading representations about the effect of the carbon tax repeal, or the carbon tax scheme, on the price for the supply of goods or services.\n\n• An entity that sells electricity or natural gas, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas, will be required to explain and substantiate:\n\n(a) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n\n(b) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n• An entity that sells electricity or natural gas to customers, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas to customers, must:\n\n(a) give a carbon tax removal substantiation statement to the Commission; and\n\n(b) include in the statement the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, attributable to the carbon tax repeal and that have been, are being, or will be, passed on to customers during the financial year that began on 1 July 2014; and\n\n(c) provide information with the statement that substantiates such an estimate; and\n\n(d) in a case where the entity sells electricity or natural gas to customers—communicate to customers a statement that identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings to customers that are for the financial year that began on 1 July 2014.\n\n• Infringement notices may be issued for certain contraventions of this Part.\n\n#### 60AA Objects etc.\n\n (1) The main objects of this Part are:\n (a) to deter price exploitation in relation to the carbon tax repeal at each point in the supply chain for regulated goods; and\n (b) to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods.\n (2) The intention of the Parliament in enacting this Part is to ensure that all cost savings attributable to the carbon tax repeal are passed on to consumers of regulated goods through lower prices.\n\n#### 60A Definitions\n\n In this Part:\n\n> applicable compliance period, for a carbon tax removal substantiation notice, has the meaning given by subsection 60FC(2).\n\n> bulk SGG importer means an entity that:\n\n (a) holds a controlled substances licence under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 that allows the entity to import synthetic greenhouse gases; and\n (b) supplies synthetic greenhouse gas to SGG customers.\n\n> carbon charge component of levy means so much of the amount of the levy as is calculated by multiplying the number of tonnes of carbon dioxide equivalence by a per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit.\n\n> carbon tax removal substantiation notice has the meaning given by subsection 60FA(3).\n\n> carbon tax removal substantiation statement has the meaning given by subsection 60FD(3).\n\n> carbon tax repeal means:\n\n (a) the repeal of the following Acts by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Clean Energy Act 2011;\n (ii) the Clean Energy (Charges—Customs) Act 2011;\n (iii) the Clean Energy (Charges—Excise) Act 2011;\n (iv) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n (v) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n (vi) the Clean Energy (Unit Shortfall Charge—General) Act 2011; and\n (b) the amendments of the following Acts made by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Fuel Tax Act 2006;\n (ii) the Fuel Tax (Consequential and Transitional Provisions) Act 2006; and\n (c) the amendments made by the following Acts:\n (i) the Customs Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (ii) the Excise Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (iii) the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Act 2014;\n (iv) the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Carbon Tax Repeal) Act 2014.\n\n> carbon tax repeal transition period means the period:\n\n (a) beginning at the start of 1 July 2014; and\n (b) ending at the end of 30 June 2015.\n\n> carbon tax scheme means the scheme embodied in the following:\n\n (a) the Clean Energy Act 2011, as in force at the start of 1 January 2014;\n (b) the associated provisions (within the meaning of that Act as in force at that time);\n (c) the following provisions of the Fuel Tax Act 2006, as in force at the start of 1 January 2014:\n (i) Division 42A;\n (ii) section 43‑5, so far as that section relates to a carbon reduction;\n (iii) section 43‑8;\n (iv) section 43‑11;\n (d) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (e) section 4A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (f) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (g) sections 6FA, 6FB and 6FC of the Excise Tariff Act 1921, as in force at the start of 1 January 2014;\n (h) section 19A of the Customs Tariff Act 1995, as in force at the start of 1 January 2014.\n\n> electricity customer means an entity that purchases electricity.\n\n> electricity retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells electricity to electricity customers; or\n (b) an entity who is a retailer within the meaning of the Electricity Industry Act 2000 (Vic.); or\n (c) an entity who is a retail entity within the meaning of the Electricity Act 1994 (Qld); or\n (d) an entity who:\n (i) holds a retail licence within the meaning of the Electricity Industry Act 2004 (WA); or\n (ii) holds an integrated regional licence within the meaning of the Electricity Industry Act 2004 (WA) that authorises the entity to sell electricity; or\n (e) an entity who is an electricity entity within the meaning of the Electricity Reform Act (NT) and whose licence under that Act authorises the entity to sell electricity; or\n (f) any other entity who produces electricity in Australia.\n\n> engages in price exploitation in relation to the carbon tax repeal: see section 60C.\n\n> entity means any of the following:\n\n (a) a corporation (as defined by section 4);\n (b) an individual;\n (c) a body corporate;\n (d) a corporation sole;\n (e) a body politic;\n (f) a partnership;\n (g) any other unincorporated association or body of entities;\n (h) a trust;\n (i) any party or entity which can or does buy or sell electricity, natural gas or synthetic greenhouse gas.\n\n> infringement notice means an infringement notice issued under subsection 60L(1).\n\n> infringement notice compliance period: see section 60P.\n\n> infringement notice provision means section 60C or 60K.\n\n> listed corporation has the meaning given by section 9 of the Corporations Act 2001.\n\n> National Energy Retail Law means the National Energy Retail Law set out in the Schedule to the National Energy Retail Law (South Australia) Act 2011 (SA).\n\n> natural gas has the same meaning as in the National Gas (Commonwealth) Law (as defined by the Australian Energy Market Act 2004).\n\n> natural gas customer means an entity that purchases natural gas.\n\n> natural gas retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells natural gas to natural gas customers; or\n (b) an entity who is a gas retailer within the meaning of the Gas Industry Act 2001 (Vic.); or\n (c) an entity who is a retailer within the meaning of the Gas Supply Act 2003 (Qld); or\n (d) an entity who holds a trading licence under the Energy Coordination Act 1994 (WA); or\n (e) an entity who holds a licence under the Gas Act 2000 (Tas.) to sell gas by retail.\n\n> price, in relation to a supply, includes:\n\n (a) a charge of any description for the supply; and\n (b) any pecuniary or other benefit, whether direct or indirect, received or to be received by a person for or in connection with the supply.\n\n> regulated goods: see section 60B.\n\n> regulated supply means a supply that:\n\n (a) occurs during the carbon tax repeal transition period; and\n (b) is of regulated goods.\n\n> regulated supply input costs of an entity means the entity’s input costs in relation to the making by the entity of regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n> Royal Assent day means the day on which the Act that inserted this Part receives the Royal Assent.\n\n> SGG customer means an entity that purchases synthetic greenhouse gas.\n\n> SGG equipment has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n> synthetic greenhouse gas has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n#### 60B Regulated goods\n\n (1) For the purposes of this Part, regulated goods means:\n (a) natural gas; or\n (b) electricity; or\n (c) synthetic greenhouse gas; or\n (d) SGG equipment; or\n (e) other goods of a kind specified in a legislative instrument under subsection (2).\n (2) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (1)(e).\n\n### Division 2—Carbon tax price reduction obligation\n\n#### 60C Price exploitation in relation to the carbon tax repeal\n\n (1) An entity must not engage in price exploitation in relation to the carbon tax repeal.\n (2) For the purposes of this Part, an entity engages in price exploitation in relation to the carbon tax repeal if, and only if:\n (a) it makes a regulated supply; and\n (b) the price for the supply does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal.\n (3) For the purposes of this Part, in determining whether the price for a supply made by an entity does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal, have regard to the following matters:\n (a) the entity’s cost savings that are directly or indirectly attributable to the carbon tax repeal;\n (b) how the cost savings mentioned in paragraph (a) can reasonably be attributed to the different supplies that the entity makes;\n (c) the entity’s costs;\n (d) any other relevant matter that may reasonably influence the price.\n\n#### 60CA Failure to pass on cost savings—250% penalty\n\n (1) If:\n (a) either:\n (i) an entity contravenes subsection 60C(1) in relation to a particular supply of electricity or natural gas; or\n (ii) an entity that is a bulk SGG importer contravenes subsection 60C(1) in relation to a particular supply of synthetic greenhouse gas; and\n (b) the contravention involved a failure to pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal;\n there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount equal to 250% of those cost savings that were not passed through.\n When penalty becomes due and payable\n (2) An amount payable by an entity under subsection (1) is due and payable on 1 July 2015.\n Late payment penalty\n (3) If an amount payable by an entity under subsection (1) remains unpaid after the time when it became due for payment, there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount calculated at the rate of 6% per annum on the amount unpaid, computed from that time.\n Recovery of penalties\n (4) An amount payable by an entity under subsection (1) or (3):\n (a) is a debt due to the Commonwealth; and\n (b) shall be recovered by the Commission, on behalf of the Commonwealth, by action in a court of competent jurisdiction, unless the cost of doing so exceeds the amount.\n Report to Parliament\n (5) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of penalties payable by entities.\n\n#### 60D Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that the entity has engaged in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) identify:\n (i) the entity that made the supply; and\n (ii) the kind of supply made; and\n (iii) the circumstances in which the supply was made; and\n (c) state that, in the Commission’s opinion, the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (3) In any proceedings:\n (aa) under section 60CA; or\n (a) under section 76 for a pecuniary penalty order relating to section 60C; or\n (b) under section 80 for an injunction relating to section 60C; or\n (c) under section 80A, 82, 86C, 86D or 87 for an order relating to section 60C;\n the notice is prima facie evidence that the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (4) The Commission may vary or revoke the notice on its own initiative or on application made by the entity. The Commission must give the entity written notice of the variation or revocation.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60E Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that doing so will aid the prevention of the entity engaging in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) be expressed to relate to any supply that the entity makes that is:\n (i) of a kind specified in the notice; and\n (ii) made in circumstances specified in the notice; and\n (iii) made during the period specified in the notice (which must not be a period ending after the end of the carbon tax repeal transition period); and\n (c) specify the maximum price that, in the Commission’s opinion, may be charged for a supply to which the notice is expressed to relate.\n (3) The Commission may, on its own initiative or on application made by the entity:\n (a) vary the notice to:\n (i) change the period specified as required by subparagraph (2)(b)(iii); or\n (ii) change the price specified in the notice as required by paragraph (2)(c); or\n (b) revoke the notice.\n The Commission must give the entity written notice of the variation or revocation.\n (4) The Commission may publish the notice, or particulars of any variation or revocation of the notice, in such manner as the Commission considers appropriate.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60F Acquisition of property\n\n Scope\n (1) This section applies to the following provisions of this Act:\n (a) section 60C;\n (b) any other provision to the extent to which it relates to section 60C.\n Effect of provision\n (2) The provision has no effect to the extent (if any) to which its operation would result in the acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph).\n\n### Division 2A—Carbon tax removal substantiation notices\n\n#### 60FA Carbon tax removal substantiation notices\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation notice\n (2) The Commission must, within 30 days after the Royal Assent day, by written notice given to the entity, require the entity:\n (a) to give to the Commission, within the period specified in the notice, a written statement that explains:\n (i) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n (ii) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas; and\n (b) to do either or both of the following:\n (i) give to the Commission, within the period and in the manner and form specified in the notice, information that substantiates the explanation set out in the statement;\n (ii) produce to the Commission, within the period and in the manner specified in the notice, documents that substantiate the explanation set out in the statement.\n (3) A notice under subsection (2) is to be known as a carbon tax removal substantiation notice.\n (4) A period specified in a carbon tax removal substantiation notice must be 21 days after the notice is given.\n (5) A carbon tax removal substantiation notice must explain the effect of:\n (a) section 60FB; and\n (b) section 60FC; and\n (c) sections 137.1 and 137.2 of the Criminal Code.\n Section does not limit section 60H\n (6) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (7) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60FB Extending periods for complying with carbon tax removal substantiation notices\n\n (1) An entity that has been given a carbon tax removal substantiation notice may, at any time within 14 days after the notice was given to the entity by the Commission, apply in writing to the Commission for an extension of the period for complying with the notice.\n (2) The Commission may, by written notice given to the entity, extend the period within which the entity must comply with the notice, so long as the extension is for a period of not more than 28 days.\n\n#### 60FC Compliance with carbon tax removal substantiation notices\n\n (1) An entity that is given a carbon tax removal substantiation notice must comply with it within the applicable compliance period for the notice.\n (2) The applicable compliance period for a carbon tax removal substantiation notice is:\n (a) the period of 21 days specified in the notice; or\n (b) if the period for complying with the notice has been extended under section 60FB—the period as so extended;\n and includes (if an application has been made under section 60FB for an extension of the period for complying with the notice) the period up until the time when the applicant is given notice of the Commission’s decision on the application.\n (3) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (1); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 200 penalty units.\n\n (4) Subsection (3) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (5) If subsection (3) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (3) of this section has effect, in relation to the individual, as if the reference to 200 penalty units were a reference to 40 penalty units.\n (6) If subsection (1) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving information or producing a document in accordance with a carbon tax removal substantiation notice on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 2B—Carbon tax removal substantiation statements\n\n#### 60FD Carbon tax removal substantiation statements\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation statement\n (2) Within 30 days after the Royal Assent day, the entity must give to the Commission:\n (a) a written statement that sets out:\n (i) if the entity has electricity customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and\n (ii) if the entity has natural gas customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and\n (iii) if the entity has SGG customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and\n (b) information that substantiates the estimate or estimates set out in the statement.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n (3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement.\n (4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity’s website, in a way that is readily accessible by the public, until the end of 30 June 2015.\n Compliance\n (5) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (4); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 500 penalty units.\n\n (6) Subsection (5) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.\n (8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60H\n (9) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (10) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n Report to Parliament\n (11) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of compliance by all entities.\n\n### Division 2C—Statements for customers\n\n#### 60FE Statements for customers\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers.\n Preparation of statement\n (2) Within 30 days after the Royal Assent day, the entity must prepare a statement that:\n (a) if the entity has electricity customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014; and\n (b) if the entity has natural gas customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014.\n Communication of contents of statement to customers\n (3) During the period:\n (a) beginning 30 days after the Royal Assent day; and\n (b) ending 60 days after the Royal Assent day;\n the entity must ensure that the contents of the statement prepared by it under subsection (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n Compliance\n (4) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (3); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 400 penalty units.\n\n (5) Subsection (4) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (6) If subsection (4) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.\n (7) If subsection (2) or (3) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from:\n (a) preparing a statement under subsection (2) of this section; or\n (b) communicating the contents of a statement under subsection (3) of this section;\n on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 3—Price monitoring in relation to the carbon tax repeal etc.\n\n#### 60G Commission may monitor prices in relation to the carbon tax repeal etc.\n\n Price monitoring—carbon tax repeal transition period\n (1) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged by entities for supplies, in the carbon tax repeal transition period, of relevant goods.\n\n> Note: For relevant goods, see subsection (11).\n\n (2) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of relevant goods by entities.\n\n> Note: For relevant goods, see subsection (11).\n\n (3) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n (4) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n Price monitoring—price exploitation\n (5) The Commission may monitor prices to assist the Commission’s consideration of whether an entity has engaged, is engaging, or may in the future engage, in price exploitation in relation to the carbon tax repeal.\n Price monitoring—pre‑repeal transition period\n (6) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged by entities for supplies, in the pre‑repeal transition period, of relevant goods.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (7) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of relevant goods by entities.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (8) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n (9) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n Section does not limit Part VIIA\n (10) This section does not limit Part VIIA (which is about prices surveillance).\n Relevant goods\n (11) For the purposes of this section, the following are relevant goods:\n (a) regulated goods;\n (b) other goods of a kind specified in a legislative instrument under subsection (12).\n (12) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (11)(b).\n Pre‑repeal transition period\n (13) For the purposes of this section, pre‑repeal transition period means the period:\n (a) beginning at the commencement of this section; and\n (b) ending at the end of 30 June 2014.\n\n#### 60H Information‑gathering powers\n\n (1) A member of the Commission may, by written notice given to a person, require the person:\n (a) to give the Commission specified information in writing signed by:\n (i) the person; or\n (ii) if the person is a body corporate—a competent officer of the body corporate; or\n (b) to produce to the Commission specified documents;\n if:\n (c) the information, or information contained in the documents, relates to prices or the setting of prices; and\n (d) the member reasonably believes that the information, or information contained in the documents, will or may be useful to the Commission in monitoring prices as mentioned in any of subsections 60G(1) to (9).\n\n> Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.\n\n (2) Information or documents that may be required under subsection (1) may relate to prices, or the setting of prices:\n (a) before or after the carbon tax repeal; and\n (b) before or after the start of the carbon tax repeal transition period; and\n (c) in a situation, or during a period, specified in the notice.\n (3) Subsection (2) does not limit subsection (1).\n (4) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (1); and\n (b) the person is capable of complying with the requirement; and\n (c) the person omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 20 penalty units.\n\n (5) An individual is excused from giving information or producing a document in accordance with a requirement under subsection (1) on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60FA\n (5A) This section does not limit section 60FA (which is about carbon tax removal substantiation notices).\n Section does not limit section 155\n (6) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60J Reporting\n\n (1) The Commission must, within 28 days after the end of each quarter, give the Minister a written report about the operations of the Commission under this Part during the quarter.\n (2) A report under subsection (1) must include particulars of:\n (a) all notices given under section 60E during the quarter; and\n (b) all variations or revocations during the quarter of notices given under section 60E.\n (3) Subsection (2) does not limit subsection (1).\n (4) For the purposes of this section, a quarter is a period of 3 months:\n (a) that occurs wholly or partly during the carbon tax repeal transition period; and\n (b) that starts on any of the following days in a year:\n (i) 1 January;\n (ii) 1 April;\n (iii) 1 July;\n (iv) 1 October.\n (5) As soon as practicable after the Minister receives a report under subsection (1), the Minister must make the report public by such means as the Minister considers appropriate.\n (6) If this section commences during a quarter (but not on the first day of a quarter):\n (a) no report is to be made at the end of the quarter; but\n (b) the report made at the end of the next quarter is also to include the information required by subsections (1) and (2) in relation to the previous quarter.\n\n### Division 4—False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n#### 60K False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n An entity must not, in trade or commerce, in connection with:\n (a) the supply or possible supply of goods or services; or\n (b) the promotion by any means of the supply or use of goods or services;\n make a false or misleading representation, during the carbon tax repeal transition period, concerning the effect of:\n (c) the carbon tax repeal or a part of the carbon tax repeal; or\n (d) the carbon tax scheme or a part of the carbon tax scheme;\n on the price for the supply of the goods or services.\n\n### Division 5—Infringement notices\n\n#### 60L Issuing an infringement notice\n\n Issuing an infringement notice\n (1) If the Commission has reasonable grounds to believe that a person has contravened an infringement notice provision, the Commission may issue an infringement notice to the person.\n (2) The Commission must not issue more than one infringement notice to the person for the same alleged contravention of the infringement notice provision.\n (3) The infringement notice does not have any effect if the notice:\n (a) is issued more than 12 months after the day on which the contravention of the infringement notice provision is alleged to have occurred; or\n (b) relates to more than one alleged contravention of an infringement notice provision by the person.\n Matters to be included in an infringement notice\n (4) An infringement notice must:\n (a) be identified by a unique number; and\n (b) state the day on which it is issued; and\n (c) state the name and address of the person to whom it is issued; and\n (d) identify the Commission; and\n (e) state how the Commission may be contacted; and\n (f) give details of the alleged contravention by the person, including:\n (i) the date of the alleged contravention; and\n (ii) the particular infringement notice provision that was allegedly contravened; and\n (g) state the maximum pecuniary penalty that the court could order the person to pay under section 76 for the alleged contravention; and\n (h) specify the penalty that is payable in relation to the alleged contravention; and\n (i) state that the penalty is payable within the infringement notice compliance period for the notice; and\n (j) state that the penalty is payable to the Commission on behalf of the Commonwealth; and\n (k) explain how payment of the penalty is to be made; and\n (l) explain the effect of sections 60M, 60N, 60P and 60Q.\n Amount of penalty\n (5) The penalty to be specified in an infringement notice that is to be issued to a person in relation to an alleged contravention of an infringement notice provision must be:\n (a) if the person is a listed corporation—600 penalty units; or\n (b) if the person is a body corporate other than a listed corporation—60 penalty units; or\n (c) if the person is not a body corporate—12 penalty units.\n\n#### 60M Effect of compliance with an infringement notice\n\n Scope\n (1) This section applies if:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person pays the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q.\n Effect\n (2) The person is not, merely because of the payment, regarded as:\n (a) having contravened the infringement notice provision; or\n (b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the infringement notice provision.\n (3) No proceedings (whether criminal or civil) may be started or continued against the person, by or on behalf of the Commonwealth, in relation to:\n (a) the alleged contravention of the infringement notice provision; or\n (b) an offence constituted by the same conduct that constituted the alleged contravention.\n\n#### 60N Effect of failure to comply with an infringement notice\n\n If:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person fails to pay the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q;\n the person is liable to proceedings under Part VI in relation to the alleged contravention of the infringement notice provision.\n\n#### 60P Infringement notice compliance period for infringement notice\n\n (1) The infringement notice compliance period for an infringement notice is the period of 28 days beginning on the day after the day on which the infringement notice is issued by the Commission.\n (2) Subsection (1) has effect subject to subsection (7).\n (3) The Commission may extend, by notice in writing, the infringement notice compliance period for the notice if the Commission is satisfied that it is appropriate to do so.\n (4) Only one extension may be given, and the extension must not be for longer than 28 days.\n (5) Notice of the extension must be given to the person who was issued the infringement notice.\n (6) A failure to comply with subsection (5) does not affect the validity of the extension.\n (7) If the Commission extends the infringement notice compliance period for an infringement notice, a reference in this Division to the infringement notice compliance period for an infringement notice is taken to be a reference to the infringement notice compliance period as so extended.\n\n#### 60Q Withdrawal of an infringement notice\n\n Representations to the Commission\n (1) A person to whom an infringement notice has been issued for an alleged contravention of an infringement notice provision may make written representations to the Commission seeking the withdrawal of the infringement notice.\n (2) Evidence or information that the person, or a representative of the person, gives to the Commission in the course of making representations under subsection (1) is not admissible in evidence against the person or representative in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).\n Withdrawal by the Commission\n (3) The Commission may, by written notice (the withdrawal notice) given to the person to whom an infringement notice was issued, withdraw the infringement notice if the Commission is satisfied that it is appropriate to do so.\n (4) Subsection (3) applies whether or not the person has made representations seeking the withdrawal.\n Content of withdrawal notices\n (5) The withdrawal notice must state:\n (a) the name and address of the person; and\n (b) the day on which the infringement notice was issued to the person; and\n (c) that the infringement notice is withdrawn; and\n (d) that proceedings under Part VI may be started or continued against the person in relation to:\n (i) the alleged contravention the infringement notice provision; or\n (ii) an offence constituted by the same conduct that constituted the alleged contravention.\n Time limit for giving withdrawal notices\n (6) To be effective, the withdrawal notice must be given to the person within the infringement notice compliance period for the infringement notice.\n Refunds\n (7) If the infringement notice is withdrawn after the person has paid the penalty specified in the infringement notice, the Commission must, on behalf of the Commonwealth, refund to the person an amount equal to the amount paid.\n\n> Note: For appropriation, see section 28 of the Financial Management and Accountability Act 1997.\n\n#### 60R Effect of this Division\n\n This Division does not:\n (a) require an infringement notice to be issued to a person for an alleged contravention of an infringement notice provision; or\n (b) affect the liability of a person to proceedings under Part VI in relation to an alleged contravention of an infringement notice provision if:\n (i) an infringement notice is not issued to the person for the alleged contravention; or\n (ii) an infringement notice issued to a person for the alleged contravention is withdrawn under section 60Q; or\n (c) prevent a court from imposing a higher penalty than the penalty specified in the infringement notice if the person does not comply with the notice.\n\n4 Subsection 75B(1)\n\nAfter “section”, insert “60C, 60K or”.\n\n5 After subparagraph 76(1)(a)(i)\n\nInsert:\n\n (ii) section 60C;\n (iia) section 60K;\n\n6 After paragraph 76(1A)(b)\n\nInsert:\n\n (ba) for each act or omission to which this section applies that relates to section 60C or 60K—6,471 penalty units; and\n\n7 Before paragraph 76(1B)(a)\n\nInsert:\n\n (aa) for each act or omission to which this section applies that relates to section 60C or 60K—1,295 penalty units; and\n\n8 Paragraph 77A(3) (at the end of the definition of civil liability)\n\nAdd “or Part V”.\n\n9 Paragraph 80(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a contravention of any of the following provisions:\n (i) a provision of Part IV;\n (ii) a provision of Division 2 or 5 of Part IVB;\n (iii) section 60C;\n (iv) section 60K; or\n\n10 At the end of subsection 80(1A)\n\nAdd “, 60C or 60K”.\n\n11 After section 80\n\nInsert:\n\n#### 80A Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money\n\n (1) If, on the application of the Commission, the Court is satisfied that a person has engaged in conduct constituting a contravention of section 60C, the Court may make either or both of the following orders:\n (a) an order requiring that person, or a person involved in the contravention, not to make a regulated supply of a kind specified in the order for a price in excess of the price specified in the order while the order remains in force;\n (b) an order requiring that person, or a person involved in the contravention, to refund money to a person specified in the order.\n\n> Note: Section 60C is about price exploitation in relation to the carbon tax repeal.\n\n (2) This section does not limit section 80.\n (3) In this section:\n\n> price has the same meaning as in Part V.\n\n> regulated supply has the same meaning as in Part V.\n\n12 Subsection 82(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n13 Section 83\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n14 Paragraphs 84(1)(b) and (3)(b)\n\nAfter “IVB”, insert “or V”.\n\n15 After paragraph 85(a)\n\nInsert:\n\n (aa) engaged in conduct in contravention of section 60C or 60K; or\n\n16 Paragraph 86C(2)(a)\n\nBefore “a”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n17 Paragraph 86C(2)(b)\n\nBefore “a probation”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n18 Subsection 86C(4) (paragraph (a) of the definition of contravening conduct)\n\nAfter “section”, insert “60C, 60K or”.\n\n19 Subsection 87(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n20 Paragraph 87(1A)(a)\n\nAfter “IVB”, insert “or section 60C or 60K”.\n\n21 Paragraph 87(1A)(b)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n22 Paragraph 87(1B)(a)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n23 Subsection 87(1C)\n\nOmit “or Division 2 of Part IVB”, substitute “, Division 2 of Part IVB or section 60C or 60K”.\n\n24 Subsection 155AAA(21) (paragraph (a) of the definition of core statutory provision)\n\nAfter “Part IV,”, insert “V,”.\n\n25 Subsection 155AAA(21) (after paragraph (b) of the definition of protected information)\n\nInsert:\n\n (ba) information that was obtained by the Commission under paragraph 60FD(2)(b) or section 60FA or 60H; or\n\n26 Before subparagraph 163A(1)(a)(ii)\n\nInsert:\n\n (i) Part V;\n\nSchedule 3—Repeal of tax offset for conservation tillage\n\nClean Energy (Consequential Amendments) Act 2011\n\n1 Subsection 2(1) (table item 6)\n\nRepeal the item.\n\n2 Part 3 of Schedule 2\n\nRepeal the Part.\n\nIncome Tax Assessment Act 1997\n\n3 Section 67‑23 (table item 24)\n\nRepeal the item.\n\n4 Subdivision 385‑J\n\nRepeal the Subdivision.\n\n5 Subsection 995‑1(1) (definition of eligible no‑till seeder)\n\nRepeal the definition.\n\n6 Application of amendments\n\nThe amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.\n\nNote: The provisions of the Income Tax Assessment Act 1997 repealed by this Schedule will continue to apply to assessments for the 2012‑13 and 2013‑14 income years.\n\n7 Transitional—timing relating to 2013‑14 income year\n\nThe following provisions of the Income Tax Assessment Act 1997:\n\n (a) subparagraph 385‑175(1)(e)(ii);\n (b) subparagraph 385‑190(1)(c)(ii);\n\napply for the purposes of assessments for the 2013‑14 income year as if those provisions referred to 30 June 2014 rather than 30 June 2015.\n\nSchedule 4—Repeal of the Steel Transformation Plan Act 2011\n\nSteel Transformation Plan Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nNote: On the repeal of the Act, the Steel Transformation Plan 2012 (which was made under Part 3 of the Act) will also cease to have effect.\n\n2 Effect of repeal\n\n(1) To avoid doubt:\n\n (a) no assistance is payable under the old Act or the old Plan after the commencement of this Schedule, including in respect of the half‑year ending on 30 June 2014; and\n (b) a return is not required to be (and cannot be) provided under Part 4 of the old Plan in respect of the half‑year ending on 30 June 2014 (or any later half‑year); and\n (c) the following conditions cease to have effect on the commencement of this Schedule:\n (i) conditions to which payments of competitiveness assistance advances under the old Act were subject;\n (ii) conditions to which registrations of corporations under the old Plan as STP participants were subject; and\n (d) the Department’s annual report for the financial year ending on 30 June 2014 (or any later financial year) is not required to comply with section 26 of the old Act.\n\n(2) In this item:\n\nold Act means the Steel Transformation Plan Act 2011.\n\nold Plan means the Steel Transformation Plan 2012 made under Part 3 of the old Act.\n\nSchedule 5—Australian Renewable Energy Agency’s finances\n\nAustralian Renewable Energy Agency Act 2011\n\n1 Subsection 64(1) (table)\n\nRepeal the table, substitute:\n\n```html\n

Yearly maximum payments to ARENA

Item

Financial year

Amount for financial year

1

2013‑2014

$581,276,000.00

2

2014‑2015

$194,340,000.00

3

2015‑2016

$89,991,000.00

4

2016‑2017

$56,950,000.00

5

2017‑2018

$499,893,000.00

6

2018‑2019

$237,000,000.00

7

2019‑2020

$468,340,000.00

8

2020‑2021

$135,000,000.00

9

2021‑2022

$135,000,000.00

\n```\n\n2 Subsections 64(3) to (6)\n\nRepeal the subsections.\n\n3 Subsection 65(4) (note)\n\nOmit “subsections 64(2) to (6)”, substitute “subsection 64(2)”.\n\n4 Application\n\nTo avoid doubt:\n\n (a) the amendments made by this Part do not affect how the Australian Renewable Energy Agency Act 2011 applied, before the commencement of this Part, in relation to the financial year 2012‑2013; but\n (b) for the purposes of that Act as amended by this Part, subsection 64(2) of that Act does not apply so as to carry over to the 2013‑2014 financial year any unspent amount from the 2012‑2013 financial year.\n\nNote: The unspent amount from the 2012‑2013 financial year has instead been directly factored into amounts specified in the table substituted by item 1.","sortOrder":42},{"sectionNumber":"60K","sectionType":"section","heading":"False or misleading representations about the effect of the carbon tax repeal etc. on prices","content":"#### 60K False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n An entity must not, in trade or commerce, in connection with:\n (a) the supply or possible supply of goods or services; or\n (b) the promotion by any means of the supply or use of goods or services;\n make a false or misleading representation, during the carbon tax repeal transition period, concerning the effect of:\n (c) the carbon tax repeal or a part of the carbon tax repeal; or\n (d) the carbon tax scheme or a part of the carbon tax scheme;\n on the price for the supply of the goods or services.","sortOrder":43},{"sectionNumber":"Division 5","sectionType":"division","heading":"Infringement notices","content":"An Act to repeal the Clean Energy Act 2011, and for other purposes\n\n#### 1 Short title\n\n This Act may be cited as the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 2 Commencement\n\n (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 July 2014

2. Schedule 1, Parts 1 and 2

1 July 2014.

1 July 2014

3. Schedule 1, Part 3, Divisions 1 to 4

1 July 2014.

1 July 2014

4. Schedule 1, Part 3, Division 5

The day this Act receives the Royal Assent.

17 July 2014

5. Schedule 1, Part 4

The day after this Act receives the Royal Assent.

However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.

18 July 2014

6. Schedule 2

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) 1 January 2014.

18 July 2014

(paragraph (a) applies)

7. Schedule 3

The day after this Act receives the Royal Assent.

18 July 2014

8. Schedule 4

1 July 2014.

1 July 2014

9. Schedule 5

The day this Act receives the Royal Assent.

17 July 2014

\n```\n\n> Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.\n\n (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.\n\n#### 3 Schedule(s)\n\n Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.\n\nSchedule 1—Repeal of the carbon tax\n\nPart 1—Repeal of Acts\n\nClean Energy Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Customs) Act 2011\n\n2 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Charges—Excise) Act 2011\n\n3 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Auctions) Act 2011\n\n4 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Issue Charge—Fixed Charge) Act 2011\n\n5 The whole of the Act\n\nRepeal the Act.\n\nClean Energy (Unit Shortfall Charge—General) Act 2011\n\n6 The whole of the Act\n\nRepeal the Act.\n\nPart 2—Amendments\n\nA New Tax System (Goods and Services Tax) Act 1999\n\n7 Section 195‑1\n\nInsert:\n\n> eligible Australian carbon credit unit means:\n\n (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or\n (b) a non‑Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:\n (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non‑Kyoto Australian carbon credit unit; and\n (ii) the non‑Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or\n (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.\n Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.\n\n8 Section 195‑1 (definition of eligible emissions unit)\n\nRepeal the definition, substitute:\n\n> eligible emissions unit means:\n\n (a) an \\*eligible international emissions unit; or\n (b) an \\*eligible Australian carbon credit unit.\n\n9 Section 195‑1\n\nInsert:\n\n> eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nAnti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\n10 Section 5 (definition of carbon unit)\n\nRepeal the definition.\n\n11 Subsection 6(2) (paragraph (baa) of the cell at table item 33, column headed “Provision of a designated service”)\n\nRepeal the paragraph.\n\n12 Subsection 6(2) (paragraph (d) of the cell at table item 33, column headed “Provision of a designated service”)\n\nOmit “carbon units,”.\n\nAustralian National Registry of Emissions Units Act 2011\n\n13 Section 3\n\nOmit:\n\n• Entries may be made in Registry accounts for:\n\n(a) carbon units; and\n\n(b) Australian carbon credit units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\n• This Act sets out rules about dealings with:\n\n(a) Kyoto units; and\n\n(b) prescribed international units.\n\nsubstitute:\n\n• Entries may be made in Registry accounts for:\n\n(a) Australian carbon credit units; and\n\n(b) Kyoto units.\n\n• This Act sets out rules about dealings with Kyoto units.\n\n14 Section 4 (definition of Australian‑issued international unit)\n\nRepeal the definition.\n\n15 Section 4 (definition of benchmark average auction charge)\n\nRepeal the definition.\n\n16 Section 4 (definition of carbon unit)\n\nRepeal the definition.\n\n17 Section 4 (definition of Commonwealth foreign registry account)\n\nRepeal the definition.\n\n18 Section 4 (paragraph (d) of the definition of eligible international emissions unit)\n\nOmit “rules; or”, substitute “rules.”.\n\n19 Section 4 (paragraph (e) of the definition of eligible international emissions unit)\n\nRepeal the paragraph.\n\n20 Section 4 (definition of European allowance unit)\n\nRepeal the definition.\n\n21 Section 4 (definition of European Union Greenhouse Gas Emission Allowance Trading Directive)\n\nRepeal the definition.\n\n22 Section 4 (definition of fixed charge year)\n\nRepeal the definition.\n\n23 Section 4 (definition of foreign account)\n\nRepeal the definition, substitute:\n\n> foreign account, when used in relation to a Kyoto unit, means an account kept within a foreign Kyoto registry.\n\n24 Section 4 (definition of foreign government body)\n\nRepeal the definition.\n\n25 Section 4 (definition of hold)\n\nOmit “a carbon unit or”.\n\n26 Section 4 (definition of Information Database)\n\nRepeal the definition.\n\n27 Section 4 (definition of international arrangement)\n\nRepeal the definition.\n\n28 Section 4 (definition of international organisation)\n\nRepeal the definition.\n\n29 Section 4 (definition of issue)\n\nRepeal the definition, substitute:\n\n> issue, in relation to an Australian carbon credit unit, has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n30 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n31 Section 4 (definition of quarter)\n\nRepeal the definition.\n\n32 Section 4 (paragraph (aa) of the definition of registered holder)\n\nRepeal the paragraph.\n\n33 Section 4 (paragraph (b) of the definition of registered holder)\n\nOmit “unit; or”, substitute “unit.”.\n\n34 Section 4 (paragraph (c) of the definition of registered holder)\n\nRepeal the paragraph.\n\n35 Section 4 (definition of relinquish)\n\nRepeal the definition.\n\n36 Section 4 (definition of transfer)\n\nRepeal the definition, substitute:\n\n> transfer, in relation to a Kyoto unit, has the meaning given by section 33.\n\n37 Section 4 (definition of vintage year)\n\nRepeal the definition.\n\n38 Paragraph 9(4)(a)\n\nOmit “carbon units, Australian carbon credit units and prescribed international units”, substitute “Australian carbon credit units”.\n\n39 Paragraph 11(5)(a)\n\nOmit “carbon units or”.\n\n40 Section 14A\n\nRepeal the section.\n\n41 Paragraph 15(2)(aa)\n\nRepeal the paragraph.\n\n42 Paragraph 15(2)(c)\n\nOmit “account; and”, substitute “account.”.\n\n43 Paragraph 15(2)(d)\n\nRepeal the paragraph.\n\n44 Subparagraph 16(2)(b)(ii)\n\nOmit “(4), (5) and (6)”, substitute “(4) and (6)”.\n\n45 Subsection 16(2A)\n\nRepeal the subsection (not including the heading).\n\n46 Subsection 16(5)\n\nRepeal the subsection.\n\n47 Paragraph 16(7)(b)\n\nOmit “or (5)”.\n\n48 Subsection 17(1A)\n\nRepeal the subsection.\n\n49 Subsection 17(3)\n\nRepeal the subsection.\n\n50 Paragraph 19(3A)(a)\n\nOmit “or 49A”.\n\n51 Subsection 19(3B)\n\nRepeal the subsection.\n\n52 Section 21\n\nRepeal the section.\n\n53 Paragraph 22(4A)(a)\n\nOmit “or 49A”.\n\n54 Subsection 22(4B)\n\nRepeal the subsection.\n\n55 Subparagraph 26(3)(a)(ia)\n\nRepeal the subparagraph.\n\n56 Subparagraph 26(3)(a)(ii)\n\nOmit “or”.\n\n57 Subparagraph 26(3)(a)(iii)\n\nRepeal the subparagraph.\n\n58 Paragraph 27(3B)(b)\n\nOmit “account; or”, substitute “account.”.\n\n59 Paragraph 27(3B)(c)\n\nRepeal the paragraph.\n\n60 Paragraph 28A(1)(aa)\n\nRepeal the paragraph.\n\n61 Paragraph 28A(1)(b)\n\nOmit “or”.\n\n62 Paragraph 28A(1)(c)\n\nRepeal the paragraph.\n\n63 Paragraph 28A(4)(aa)\n\nRepeal the paragraph.\n\n64 Paragraph 28B(1)(aa)\n\nRepeal the paragraph.\n\n65 Paragraph 28B(1)(b)\n\nOmit “or”.\n\n66 Paragraph 28B(1)(c)\n\nRepeal the paragraph.\n\n67 Paragraph 28B(11)(aa)\n\nRepeal the paragraph.\n\n68 Subsection 28B(11) (paragraph (c) of the note)\n\nOmit “Act; and”, substitute “Act.”.\n\n69 Subsection 28B(11) (paragraphs (d) and (e) of the note)\n\nRepeal the paragraphs.\n\n70 Paragraph 28C(17)(aa)\n\nRepeal the paragraph.\n\n71 Subparagraph 28D(5)(a)(ii)\n\nOmit “carbon units or”.\n\n72 Paragraph 28D(5)(b)\n\nRepeal the paragraph, substitute:\n\n (b) a notice to relinquish Australian carbon credit units under section 175 of the Carbon Credits (Carbon Farming Initiative) Act 2011 does not have effect.\n\n73 Paragraph 28D(16)(aa)\n\nRepeal the paragraph.\n\n74 Part 4\n\nRepeal the Part.\n\n75 Section 58\n\nOmit:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) carbon units; and\n\n(c) Kyoto units; and\n\n(d) prescribed international units.\n\nsubstitute:\n\n• The Regulator must publish certain information about:\n\n(a) the holders of Registry accounts; and\n\n(b) Kyoto units.\n\n76 Section 59A\n\nRepeal the section.\n\n77 Subsections 61(3) to (6)\n\nRepeal the subsections.\n\n78 Section 61A\n\nRepeal the section.\n\n79 Sections 63 to 63G\n\nRepeal the sections.\n\n80 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more carbon units, the person may request the Regulator to cancel any or all of those units. However, this rule does not apply to a unit that was issued for a fixed charge and has a vintage year that is a fixed charge year.\n\n81 Section 64\n\nOmit:\n\n• If a person is the registered holder of one or more prescribed international units, the person may request the Regulator to cancel any or all of those units.\n\n82 Section 64A\n\nRepeal the section.\n\n83 Section 66\n\nRepeal the section.\n\n84 Parts 6A and 6B\n\nRepeal the Parts.\n\n85 Paragraph 79(1)(c)\n\nOmit “27(4);”, substitute “27(4).”.\n\n86 Paragraph 79(1)(d)\n\nRepeal the paragraph.\n\n87 Section 82 (table item 2)\n\nOmit “or 53”.\n\n88 Section 82 (table item 3)\n\nRepeal the item.\n\n89 Section 82 (table items 8 and 9)\n\nOmit “or 21”.\n\n90 Section 82 (table items 15 and 16)\n\nRepeal the items.\n\n91 Section 86A\n\nRepeal the section.\n\nAustralian Securities and Investments Commission Act 2001\n\n92 Paragraph 12BAA(7)(ka)\n\nRepeal the paragraph.\n\n93 Paragraph 12BAB(1)(g)\n\nOmit “a carbon unit,”.\n\n94 At the end of the Act\n\nAdd:\n\n## Part 20—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 295 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 296 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\nClean Energy Regulator Act 2011\n\n95 Section 3\n\nOmit:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Clean Energy Act 2011; and\n\n(b) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(c) the National Greenhouse and Energy Reporting Act 2007; and\n\n(d) the Renewable Energy (Electricity) Act 2000; and\n\n(e) the Australian National Registry of Emissions Units Act 2011.\n\nsubstitute:\n\n• The Regulator has such functions as are conferred on it by or under:\n\n(a) the Carbon Credits (Carbon Farming Initiative) Act 2011; and\n\n(b) the National Greenhouse and Energy Reporting Act 2007; and\n\n(c) the Renewable Energy (Electricity) Act 2000; and\n\n(d) the Australian National Registry of Emissions Units Act 2011.\n\n96 Section 4\n\nInsert:\n\n> Climate Change Convention means the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992, as amended and in force for Australia from time to time.\n\n> Note: The text of the Convention is set out in Australian Treaty Series 1994 No. 2 (\\[1994\\] ATS 2). In 2013, the text of a Convention in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).\n\n97 Section 4 (paragraphs (b) to (h) of the definition of climate change law)\n\nRepeal the paragraphs.\n\n98 Section 4\n\nInsert:\n\n> greenhouse gas has the same meaning as in the National Greenhouse and Energy Reporting Act 2007.\n\n99 Section 4 (definition of international agreement)\n\nRepeal the definition, substitute:\n\n> international agreement means an agreement whose parties are:\n\n (a) Australia and a foreign country; or\n (b) Australia and 2 or more foreign countries.\n\n100 Section 4 (definition of international climate change agreement)\n\nRepeal the definition, substitute:\n\n> international climate change agreement means:\n\n (a) the Climate Change Convention; or\n (b) any other international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) imposes obligations on Australia to take action to reduce greenhouse gas emissions; or\n (c) an international agreement, signed on behalf of Australia, that:\n (i) relates to climate change; and\n (ii) is specified in a legislative instrument made by the Minister for the purposes of this definition.\n\n101 Section 4 (paragraph (a) of the definition of objectives of the Regulator)\n\nRepeal the paragraph.\n\n102 Section 4 (definition of prescribed international unit)\n\nRepeal the definition.\n\n103 Paragraph 41(3)(a)\n\nRepeal the paragraph.\n\n104 Paragraph 49(1)(z)\n\nRepeal the paragraph, substitute:\n\n (z) a person or body responsible for the administration of a scheme that involves the issue or registration of prescribed eligible carbon units;\n\nCorporations Act 2001\n\n105 Section 9 (definition of carbon unit)\n\nRepeal the definition.\n\n106 Paragraph 764A(1)(kaa)\n\nRepeal the paragraph.\n\n107 At the end Chapter 10\n\nAdd:\n\n## Part 10.23—Transitional provisions relating to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014\n\n#### 1542 Definition\n\n In this Part:\n\n> designated carbon unit day has the same meaning as in Part 3 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.\n\n#### 1543 Transitional—carbon units issued before the designated carbon unit day\n\n Despite the amendments of this Act made by Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, this Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n#### 1544 Transitional—variation of conditions on Australian financial services licences\n\n Scope\n (1) This section applies if, as at the end of the designated carbon unit day, an Australian financial services licence is subject to a condition that authorises the financial services licensee to provide financial services in relation to financial products that are carbon units.\n Variation\n (2) After that day, subsections 914A(3), (4) and (5) do not apply in relation to a variation of the condition, if the only effect of the variation is to remove the authorisation to provide financial services in relation to financial products that are carbon units.\n\n#### 1545 Transitional—immediate cancellation of Australian financial services licences\n\n Section 915B applies, on and after the designated carbon unit day, as if the following subsection was added at the end of the section:\n Licence relating to carbon units\n (5) ASIC may cancel an Australian financial services licence held by a person, by giving written notice to the person, if the licence only authorises the person to provide financial services that relate to financial products that are carbon units.\n\n#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences\n\n Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545).\n\nFuel Tax Act 2006\n\n108 Section 2‑1\n\nOmit:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n For fuel that is not \\*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced.\n Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax.\n Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\n This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to:\n (a) fuel used in private vehicles and for certain other private purposes; and\n (b) fuel used on‑road in light vehicles for business purposes.\n\n109 Subsection 40‑5(2)\n\nAfter “reduce”, insert “or remove”.\n\n110 Subsections 40‑5(3) and (4)\n\nRepeal the subsections.\n\n111 Section 41‑1\n\nOmit:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme.\n\nsubstitute:\n\nHowever, fuel tax credits are denied under Subdivision 41‑B if:\n\n(a) another person is already entitled to a fuel tax credit in respect of the fuel; or\n\n(b) the fuel is for use on‑road in light vehicles; or\n\n(c) the fuel is for use in vehicles that do not meet certain environmental criteria; or\n\n(d) the fuel is for use in aircraft.\n\n112 Paragraph 41‑5(3)(b)\n\nOmit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”.\n\n113 Subsection 41‑15(1)\n\nOmit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”.\n\n114 Subparagraph 41‑25(2)(a)(ii)\n\nOmit “\\*agricultural property”, substitute “agricultural property”.\n\n115 Section 41‑30 (heading)\n\nRepeal the heading, substitute:\n\n#### 41‑30 No fuel tax credit for fuel to be used in an aircraft\n\n116 Subsection 41‑30(1)\n\nOmit “(1)”.\n\n117 Subsection 41‑30(2)\n\nRepeal the subsection.\n\n118 Section 41‑35\n\nRepeal the section.\n\n119 Division 42A\n\nRepeal the Division.\n\n120 Section 43‑1\n\nOmit:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:\n\n(a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and\n\n(b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).\n\nFor fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.\n\nFor gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.\n\nsubstitute:\n\nThe amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).\n\n121 Subsection 43‑5(1)\n\nRepeal the subsection, substitute:\n\n (1) The \\*amount of your tax fuel credit for taxable fuel is the amount of \\*effective fuel tax that is payable on the fuel.\n\n> Note: The amount of the credit may be reduced under section 43‑10.\n\n122 Subsections 43‑5(4) and (5)\n\nRepeal the subsections.\n\n123 Section 43‑8\n\nRepeal the section.\n\n124 Section 43‑10 (heading)\n\nRepeal the heading, substitute:\n\n#### 43‑10 Reducing the amount of your fuel tax credit\n\n125 Subsection 43‑10(1A)\n\nRepeal the subsection.\n\n126 Section 43‑11\n\nRepeal the section.\n\n127 Subdivision 43‑B\n\nRepeal the Subdivision.\n\n128 Section 110‑5 (definition of agricultural activity)\n\nRepeal the definition.\n\n129 Section 110‑5 (definition of agricultural construction activity)\n\nRepeal the definition.\n\n130 Section 110‑5 (definition of agricultural property)\n\nRepeal the definition.\n\n131 Section 110‑5 (definition of agricultural soil/water activity)\n\nRepeal the definition.\n\n132 Section 110‑5 (definition of agricultural waste activity)\n\nRepeal the definition.\n\n133 Section 110‑5 (definition of agriculture)\n\nRepeal the definition.\n\n134 Section 110‑5 (definition of approved catchment area)\n\nRepeal the definition.\n\n135 Section 110‑5 (definition of carbon reduction)\n\nRepeal the definition.\n\n136 Section 110‑5 (definition of CNG)\n\nRepeal the definition.\n\n137 Section 110‑5 (definition of core agricultural activity)\n\nRepeal the definition.\n\n138 Section 110‑5 (definition of covered by the Opt‑in Scheme)\n\nRepeal the definition.\n\n139 Section 110‑5 (definition of earthworks)\n\nRepeal the definition.\n\n140 Section 110‑5 (definition of fish)\n\nRepeal the definition.\n\n141 Section 110‑5 (definition of fishing operations)\n\nRepeal the definition.\n\n142 Section 110‑5 (definition of forestry)\n\nRepeal the definition.\n\n143 Section 110‑5 (definition of half‑year)\n\nRepeal the definition.\n\n144 Section 110‑5 (definition of horticulture)\n\nRepeal the definition.\n\n145 Section 110‑5 (definition of livestock)\n\nRepeal the definition.\n\n146 Section 110‑5 (definition of livestock activity)\n\nRepeal the definition.\n\n147 Section 110‑5 (definition of LNG)\n\nRepeal the definition.\n\n148 Section 110‑5 (definition of pearling operations)\n\nRepeal the definition.\n\n149 Section 110‑5 (definition of port)\n\nRepeal the definition.\n\n150 Section 110‑5 (definition of processing of fish)\n\nRepeal the definition.\n\n151 Section 110‑5 (definition of public authority)\n\nRepeal the definition.\n\n152 Section 110‑5 (definition of renewable diesel)\n\nRepeal the definition.\n\n153 Section 110‑5 (definition of sundry agricultural activity)\n\nRepeal the definition.\n\n154 Section 110‑5 (definition of taxable fuel)\n\nRepeal the definition, substitute:\n\n> taxable fuel means fuel in respect of which duty is payable under:\n\n (a) the Excise Act 1901 and the Excise Tariff Act 1921; or\n (b) the Customs Act 1901 and the Customs Tariff Act 1995;\n but does not include fuel covered by:\n (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921; or\n (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921, if the goods had been manufactured in Australia.\n\n> Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate.\n\nFuel Tax (Consequential and Transitional Provisions) Act 2006\n\n155 Subitem 12(2A) of Schedule 3\n\nRepeal the subitem.\n\nIncome Tax Assessment Act 1997\n\n156 Section 12‑5 (table item headed “clean energy”)\n\nRepeal the item.\n\n157 Section 26‑18\n\nRepeal the section.\n\n158 Section 104‑5 (table item relating to CGT event K1, column headed “Event number and description”)\n\nOmit “\\*carbon unit, an \\*international emissions unit”, substitute “\\*Kyoto unit”.\n\n159 Subparagraphs 104‑205(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n160 Subparagraph 104‑205(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n161 Subparagraph 104‑205(1)(a)(iv)\n\nOmit “an \\*international emissions unit”, substitute “a Kyoto unit”.\n\n162 Section 112‑97 (table item 18A, column headed “In this situation”)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n163 Subsection 118‑15(2)\n\nRepeal the subsection.\n\n164 Paragraph 420‑10(a)\n\nRepeal the paragraph.\n\n165 Paragraph 420‑10(c)\n\nRepeal the paragraph.\n\n166 Subsection 420‑15(1) (note)\n\nRepeal the note.\n\n167 Subsection 420‑15(3)\n\nRepeal the subsection.\n\n168 Subsection 420‑20(3)\n\nRepeal the subsection (not including the note), substitute:\n\n (3) This section does not apply to the issue of an \\*Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011.\n\n169 Subparagraphs 420‑21(1)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n170 Subparagraph 420‑21(1)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n171 Subparagraph 420‑21(1)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n172 Subsection 420‑21(1) (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n173 Subparagraphs 420‑21(2)(a)(i) and (ii)\n\nRepeal the subparagraphs.\n\n174 Subparagraph 420‑21(2)(a)(iii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n175 Subparagraph 420‑21(2)(a)(iv)\n\nOmit “an international emissions unit”, substitute “a Kyoto unit”.\n\n176 Subparagraph 420‑35(b)(i)\n\nRepeal the subparagraph.\n\n177 Subparagraph 420‑35(b)(ii)\n\nOmit “an \\*international emissions unit”, substitute “a \\*Kyoto unit”.\n\n178 Section 420‑35 (example)\n\nOmit “of international emissions unit”, substitute “of Kyoto unit”.\n\n179 Section 420‑43\n\nRepeal the section.\n\n180 Subsection 420‑51(1)\n\nOmit “(1)”.\n\n181 Subsection 420‑51(2)\n\nRepeal the subsection.\n\n182 Subparagraph 420‑52(a)(i)\n\nRepeal the subparagraph.\n\n183 Paragraph 420‑52(b)\n\nRepeal the paragraph.\n\n184 Subsection 420‑55(6)\n\nRepeal the subsection.\n\n185 Subsection 420‑57(9)\n\nRepeal the subsection.\n\n186 Section 420‑58\n\nRepeal the section.\n\n187 Subsections 420‑60(1) and (2)\n\nRepeal the subsections.\n\n188 Subsection 420‑60(4)\n\nOmit all the words from and including “If a \\*registered” to and including “cost of the unit”, substitute “The cost of a \\*registered emissions unit (other than an \\*Australian carbon credit unit)”.\n\n189 Subsection 420‑65(3)\n\nRepeal the subsection.\n\n190 Subsection 420‑70(3)\n\nRepeal the subsection.\n\n191 Subsection 995‑1(1) (definition of carbon unit)\n\nRepeal the definition.\n\n192 Subsection 995‑1(1) (definition of free carbon unit)\n\nRepeal the definition.\n\n193 Subsection 995‑1(1) (definition of international emissions unit)\n\nRepeal the definition.\n\n194 Subsection 995‑1(1) (definition of prescribed international unit)\n\nRepeal the definition.\n\n195 Subsection 995‑1(1) (definition of vintage year)\n\nRepeal the definition.\n\nNational Greenhouse and Energy Reporting Act 2007\n\n196 Section 3 (heading)\n\nRepeal the heading, substitute:\n\n#### 3 Object\n\n197 Subsection 3(1)\n\nOmit “(1) The first object”, substitute “The object”.\n\n198 Subsection 3(2)\n\nRepeal the subsection.\n\n199 Subsection 4(1)\n\nOmit “(1) This Act (except to the extent to which it underpins the Clean Energy Act 2011)”, substitute “This Act”.\n\n200 Subsection 4(2)\n\nRepeal the subsection.\n\n201 Subsection 5(1)\n\nOmit “(1)”.\n\n202 Before subparagraph 5(1)(a)(ii)\n\nInsert:\n\n (i) greenhouse gas emissions; or\n\n203 Subsection 5(2)\n\nRepeal the subsection.\n\n204 Section 7 (definition of carbon dioxide equivalence)\n\nRepeal the definition, substitute:\n\n> carbon dioxide equivalence, of an amount of greenhouse gas, means the amount of the gas multiplied by a value specified in the regulations in relation to that kind of greenhouse gas.\n\n205 Section 7\n\nInsert:\n\n> designated financial year means:\n\n (a) the financial year beginning on 1 July 2012; or\n (b) a later financial year.\n\n206 Section 7 (definition of designated fuel)\n\nRepeal the definition.\n\n207 Section 7 (definition of eligible financial year)\n\nRepeal the definition.\n\n208 Section 7 (definition of emissions number)\n\nRepeal the definition.\n\n209 Section 7 (definition of financial control liability transfer certificate)\n\nRepeal the definition.\n\n210 Section 7 (definition of fixed charge year)\n\nRepeal the definition.\n\n211 Section 7 (definition of foreign country)\n\nRepeal the definition, substitute:\n\n> foreign country includes a region where:\n\n (a) the region is a colony, territory or protectorate of a foreign country; or\n (b) the region is part of a foreign country; or\n (c) the region is under the protection of a foreign country; or\n (d) a foreign country exercises jurisdiction or control over the region; or\n (e) a foreign country is responsible for the region’s international relations.\n\n212 Section 7\n\nInsert:\n\n> foreign corporation means a corporation that:\n\n (a) is incorporated outside Australia; or\n (b) is an authority of a foreign country.\n\n213 Section 7 (definition of foreign person)\n\nRepeal the definition.\n\n214 Section 7\n\nInsert:\n\n> group entity means a corporation that is a member of a controlling corporation’s group.\n\n215 Section 7 (definition of interim emissions number)\n\nRepeal the definition.\n\n216 Section 7 (definition of liable entity)\n\nRepeal the definition.\n\n217 Section 7 (definition of liquefied natural gas)\n\nRepeal the definition.\n\n218 Section 7 (definition of liquefied petroleum gas)\n\nRepeal the definition.\n\n218A Section 7 (definition of local governing body)\n\nRepeal the definition.\n\n219 Section 7 (definition of natural gas supplier)\n\nRepeal the definition.\n\n220 Section 7 (definition of non‑group entity)\n\nRepeal the definition.\n\n221 Section 7 (definition of operational control)\n\nOmit “11A, 11B or 11C”, substitute “11A or 11B”.\n\n222 Section 7 (definition of Opt‑in Scheme)\n\nRepeal the definition.\n\n223 Section 7 (definition of OTN)\n\nRepeal the definition.\n\n224 Section 7 (definition of person)\n\nRepeal the definition.\n\n225 Section 7 (definition of potential greenhouse gas emissions)\n\nRepeal the definition.\n\n226 Section 7 (definition of provisional emissions number)\n\nRepeal the definition.\n\n227 Section 7 (definition of supply)\n\nRepeal the definition.\n\n228 Section 7 (definition of taxable fuel)\n\nRepeal the definition.\n\n229 Section 7 (definition of trust)\n\nRepeal the definition.\n\n230 Section 7 (definition of trustee)\n\nRepeal the definition.\n\n231 Section 7 (definition of trust estate)\n\nRepeal the definition.\n\n232 Section 7 (definition of unit shortfall charge)\n\nRepeal the definition.\n\n233 Subsection 7A(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n234 Sections 7B and 7C\n\nRepeal the sections.\n\n235 Subsection 8(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n236 Subsection 9(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n237 Paragraph 9(1)(b)\n\nOmit “or 54A”.\n\n238 Section 10 (heading)\n\nRepeal the heading, substitute:\n\n#### 10 Emissions, energy production, energy consumption etc.\n\n239 Subsection 10(1)\n\nOmit “or the Clean Energy Act 2011”.\n\n240 Subsection 10(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n241 Subsections 10(4) to (9)\n\nRepeal the subsections.\n\n242 Subsection 11(1)\n\nOmit “and the Clean Energy Act 2011”.\n\n243 Subsection 11(1)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n244 Paragraph 11(1)(b)\n\nOmit “or 55A”.\n\n245 Subsection 11(3)\n\nOmit “and the Clean Energy Act 2011”.\n\n246 Subsection 11(3)\n\nOmit “person”, substitute “group entity”.\n\n247 Subsection 11(4)\n\nOmit “11A, 11B and 11C”, substitute “11A and 11B”.\n\n248 Section 11A (heading)\n\nRepeal the heading, substitute:\n\n#### 11A Operational control—group entity with greatest authority\n\n249 Subsection 11A(1)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n250 Paragraph 11A(1)(a)\n\nOmit “persons”, substitute “group entities”.\n\n251 Paragraph 11A(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n252 Paragraph 11A(1)(c)\n\nOmit “or 55A”.\n\n253 Subsection 11A(2)\n\nOmit “person”, substitute “group entity”.\n\n254 Subsection 11A(2)\n\nOmit “and the Clean Energy Act 2011”.\n\n255 Section 11B (heading)\n\nRepeal the heading, substitute:\n\n#### 11B Operational control—nominated group entity\n\n256 Paragraph 11B(1)(a)\n\nOmit “more persons”, substitute “more group entities”.\n\n257 Paragraph 11B(1)(a)\n\nOmit “relevant persons”, substitute “relevant group entities”.\n\n258 Paragraph 11B(1)(b)\n\nOmit “person”, substitute “group entity”.\n\n259 Paragraph 11B(1)(c)\n\nOmit “or 55A”.\n\n260 Paragraph 11B(1)(d)\n\nOmit “an eligible financial year”, substitute “a designated financial year”.\n\n261 Subsection 11B(2)\n\nOmit “persons”, substitute “group entities”.\n\n262 Subsection 11B(2)\n\nOmit “person”, substitute “group entity”.\n\n263 Paragraph 11B(4)(a)\n\nOmit “persons is a foreign person”, substitute “group entities is a foreign corporation”.\n\n264 Paragraph 11B(4)(b)\n\nOmit “persons is not a foreign person”, substitute “group entities is not a foreign corporation”.\n\n265 Subsection 11B(4)\n\nOmit “foreign person cannot”, substitute “foreign corporation cannot”.\n\n266 Paragraph 11B(5)(b)\n\nOmit “persons”, substitute “group entities”.\n\n267 Subsection 11B(7)\n\nRepeal the subsection.\n\n268 Subsection 11B(8)\n\nOmit “eligible financial year” (wherever occurring), substitute “designated financial year”.\n\n269 Subsection 11B(10)\n\nOmit “person” (wherever occurring), substitute “group entity”.\n\n270 Paragraph 11B(15)(b)\n\nOmit “and”.\n\n271 Paragraph 11B(15)(c)\n\nRepeal the paragraph.\n\n272 Subsection 11B(15)\n\nOmit “person”, substitute “group entity”.\n\n273 Subsection 11B(16)\n\nRepeal the subsection.\n\n274 Paragraph 11B(17)(b)\n\nOmit “and”.\n\n275 Paragraph 11B(17)(c)\n\nRepeal the paragraph.\n\n276 Subsection 11B(17)\n\nOmit “persons”, substitute “group entities”.\n\n277 Subsections 11B(18) and (19)\n\nRepeal the subsections.\n\n278 Subsection 11B(21)\n\nRepeal the subsection, substitute:\n\n Exceptions\n (21) A group entity is not required to comply with subsection (20) if the question of who has operational control of the facility is not relevant (whether directly or indirectly) to a requirement under this Act.\n\n279 Subsection 11B(22)\n\nOmit “person”, substitute “group entity”.\n\n280 Subsection 11B(22)\n\nOmit “or 55A”.\n\n281 Section 11C\n\nRepeal the section.\n\n282 Paragraph 11D(1)(c)\n\nRepeal the paragraph.\n\n283 Paragraphs 11D(1)(e) and (f)\n\nRepeal the paragraphs, substitute:\n\n (e) at any time during the preceding 5 years, the person has breached a civil penalty provision of this Act; or\n (f) if the person is a body corporate—at any time during the preceding 5 years, an executive officer of the body corporate has breached a civil penalty provision of this Act; or\n\n284 Paragraphs 11D(1)(i) and (j)\n\nRepeal the paragraphs, substitute:\n\n (i) the person has been convicted of an offence against this Act; or\n (j) if the person is a body corporate—an executive officer of the body corporate has been convicted of an offence against this Act.\n\n285 Subdivision A of Division 1 of Part 2 (heading)\n\nRepeal the heading.\n\n286 Subsections 13(2) and (3)\n\nOmit “member of a controlling corporation’s group”, substitute “group entity”.\n\n287 Subsection 13(4)\n\nRepeal the subsection.\n\n288 Subdivision B of Division 1 of Part 2\n\nRepeal the Subdivision.\n\n289 Division 4 of Part 2\n\nRepeal the Division.\n\n290 Paragraph 18B(3)(b)\n\nRepeal the paragraph.\n\n291 Subsection 19(1) (note 4)\n\nRepeal the note.\n\n292 Subsection 19(4)\n\nRepeal the subsection.\n\n293 Paragraphs 22(1)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n294 Paragraphs 22(2)(a) and (b)\n\nOmit “(other than Part 3A or 3D)”.\n\n295 Parts 3A and 3D\n\nRepeal the Parts.\n\n296 Paragraph 22X(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a facility is under the operational control of a member (the responsible member) of a controlling corporation’s group during the whole or a part of a financial year; and\n\n297 Subsection 24(1AA)\n\nRepeal the subsection.\n\n298 Subsection 24(1AD)\n\nOmit “22E or”.\n\n299 Paragraph 24(1AE)(a)\n\nOmit “22E(2)(b) or”.\n\n300 Subsection 24(1H)\n\nOmit “22E or”.\n\n301 Subsection 24(1J)\n\nOmit “or financial control liability transfer certificate”.\n\n302 Subsection 24(8)\n\nOmit “22E or”.\n\n303 Subsection 25(1)\n\nOmit “22G, a person required to provide information under section 20, or a person required to provide a report under section 22A, 22AA, 22E or 22X”, substitute “22G or 22X, or a person required to provide information under section 20,”.\n\n304 Subsection 30(2A)\n\nOmit “11C, 15A, 15AA, 22A, 22AA, 22E, 22X, 74AA”, substitute “22X”.\n\n305 Section 54A\n\nRepeal the section.\n\n306 Section 55A\n\nRepeal the section.\n\n307 Paragraphs 56(aab), (aa), (ga) and (gb)\n\nRepeal the paragraphs.\n\n308 Paragraph 56(j)\n\nOmit “75A;”, substitute “75A.”\n\n309 Paragraphs 56(k) and (l)\n\nRepeal the paragraphs.\n\n310 Section 74AA\n\nRepeal the section.\n\n311 Subsection 74B(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if:\n (a) the person is the responsible member mentioned in subsection 22X(1); and\n (b) the person is not a registered corporation; and\n (c) the Regulator has reasonable grounds to suspect that the person has contravened, is contravening, or is proposing to contravene, this Act or the regulations.\n\n312 Subsection 74C(1)\n\nRepeal the subsection, substitute:\n\n (1) For the purposes of this section, a person is a relevant person if the person:\n (a) is the responsible member mentioned in subsection 22X(1); and\n (b) is not a registered corporation.\n\nOzone Protection and Synthetic Greenhouse Gas Management Act 1989\n\n313 Paragraphs 65C(1)(aa), (ab) and (ac)\n\nOmit “equal to the prescribed rate component of an amount of levy”.\n\n314 Subsections 65C(4), (5) and (6)\n\nRepeal the subsections.\n\n315 Sections 69AA to 69AD\n\nRepeal the sections.\n\nPetroleum Resource Rent Tax Assessment Act 1987\n\n316 Subparagraph 28(1)(b)(iii)\n\nOmit “expenditure;”, substitute “expenditure.”.\n\n317 Paragraph 28(1)(c)\n\nRepeal the paragraph.\n\n318 Paragraph 44(1)(ia)\n\nRepeal the paragraph.\n\nTaxation Administration Act 1953\n\n319 Subsection 355‑65(7) in Schedule 1 (table item 3)\n\nRepeal the item.\n\nPart 3—Application and transitional provisions\n\nDivision 1—Preliminary\n\n320 Objects\n\n(1) The main objects of this Part are:\n\n (a) to provide for the winding‑up of the carbon tax scheme; and\n (b) to ensure that carbon tax liabilities relating to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n can be administered, collected and recovered after the start of 1 July 2014; and\n (c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and\n (d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and\n (e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013.\n\n(2) The other objects of this Part are:\n\n (a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and\n (b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and\n (c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.\n\n321 Definitions\n\nIn this Part:\n\ndesignated carbon unit day has the meaning given by item 322.\n\nRegistry has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegistry account has the same meaning as in the Australian National Registry of Emissions Units Act 2011.\n\nRegulator means the Clean Energy Regulator.\n\n322 Designated carbon unit day\n\n(1) For the purposes of this Part, designated carbon unit day means:\n\n (a) 9 February 2015; or\n (b) if a later day is specified in an instrument under subitem (2)—that later day.\n\n(2) The Regulator may, by legislative instrument, specify a day for the purposes of paragraph (1)(b).\n\n(3) The Regulator must not make an instrument under subitem (2) unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.\n\nNote: Subsection 142(3) of the Clean Energy Act 2011 enables the Regulator to extend the 2 February 2015 surrender deadline. See also item 345A (deadlines of 1 February and 15 June).\n\nDivision 2—Provisions relating to the Clean Energy Act 2011 and associated charge Acts\n\n323 Winding‑up of the carbon tax scheme—recovery of liabilities attributable to pre‑1 July 2014 emissions etc.\n\n(1) Despite the repeal of the Clean Energy Act 2011 by this Schedule, that Act continues in force, subject to:\n\n (a) this Part; and\n (b) the modifications set out in the following table;\n\nas if that repeal had not happened.\n\n```html\n

Modifications of the Clean Energy Act 2011

Item

Provision

Modification

1

section 4

Omit the section.

2

section 5 (definitions of average carbon unit auction price, benchmark average auction charge, carbon pollution cap, carbon pollution cap number, designated limit, and designated limit percentage)

Omit the definitions.

3

section 5 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

4

section 5 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

5

section 5 (definitions of flexible charge year and per‑tonne carbon price equivalent)

Omit the definitions.

6

section 5 (definition of unit shortfall)

Omit “128, 129 or 133”, substitute “128 or 129”.

7

section 5 (definition of vintage year)

Omit “eligible”.

8

Part 2

Omit the Part.

9

subsections 26(2), 27(2) and 28(2)

Omit all the words after “is taken to be”, substitute “zero”.

10

Subdivision A of Division 4 of Part 3

The Regulator must not issue an OTN under the Subdivision on or after 1 July 2014.

11

sections 42 and 43

Omit the sections.

12

section 43A

The section ceases to have effect at the end of 30 June 2015.

13

subsection 45(3)

The subsection ceases to have effect at the end of 30 June 2015.

14

subsections 45(4) to (13)

The subsections cease to have effect at the start of 1 September 2014.

15

subsection 46(1)

The subsection has effect, on and after 1 September 2014, as if the words “(as it stood at a particular time before the start of 1 September 2014)” were inserted after “OTN Register”.

16

section 47

The section ceases to have effect at the start of 1 August 2014.

17

section 64B

Omit the section.

18

paragraph 64F(1)(b)

Omit the paragraph.

19

subsection 66(4)

The subsection ceases to have effect at the start of 1 August 2014.

20

section 70

The Regulator must not make a declaration under the section on or after 1 July 2014.

21

section 71A

Omit the section.

22

section 72

The Regulator must not give a notice under the section on or after 1 July 2014.

24

section 83

The Regulator must not issue a certificate under the section on or after 1 July 2014.

25

section 87

The Regulator must not issue a certificate under the section on or after 1 July 2014.

26

sections 89 and 90

Omit the sections.

27

section 93

Omit the section.

28

subsection 96(2)

Omit “eligible”.

29

section 97 (note)

Omit the note.

30

subsection 100(1) (table items 5, 6, 7, 8 and 9)

Omit the table items.

31

subsection 100(2)

Omit the subsection.

32

subsection 100(3) (heading)

Omit “1, 3 and 5”, substitute “1 and 3”.

33

subsection 100(3)

Omit “1, 3 or 5”, substitute “1 or 3”.

34

subsection 100(4) (heading)

Omit “2, 4, 6, 7, 8 and 9”, substitute “2 and 4”.

35

subsection 100(4)

Omit “2, 4, 6, 7, 8 or 9”, substitute “2 or 4”.

36

subsections 100(9), (14) and (15)

Omit the subsections.

37

sections 101 and 102

Omit the sections.

38

sections 108 and 109

Omit the sections.

39

section 114

Omit the section.

40

Division 1 of Part 6

Omit the Division.

41

subsection 122(1)

Omit “during an eligible financial year”.

42

subsections 122(3), (4), (5), (9) and (11)

Omit the subsections.

43

sections 123 and 123A

Omit the sections.

44

paragraph 128(7)(d)

Before “this Division”, insert “if the eligible financial year began on 1 July 2012—“.

45

Subdivision B of Division 3 of Part 6

Omit the Subdivision.

46

subsection 134(3)

Omit the subsection.

47

subsection 134A(3) (paragraph (b) of the definition of applicable amount for the financial year)

Omit the paragraph.

48

paragraphs 142(3)(c), (e) and (f)

Omit the paragraphs.

48A

section 144

Omit the section.

49

paragraph 145(5)(b)

Omit the paragraph.

50

paragraph 145(5)(c)

Omit the paragraph, substitute:

(c) the principle that changes should not have a negative effect on recipients of assistance under the Jobs and Competitiveness Program;

51

Division 5 of Part 7

Omit the Division.

52

section 160

Omit the section.

53

paragraphs 161(2)(b) and (c)

Omit the paragraphs.

54

subsection 161(3)

Omit the subsection.

55

subsection 161(4)

Omit “or (3)”.

56

subsection 161(5)

Omit “a later”, substitute “an”.

57

subsections 161(6), (7), (8) and (9)

Omit “or (3)”.

58

Part 9

The Part ceases to have effect at the end of 30 June 2015.

59

Division 3 of Part 9

Omit the Division.

60

sections 196 and 196A

Omit the sections.

61

subsections 197(3) to (6)

Omit the subsections.

62

section 199

After “each quarter”, insert “that ends on or before 31 March 2015”.

63

section 200

Omit the section.

64

subsection 212(2) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

65

subsection 212(3) (subparagraph (d)(ii) of the definition of prescribed amount for the financial year in which the compliance deadline occurs)

Omit the subparagraph.

66

Part 12

Omit the Part.

67

paragraphs 262(1)(ma), (r), (u) and (v) and 263(2)(g), (i) and (j)

Omit the paragraphs.

68

section 281 (table items 3, 4, 5, 7, 8, 11, 12, 13 and 16)

Omit the table items.

69

Part 22

Omit the Part.

70

subparagraph 295(d)(iii)

Omit the subparagraph.

71

subparagraph 295(e)(ii)

Omit the subparagraph.

72

subparagraph 295(i)(iii)

Omit the subparagraph.

73

sections 303A and 303B

Omit the sections.

\n```\n\nCarbon units with a vintage year beginning on or after 1 July 2014\n\n(2) The modification made by item 3 of the table in subitem (1) does not apply in relation to the issue of a carbon unit with a vintage year beginning on or after 1 July 2014, if the carbon unit was issued as a result of an auction conducted before 1 July 2014.\n\nReview of decisions\n\n(3) The modification of section 281 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a decision made before 1 July 2014.\n\nCivil penalty orders\n\n(4) The modification of section 262 of the Clean Energy Act 2011 made by the table in subitem (1) does not apply to a contravention that occurred before 1 July 2014.\n\n324 Application—repeal of Charge Acts\n\nCharge for issue of carbon units for a fixed charge\n\n(1) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units in accordance with section 100 of the Clean Energy Act 2011:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n\ndoes not apply to the issue of carbon units with a vintage year beginning on 1 July 2012 or 1 July 2013.\n\nCharge for issue of carbon units as a result of an auction\n\n(2) The repeal by this Schedule of the following Acts, so far as they relate to the issue of carbon units as a result of an auction:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n\ndoes not apply to the issue of carbon units if the carbon units were issued as a result of an auction conducted before 1 July 2014.\n\nCharge on unit shortfall\n\n(3) The repeal by this Schedule of the following Acts, so far as they relate to a unit shortfall for a financial year:\n\n (a) the Clean Energy (Charges—Customs) Act 2011;\n (b) the Clean Energy (Charges—Excise) Act 2011;\n (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011;\n\ndoes not apply to:\n\n (d) a unit shortfall for the financial year beginning on 1 July 2012; or\n (e) a unit shortfall for the financial year beginning on 1 July 2013.\n\n325 Issue of carbon units\n\nThe Regulator must not issue any carbon units after the start of the designated carbon unit day.\n\n327 Cancellation of carbon units—designated carbon unit day\n\nScope\n\n(1) This item applies if there was an entry for a carbon unit in a person’s Registry account at the start of the designated carbon unit day.\n\nCancellation of unit\n\n(2) The Regulator must cancel the unit.\n\n(3) The Regulator must remove the entry for the unit from the person’s Registry account.\n\n(4) The Registry must set out a record of each cancellation under subitem (2).\n\n328 Surrender of eligible Australian carbon credit units\n\n(1) If:\n\n (a) subsection 128(7) of the Clean Energy Act 2011 applies to a person because the person surrendered, in relation to the financial year beginning on 1 July 2013, eligible Australian carbon credit units; and\n (b) under paragraph (c) of that subsection, Division 3 of Part 6 of that Act has effect as if the person had not surrendered, during the period mentioned in paragraph (a) of that subsection, a particular number of eligible Australian carbon credit units; and\n (c) the person has a Registry account;\n\nthen:\n\n (d) the Regulator must, by written notice given to the person, determine that specified eligible Australian carbon credit units that were surrendered by the person:\n (i) during that period; and\n (ii) in relation to the financial year beginning on 1 July 2013;\n are restored units for the purposes of this item; and\n (e) a restored unit is taken never to have been surrendered or cancelled; and\n (f) the Regulator must make an entry for a restored unit in a Registry account kept by the person.\n\n(2) The number of units specified in the determination must equal the number mentioned in paragraph (1)(b).\n\n(3) Subitem (1) does not affect the validity of the removal of the entry of a restored unit from a Registry account in accordance with paragraph 122(12)(b) of the Clean Energy Act 2011.\n\n(4) A determination under paragraph (1)(d) is not a legislative instrument.\n\n329 Opt‑in Scheme\n\n(1) A reference in the Opt‑in Scheme to a financial year does not include a reference to a financial year beginning on or after 1 July 2014.\n\n(2) Regulations 3.48 and 3.50 of the Clean Energy Regulations 2011 cease to have effect at the end of 30 June 2014.\n\nDivision 3—Provisions relating to other Acts\n\n330 Transitional—A New Tax System (Goods and Services Tax) Act 1999\n\nDespite the amendments of the A New Tax System (Goods and Services Tax) Act 1999 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n331 Transitional—Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006\n\nDespite the amendments of the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n332 Transitional—Australian National Registry of Emissions Units Act 2011\n\nDespite the amendments of the Australian National Registry of Emissions Units Act 2011 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n333 Transitional—Clean Energy Regulator Act 2011\n\n(1) Despite the amendment of the definition of climate change law in section 4 of the Clean Energy Regulator Act 2011 made by this Schedule, that definition continues to apply, in relation to paragraph 12(a) and subsection 43(3) and section 44 of that Act, as if that amendment had not been made.\n\n(2) Each of the following:\n\n (a) this Act;\n (b) a legislative instrument under this Act;\n (c) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (d) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014;\n\nis taken to be a climate change law for the purposes of paragraph 12(a) and subsection 43(3) and section 44 of the Clean Energy Regulator Act 2011.\n\n334 Application—amendments of the Fuel Tax Act 2006\n\nThe amendments of the Fuel Tax Act 2006 made by this Schedule apply to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n335 Application—amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006\n\nThe amendment of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 made by this Act applies to taxable fuel acquired, manufactured or imported on or after 1 July 2014.\n\n336 Application—amendments of the Income Tax Assessment Act 1997\n\n(1) The repeal of section 26‑18 of the Income Tax Assessment Act 1997 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n(2) Despite the amendments of the Income Tax Assessment Act 1997 made by this Schedule (other than the amendment of section 12‑5 or the repeal of section 26‑18), that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n337 Transitional—National Greenhouse and Energy Reporting Act 2007\n\nGeneral\n\n(1) Despite the amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to the following matters:\n\n (a) determining the meaning of the following expressions, when used in the Clean Energy Act 2011:\n (i) carbon dioxide equivalence;\n (ii) facility;\n (iii) greenhouse gas;\n (iv) group;\n (v) member, when used in relation to a group;\n (vi) non‑group entity;\n (vii) operational control;\n (viii) potential greenhouse gas emissions;\n (ix) provisional emissions number;\n (x) scope 1 emission of greenhouse gas;\n (b) the matters mentioned in subsections 10(3) to (9) of the National Greenhouse and Energy Reporting Act 2007, so far as those matters are relevant to the Clean Energy Act 2011;\n (c) reports under section 22A, 22AA or 22E of the National Greenhouse and Energy Reporting Act 2007;\n (d) records under section 22B, 22C or 22F of the National Greenhouse and Energy Reporting Act 2007;\n (e) applications under section 15A or 15AA of the National Greenhouse and Energy Reporting Act 2007;\n (f) the registration of persons under section 18A of the National Greenhouse and Energy Reporting Act 2007;\n (g) the publication of information under section 24 of the National Greenhouse and Energy Reporting Act 2007, so far as the information relates to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n (h) audits under section 74AA of the National Greenhouse and Energy Reporting Act 2007;\n (i) audits under section 74B or 74C of the National Greenhouse and Energy Reporting Act 2007, so far as the audits relate to a person’s compliance with obligations under that Act (or regulations under that Act) in relation to:\n (i) the financial year beginning on 1 July 2012; or\n (ii) the financial year beginning on 1 July 2013;\n\nas if:\n\n (j) the National Greenhouse and Energy Reporting Act 2007 were modified as set out in the following table; and\n (k) those amendments had not been made; and\n (l) subitem (6) had not been enacted.\n\n```html\n

Modifications of the National Greenhouse and Energy Reporting Act 2007

Item

Provision

Modification

1

section 7 (definition of eligible financial year)

Omit the definition, substitute:

eligible financial year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

2

section 7 (definition of fixed charge year)

Omit the definition, substitute:

fixed charge year means:

(a) the financial year beginning on 1 July 2012; or

(b) the financial year beginning on 1 July 2013.

\n```\n\nThresholds\n\n(2) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they are relevant to determining whether a controlling corporation’s group meets a threshold under section 13 of that Act for a financial year, apply in relation to a threshold for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nReports\n\n(3) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 19 of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\n(4) The amendments of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, so far as they relate to reports under section 22G or 22X of that Act, apply in relation to reports for:\n\n (a) the financial year beginning on 1 July 2014; or\n (b) a later financial year.\n\nUnsatisfactory compliance record\n\n(5) Despite the amendments of section 11D of the National Greenhouse and Energy Reporting Act 2007 made by this Schedule, that Act continues to apply, in relation to:\n\n (a) unpaid unit shortfall charge; and\n (b) a breach of a civil penalty provision of:\n (ii) the Clean Energy Act 2011; or\n (iii) a determination under section 113 of the Clean Energy Act 2011; and\n (c) a conviction of an offence against the Clean Energy Act 2011;\n\nas if those amendments had not been made.\n\nRegulations—carbon dioxide equivalence\n\n(6) If, immediately before the commencement of this item, regulations were in force for the purposes of paragraph (a) of the definition of carbon dioxide equivalence in section 7 of the National Greenhouse and Energy Reporting Act 2007, the regulations have effect, after that commencement, as if they had been made for the purposes of the definition of carbon dioxide equivalence in section 7 of that Act as amended by this Schedule.\n\nDeregistration—section 18A registrations\n\n(7) If:\n\n (a) a person was registered under the National Greenhouse and Energy Reporting Act 2007 because of the operation of section 18A of that Act; and\n (b) the person is registered under that Act as at the start of 1 July 2014;\n\nthe Regulator must remove the person’s name from the Register.\n\n338 Transitional—Ozone Protection and Synthetic Greenhouse Gas Management Act 1989\n\nAmounts to be credited to the Ozone Protection and SGG Account\n\n(1) Despite the amendments of section 65C of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 made by this Schedule, that section continues to apply, in relation to levy for a quarter ending before 1 July 2014, as if those amendments had not been made.\n\nRemission or refund of levy for a quarter ending before 1 July 2014\n\n(2) Despite the repeal of sections 69AA to 69AD of the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 by this Schedule, those sections continue to apply, in relation to levy for a quarter ending before 1 July 2014, as if:\n\n (a) that Act provided that an application under section 69AA, 69AB or 69AC of that Act must be made before 1 January 2016; and\n (b) that repeal had not happened.\n\n339 Transitional—Petroleum Resource Rent Tax Assessment Act 1987\n\n(1) Despite the amendments of section 28 of the Petroleum Resource Rent Tax Assessment Act 1987 made by this Schedule, that Act continues to apply, in relation to carbon units issued before the designated carbon unit day, as if those amendments had not been made.\n\n(2) The repeal of paragraph 44(1)(ia) of the Petroleum Resource Rent Tax Assessment Act 1987 by this Schedule does not apply to unit shortfall charge imposed on:\n\n (a) a unit shortfall for the financial year beginning on 1 July 2012; or\n (b) a unit shortfall for the financial year beginning on 1 July 2013.\n\n340 Transitional—Taxation Administration Act 1953\n\nDespite the amendment of the Taxation Administration Act 1953 made by this Schedule, that Act continues to apply, in relation to records or disclosures made for the purpose of:\n\n (a) the verification from the Regulator of information provided to the Commissioner under or for the purposes of the Fuel Tax Act 2006 so far as that Act applies to taxable fuel acquired, manufactured or imported before 1 July 2014; or\n (b) administering the Clean Energy Act 2011 or the associated provisions (within the meaning of that Act);\n\nas if that amendment had not been made.\n\nDivision 4—Miscellaneous\n\n342 Transitional rules\n\nThe Minister may, by legislative instrument, make rules in relation to transitional matters arising out of the amendments and repeals made by this Schedule.\n\nDivision 5—Transitional provisions commencing on Royal Assent\n\n343 Auctions of carbon units\n\n(1) The Regulator must not conduct an auction of carbon units after the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014.\n\n(2) Any determination under subsection 113(1) of the Clean Energy Act 2011 ceases to have effect at the end of the day (the relevant day) that is the earlier of the following days:\n\n (a) the day this item commences;\n (b) 30 June 2014;\n\nexcept to the extent to which the determination relates to auctions conducted on or before the relevant day.\n\n343A Carbon units issued as a result of an auction conducted by the Regulator\n\n(1) If:\n\n (a) a carbon unit was issued as a result of an auction conducted by the Regulator; and\n (b) there is an entry for the unit in a person’s Registry account as at 3.00 pm (by legal time in the Australian Capital Territory) on the fifth business day after the day this item commences;\n\nthe Regulator must:\n\n (c) cancel the unit; and\n (d) remove the entry for the unit from the person’s Registry account; and\n (e) on behalf of the Commonwealth, pay to the person an amount equal to the charge paid for the issue of the unit.\n\n(2) The Registry must set out a record of each cancellation under paragraph (1)(c).\n\n(3) The Consolidated Revenue Fund is appropriated for the purposes of making payments under this item.\n\n(4) In this item:\n\nbusiness day means a day that is not:\n\n (a) a Saturday; or\n (b) a Sunday; or\n (c) a public holiday in the Australian Capital Territory.\n\n344 Carbon pollution cap regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if section 16 of that Act had not been enacted.\n\n345 Fixed charge regulations\n\nIf this item commences on a day (the commencement day) before 31 May 2014, the Clean Energy Act 2011 has effect during the period:\n\n (a) beginning at the start of the commencement day; and\n (b) ending at the end of 30 June 2014;\n\nas if subsections 100(14) and (15) of that Act had not been enacted.\n\n345A Deadlines of 1 February and 15 June\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the following definitions were inserted in section 5 of that Act:\n\n> 15 June means:\n\n (a) if the 15 June concerned is a business day—that 15 June; or\n (b) if the 15 June concerned is not a business day—the first business day after that 15 June.\n\n> 1 February means:\n\n (a) if the 1 February concerned is a business day—that 1 February; or\n (b) if the 1 February concerned is not a business day—the first business day after that 1 February.\n\n345B Surplus and estimation error adjustment number\n\nThe Clean Energy Act 2011 has, and is taken always to have had, effect as if the formula in subsection 131(3) of that Act were omitted and the following formula substituted:![Start formula Total estimation error numbers plus Provisional surplus surrender number end formula](image.002.png)\n\n345C Definitions\n\nIf this Division commences before 1 July 2014, this Division has effect as if item 321 (definitions) had commenced at the same time as this Division commences.\n\n345D Compensation for acquisition of property\n\n(1) If the operation of this Schedule would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.\n\n(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.\n\nPart 4—Jobs and Competitiveness Program\n\nDivision 1—Preliminary\n\n346 Definitions\n\n(1) In this Part:\n\nlevy means levy imposed by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\nover‑allocation of free carbon units has the meaning given by item 354.\n\nrules means rules made under item 359.\n\ntrue‑up shortfall has the meaning given by item 355.\n\nunder‑allocation of free carbon units has the meaning given by item 352.\n\n(2) An expression used in this Part and in the Clean Energy Act 2011 has the same meaning in this Part as in that Act.\n\n347 Crown to be bound\n\nThis Part binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.\n\n348 Extension to external Territories\n\nThis Part extends to every external Territory.\n\n349 Extension to exclusive economic zone and continental shelf\n\nThis Part extends to Australia’s exclusive economic zone and continental shelf.\n\n350 Extension to Joint Petroleum Development Area\n\nThis Part extends to the Joint Petroleum Development Area.\n\nDivision 2—Reporting requirements\n\n351 Reporting requirements\n\nReport\n\n(1) The rules may make provision for and in relation to requiring a designated person to give a written report to the Regulator for the purposes of this Part.\n\nDesignated person\n\n(2) For the purposes of this item, a person is a designated person if free carbon units with a vintage year beginning on 1 July 2013 are or were issued to the person in accordance with the Jobs and Competitiveness Program.\n\nCompliance with reporting requirements\n\n(3) Subsection 151(1) of the Clean Energy Act 2011 has effect as if a requirement under rules made for the purposes of subitem (1) were a requirement under the Jobs and Competitiveness Program.\n\nDivision 3—Issue of additional free carbon units\n\n352 Under‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an under‑allocation of free carbon units; and\n (d) the number of units in that under‑allocation is equal to the number ascertained in accordance with the rules.\n\n353 Issue of additional free carbon units\n\n(1) If:\n\n (a) a person has an under‑allocation of free carbon units; and\n (b) the person has a Registry account;\n\nthe Regulator must:\n\n (c) issue to the person, under section 94 of the Clean Energy Act 2011, a number of free carbon units equal to the number of units in the under‑allocation; and\n (d) do so within the period ascertained in accordance with the rules.\n\n(2) Free carbon units issued in accordance with subitem (1):\n\n (a) are to have a vintage year beginning on 1 July 2013; and\n (b) are taken (except for the purposes of this Part) to have been issued in accordance with the Jobs and Competitiveness Program.\n\nDivision 4—True‑up shortfalls\n\n354 Over‑allocation of free carbon units\n\nFor the purposes of this Part, if:\n\n (a) free carbon units with a vintage year beginning on 1 July 2013 are or were issued to a person in accordance with the Jobs and Competitiveness Program; and\n (b) the conditions specified in the rules are satisfied;\n\nthen:\n\n (c) the person has an over‑allocation of free carbon units; and\n (d) the number of units in that over‑allocation is equal to the number ascertained in accordance with the rules.\n\n355 True‑up shortfall\n\n(1) For the purposes of this Part, if:\n\n (a) a person has an over‑allocation of free carbon units; and\n (b) the number worked out using the formula in subitem (2) exceeds zero;\n\nthen:\n\n (c) the person has a true‑up shortfall; and\n (d) the number of units in that shortfall is equal to the number worked out using that formula.\n\nNote: Levy is imposed on a true‑up shortfall by whichever of the following is applicable:\n\n (a) the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014;\n (b) the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n(2) The formula is as follows:\n\n![Start formula Number of units in the over-allocation minus Number of units relinquished end formula](image.003.png)\n\nwhere:\n\nnumber of units relinquished means the number of carbon units with a vintage year beginning on 1 July 2013 that were relinquished by the person (other than as mentioned in paragraph 210(2)(b) or (c) of the Clean Energy Act 2011) during the period ascertained in accordance with the rules.\n\nDivision 5—Collection of levy\n\n356 When levy is due and payable\n\nLevy imposed on a true‑up shortfall of a person is due and payable at the end of the period ascertained in accordance with the rules.\n\n357 Late payment penalty\n\n(1) If an amount of levy payable by a person remains unpaid after the time when it became due for payment, the person is liable to pay, by way of penalty, an amount calculated at the rate of:\n\n (a) 20% per annum; or\n (b) if a lower percentage is specified in the rules—that lower percentage per annum;\n\non the amount unpaid, computed from that time.\n\nPower to remit\n\n(2) The Regulator may remit the whole or a part of an amount payable under subitem (1).\n\n(3) Applications may be made to the Administrative Review Tribunal for review of decisions of the Regulator under subitem (2) to refuse to remit the whole or a part of an amount.\n\n358 Recovery of levy and late payment penalty\n\nScope\n\n(1) This item applies to the following amounts:\n\n (a) an amount of levy;\n (b) an amount payable under item 357.\n\nRecovery\n\n(2) The amount:\n\n (a) is a debt due to the Commonwealth; and\n (b) may be recovered by the Regulator, on behalf of the Commonwealth, by action in a court of competent jurisdiction.\n\nDivision 6—Miscellaneous\n\n358A Associated provisions\n\nA reference in the Clean Energy Act 2011 (other than section 307) to the associated provisions includes a reference to:\n\n (a) the provisions of this Part; and\n (b) the provisions of the rules; and\n (c) the provisions of the True‑up Shortfall Levy (General) (Carbon Tax Repeal) Act 2014; and\n (d) the provisions of the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.\n\n359 Rules\n\n(1) The Minister may, by legislative instrument, make rules prescribing matters:\n\n (a) required or permitted by this Part to be prescribed by the rules; or\n (b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.\n\n(2) Conditions specified in rules made for the purposes of paragraph 352(b) or 354(b) may relate to events or things that occurred, or circumstances that existed, before the rules were registered under the Legislation Act 2003.\n\n(3) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to the rules.\n\nSchedule 2—Carbon tax price reduction obligation\n\nCompetition and Consumer Act 2010\n\n1 After paragraph 2B(1)(a)\n\nInsert:\n\n (aa) Part V;\n\n2 After subparagraph 6(2)(b)(i)\n\nInsert:\n\n (ia) Part V (other than Division 5);\n\n3 After Part IVB\n\nInsert:\n\n## Part V—Carbon tax price reduction obligation\n\n### Division 1—Preliminary\n\n#### 60 Simplified outline of this Part\n\n• An entity must not engage in price exploitation in relation to the carbon tax repeal.\n\n• The Commission may monitor prices in relation to the carbon tax repeal and the carbon tax scheme.\n\n• An entity must not make false or misleading representations about the effect of the carbon tax repeal, or the carbon tax scheme, on the price for the supply of goods or services.\n\n• An entity that sells electricity or natural gas, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas, will be required to explain and substantiate:\n\n(a) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n\n(b) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n• An entity that sells electricity or natural gas to customers, or an entity that is a bulk SGG importer and sells synthetic greenhouse gas to customers, must:\n\n(a) give a carbon tax removal substantiation statement to the Commission; and\n\n(b) include in the statement the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, attributable to the carbon tax repeal and that have been, are being, or will be, passed on to customers during the financial year that began on 1 July 2014; and\n\n(c) provide information with the statement that substantiates such an estimate; and\n\n(d) in a case where the entity sells electricity or natural gas to customers—communicate to customers a statement that identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings to customers that are for the financial year that began on 1 July 2014.\n\n• Infringement notices may be issued for certain contraventions of this Part.\n\n#### 60AA Objects etc.\n\n (1) The main objects of this Part are:\n (a) to deter price exploitation in relation to the carbon tax repeal at each point in the supply chain for regulated goods; and\n (b) to ensure that all cost savings attributable to the carbon tax repeal are passed through the supply chain for regulated goods.\n (2) The intention of the Parliament in enacting this Part is to ensure that all cost savings attributable to the carbon tax repeal are passed on to consumers of regulated goods through lower prices.\n\n#### 60A Definitions\n\n In this Part:\n\n> applicable compliance period, for a carbon tax removal substantiation notice, has the meaning given by subsection 60FC(2).\n\n> bulk SGG importer means an entity that:\n\n (a) holds a controlled substances licence under the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989 that allows the entity to import synthetic greenhouse gases; and\n (b) supplies synthetic greenhouse gas to SGG customers.\n\n> carbon charge component of levy means so much of the amount of the levy as is calculated by multiplying the number of tonnes of carbon dioxide equivalence by a per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit.\n\n> carbon tax removal substantiation notice has the meaning given by subsection 60FA(3).\n\n> carbon tax removal substantiation statement has the meaning given by subsection 60FD(3).\n\n> carbon tax repeal means:\n\n (a) the repeal of the following Acts by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Clean Energy Act 2011;\n (ii) the Clean Energy (Charges—Customs) Act 2011;\n (iii) the Clean Energy (Charges—Excise) Act 2011;\n (iv) the Clean Energy (Unit Issue Charge—Auctions) Act 2011;\n (v) the Clean Energy (Unit Issue Charge—Fixed Charge) Act 2011;\n (vi) the Clean Energy (Unit Shortfall Charge—General) Act 2011; and\n (b) the amendments of the following Acts made by the Clean Energy Legislation (Carbon Tax Repeal) Act 2014:\n (i) the Fuel Tax Act 2006;\n (ii) the Fuel Tax (Consequential and Transitional Provisions) Act 2006; and\n (c) the amendments made by the following Acts:\n (i) the Customs Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (ii) the Excise Tariff Amendment (Carbon Tax Repeal) Act 2014;\n (iii) the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment (Carbon Tax Repeal) Act 2014;\n (iv) the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment (Carbon Tax Repeal) Act 2014.\n\n> carbon tax repeal transition period means the period:\n\n (a) beginning at the start of 1 July 2014; and\n (b) ending at the end of 30 June 2015.\n\n> carbon tax scheme means the scheme embodied in the following:\n\n (a) the Clean Energy Act 2011, as in force at the start of 1 January 2014;\n (b) the associated provisions (within the meaning of that Act as in force at that time);\n (c) the following provisions of the Fuel Tax Act 2006, as in force at the start of 1 January 2014:\n (i) Division 42A;\n (ii) section 43‑5, so far as that section relates to a carbon reduction;\n (iii) section 43‑8;\n (iv) section 43‑11;\n (d) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (e) section 4A of the Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (f) section 3A of the Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995, as in force at the start of 1 January 2014, so far as that section relates to carbon charge component;\n (g) sections 6FA, 6FB and 6FC of the Excise Tariff Act 1921, as in force at the start of 1 January 2014;\n (h) section 19A of the Customs Tariff Act 1995, as in force at the start of 1 January 2014.\n\n> electricity customer means an entity that purchases electricity.\n\n> electricity retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells electricity to electricity customers; or\n (b) an entity who is a retailer within the meaning of the Electricity Industry Act 2000 (Vic.); or\n (c) an entity who is a retail entity within the meaning of the Electricity Act 1994 (Qld); or\n (d) an entity who:\n (i) holds a retail licence within the meaning of the Electricity Industry Act 2004 (WA); or\n (ii) holds an integrated regional licence within the meaning of the Electricity Industry Act 2004 (WA) that authorises the entity to sell electricity; or\n (e) an entity who is an electricity entity within the meaning of the Electricity Reform Act (NT) and whose licence under that Act authorises the entity to sell electricity; or\n (f) any other entity who produces electricity in Australia.\n\n> engages in price exploitation in relation to the carbon tax repeal: see section 60C.\n\n> entity means any of the following:\n\n (a) a corporation (as defined by section 4);\n (b) an individual;\n (c) a body corporate;\n (d) a corporation sole;\n (e) a body politic;\n (f) a partnership;\n (g) any other unincorporated association or body of entities;\n (h) a trust;\n (i) any party or entity which can or does buy or sell electricity, natural gas or synthetic greenhouse gas.\n\n> infringement notice means an infringement notice issued under subsection 60L(1).\n\n> infringement notice compliance period: see section 60P.\n\n> infringement notice provision means section 60C or 60K.\n\n> listed corporation has the meaning given by section 9 of the Corporations Act 2001.\n\n> National Energy Retail Law means the National Energy Retail Law set out in the Schedule to the National Energy Retail Law (South Australia) Act 2011 (SA).\n\n> natural gas has the same meaning as in the National Gas (Commonwealth) Law (as defined by the Australian Energy Market Act 2004).\n\n> natural gas customer means an entity that purchases natural gas.\n\n> natural gas retailer means:\n\n (a) an entity who:\n (i) is a retailer within the meaning of the National Energy Retail Law as it applies in a State or a Territory; and\n (ii) sells natural gas to natural gas customers; or\n (b) an entity who is a gas retailer within the meaning of the Gas Industry Act 2001 (Vic.); or\n (c) an entity who is a retailer within the meaning of the Gas Supply Act 2003 (Qld); or\n (d) an entity who holds a trading licence under the Energy Coordination Act 1994 (WA); or\n (e) an entity who holds a licence under the Gas Act 2000 (Tas.) to sell gas by retail.\n\n> price, in relation to a supply, includes:\n\n (a) a charge of any description for the supply; and\n (b) any pecuniary or other benefit, whether direct or indirect, received or to be received by a person for or in connection with the supply.\n\n> regulated goods: see section 60B.\n\n> regulated supply means a supply that:\n\n (a) occurs during the carbon tax repeal transition period; and\n (b) is of regulated goods.\n\n> regulated supply input costs of an entity means the entity’s input costs in relation to the making by the entity of regulated supplies of electricity, natural gas or synthetic greenhouse gas.\n\n> Royal Assent day means the day on which the Act that inserted this Part receives the Royal Assent.\n\n> SGG customer means an entity that purchases synthetic greenhouse gas.\n\n> SGG equipment has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n> synthetic greenhouse gas has the same meaning as in the Ozone Protection and Synthetic Greenhouse Gas Management Act 1989.\n\n#### 60B Regulated goods\n\n (1) For the purposes of this Part, regulated goods means:\n (a) natural gas; or\n (b) electricity; or\n (c) synthetic greenhouse gas; or\n (d) SGG equipment; or\n (e) other goods of a kind specified in a legislative instrument under subsection (2).\n (2) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (1)(e).\n\n### Division 2—Carbon tax price reduction obligation\n\n#### 60C Price exploitation in relation to the carbon tax repeal\n\n (1) An entity must not engage in price exploitation in relation to the carbon tax repeal.\n (2) For the purposes of this Part, an entity engages in price exploitation in relation to the carbon tax repeal if, and only if:\n (a) it makes a regulated supply; and\n (b) the price for the supply does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal.\n (3) For the purposes of this Part, in determining whether the price for a supply made by an entity does not pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal, have regard to the following matters:\n (a) the entity’s cost savings that are directly or indirectly attributable to the carbon tax repeal;\n (b) how the cost savings mentioned in paragraph (a) can reasonably be attributed to the different supplies that the entity makes;\n (c) the entity’s costs;\n (d) any other relevant matter that may reasonably influence the price.\n\n#### 60CA Failure to pass on cost savings—250% penalty\n\n (1) If:\n (a) either:\n (i) an entity contravenes subsection 60C(1) in relation to a particular supply of electricity or natural gas; or\n (ii) an entity that is a bulk SGG importer contravenes subsection 60C(1) in relation to a particular supply of synthetic greenhouse gas; and\n (b) the contravention involved a failure to pass through all of the entity’s cost savings relating to the supply that are directly or indirectly attributable to the carbon tax repeal;\n there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount equal to 250% of those cost savings that were not passed through.\n When penalty becomes due and payable\n (2) An amount payable by an entity under subsection (1) is due and payable on 1 July 2015.\n Late payment penalty\n (3) If an amount payable by an entity under subsection (1) remains unpaid after the time when it became due for payment, there is payable by the entity to the Commonwealth, and the entity shall pay to the Commonwealth, by way of penalty, an amount calculated at the rate of 6% per annum on the amount unpaid, computed from that time.\n Recovery of penalties\n (4) An amount payable by an entity under subsection (1) or (3):\n (a) is a debt due to the Commonwealth; and\n (b) shall be recovered by the Commission, on behalf of the Commonwealth, by action in a court of competent jurisdiction, unless the cost of doing so exceeds the amount.\n Report to Parliament\n (5) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of penalties payable by entities.\n\n#### 60D Notice to entity that is considered to have engaged in price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that the entity has engaged in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) identify:\n (i) the entity that made the supply; and\n (ii) the kind of supply made; and\n (iii) the circumstances in which the supply was made; and\n (c) state that, in the Commission’s opinion, the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (3) In any proceedings:\n (aa) under section 60CA; or\n (a) under section 76 for a pecuniary penalty order relating to section 60C; or\n (b) under section 80 for an injunction relating to section 60C; or\n (c) under section 80A, 82, 86C, 86D or 87 for an order relating to section 60C;\n the notice is prima facie evidence that the price for the supply did not pass through all of the entity’s cost savings relating to the supply that were directly or indirectly attributable to the carbon tax repeal.\n (4) The Commission may vary or revoke the notice on its own initiative or on application made by the entity. The Commission must give the entity written notice of the variation or revocation.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60E Commission may issue notice to aid prevention of price exploitation in relation to the carbon tax repeal\n\n (1) The Commission may give an entity a written notice under this section if the Commission considers that doing so will aid the prevention of the entity engaging in price exploitation in relation to the carbon tax repeal.\n (2) The notice must:\n (a) be expressed to be given under this section; and\n (b) be expressed to relate to any supply that the entity makes that is:\n (i) of a kind specified in the notice; and\n (ii) made in circumstances specified in the notice; and\n (iii) made during the period specified in the notice (which must not be a period ending after the end of the carbon tax repeal transition period); and\n (c) specify the maximum price that, in the Commission’s opinion, may be charged for a supply to which the notice is expressed to relate.\n (3) The Commission may, on its own initiative or on application made by the entity:\n (a) vary the notice to:\n (i) change the period specified as required by subparagraph (2)(b)(iii); or\n (ii) change the price specified in the notice as required by paragraph (2)(c); or\n (b) revoke the notice.\n The Commission must give the entity written notice of the variation or revocation.\n (4) The Commission may publish the notice, or particulars of any variation or revocation of the notice, in such manner as the Commission considers appropriate.\n (5) A notice under this section is not a legislative instrument.\n\n#### 60F Acquisition of property\n\n Scope\n (1) This section applies to the following provisions of this Act:\n (a) section 60C;\n (b) any other provision to the extent to which it relates to section 60C.\n Effect of provision\n (2) The provision has no effect to the extent (if any) to which its operation would result in the acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph).\n\n### Division 2A—Carbon tax removal substantiation notices\n\n#### 60FA Carbon tax removal substantiation notices\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation notice\n (2) The Commission must, within 30 days after the Royal Assent day, by written notice given to the entity, require the entity:\n (a) to give to the Commission, within the period specified in the notice, a written statement that explains:\n (i) how the carbon tax repeal has affected, or is affecting, the entity’s regulated supply input costs; and\n (ii) how reductions in the entity’s regulated supply input costs that are directly or indirectly attributable to the carbon tax repeal are reflected in the prices charged by the entity for regulated supplies of electricity, natural gas or synthetic greenhouse gas; and\n (b) to do either or both of the following:\n (i) give to the Commission, within the period and in the manner and form specified in the notice, information that substantiates the explanation set out in the statement;\n (ii) produce to the Commission, within the period and in the manner specified in the notice, documents that substantiate the explanation set out in the statement.\n (3) A notice under subsection (2) is to be known as a carbon tax removal substantiation notice.\n (4) A period specified in a carbon tax removal substantiation notice must be 21 days after the notice is given.\n (5) A carbon tax removal substantiation notice must explain the effect of:\n (a) section 60FB; and\n (b) section 60FC; and\n (c) sections 137.1 and 137.2 of the Criminal Code.\n Section does not limit section 60H\n (6) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (7) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60FB Extending periods for complying with carbon tax removal substantiation notices\n\n (1) An entity that has been given a carbon tax removal substantiation notice may, at any time within 14 days after the notice was given to the entity by the Commission, apply in writing to the Commission for an extension of the period for complying with the notice.\n (2) The Commission may, by written notice given to the entity, extend the period within which the entity must comply with the notice, so long as the extension is for a period of not more than 28 days.\n\n#### 60FC Compliance with carbon tax removal substantiation notices\n\n (1) An entity that is given a carbon tax removal substantiation notice must comply with it within the applicable compliance period for the notice.\n (2) The applicable compliance period for a carbon tax removal substantiation notice is:\n (a) the period of 21 days specified in the notice; or\n (b) if the period for complying with the notice has been extended under section 60FB—the period as so extended;\n and includes (if an application has been made under section 60FB for an extension of the period for complying with the notice) the period up until the time when the applicant is given notice of the Commission’s decision on the application.\n (3) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (1); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 200 penalty units.\n\n (4) Subsection (3) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (5) If subsection (3) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (3) of this section has effect, in relation to the individual, as if the reference to 200 penalty units were a reference to 40 penalty units.\n (6) If subsection (1) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving information or producing a document in accordance with a carbon tax removal substantiation notice on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 2B—Carbon tax removal substantiation statements\n\n#### 60FD Carbon tax removal substantiation statements\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers; or\n (c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.\n Carbon tax removal substantiation statement\n (2) Within 30 days after the Royal Assent day, the entity must give to the Commission:\n (a) a written statement that sets out:\n (i) if the entity has electricity customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and\n (ii) if the entity has natural gas customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and\n (iii) if the entity has SGG customers—the entity’s estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity’s cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and\n (b) information that substantiates the estimate or estimates set out in the statement.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n (3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement.\n (4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity’s website, in a way that is readily accessible by the public, until the end of 30 June 2015.\n Compliance\n (5) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (4); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 500 penalty units.\n\n (6) Subsection (5) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.\n (8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60H\n (9) This section does not limit section 60H (which is about the price‑related information‑gathering powers of the Commission).\n Section does not limit section 155\n (10) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n Report to Parliament\n (11) Within 13 months after the Royal Assent day, the Commission must report to Parliament in respect of compliance by all entities.\n\n### Division 2C—Statements for customers\n\n#### 60FE Statements for customers\n\n Scope\n (1) This section applies to an entity if the entity:\n (a) is an electricity retailer that sells electricity to electricity customers; or\n (b) is a natural gas retailer that sells natural gas to natural gas customers.\n Preparation of statement\n (2) Within 30 days after the Royal Assent day, the entity must prepare a statement that:\n (a) if the entity has electricity customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of electricity customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014; and\n (b) if the entity has natural gas customers—identifies, on an average annual percentage price basis, or an average annual dollar price basis, the estimated cost savings, to each class of natural gas customers, that:\n (i) have been, are, or will be, directly or indirectly attributable to the carbon tax repeal; and\n (ii) are for the financial year that began on 1 July 2014.\n Communication of contents of statement to customers\n (3) During the period:\n (a) beginning 30 days after the Royal Assent day; and\n (b) ending 60 days after the Royal Assent day;\n the entity must ensure that the contents of the statement prepared by it under subsection (2) that relates to a class of electricity customers or natural gas customers is communicated to each customer of that class.\n\n> Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.\n\n Compliance\n (4) An entity commits an offence if:\n (a) the entity is subject to a requirement under subsection (2) or (3); and\n (b) the entity is capable of complying with the requirement; and\n (c) the entity omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 400 penalty units.\n\n (5) Subsection (4) is an offence of strict liability.\n\n> Note: For strict liability, see section 6.1 of the Criminal Code.\n\n (6) If subsection (4) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (4) of this section has effect, in relation to the individual, as if the reference to 400 penalty units were a reference to 40 penalty units.\n (7) If subsection (2) or (3) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from:\n (a) preparing a statement under subsection (2) of this section; or\n (b) communicating the contents of a statement under subsection (3) of this section;\n on the ground that the information in the statement might tend to incriminate the individual or expose the individual to a penalty.\n\n### Division 3—Price monitoring in relation to the carbon tax repeal etc.\n\n#### 60G Commission may monitor prices in relation to the carbon tax repeal etc.\n\n Price monitoring—carbon tax repeal transition period\n (1) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged by entities for supplies, in the carbon tax repeal transition period, of relevant goods.\n\n> Note: For relevant goods, see subsection (11).\n\n (2) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of relevant goods by entities.\n\n> Note: For relevant goods, see subsection (11).\n\n (3) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices charged for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n (4) The Commission may monitor prices to assess the general effect of the carbon tax repeal on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the carbon tax repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n Price monitoring—price exploitation\n (5) The Commission may monitor prices to assist the Commission’s consideration of whether an entity has engaged, is engaging, or may in the future engage, in price exploitation in relation to the carbon tax repeal.\n Price monitoring—pre‑repeal transition period\n (6) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged by entities for supplies, in the pre‑repeal transition period, of relevant goods.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (7) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of relevant goods by entities.\n\n> Note 1: For pre‑repeal transition period, see subsection (13).\n\n> Note 2: For relevant goods, see subsection (11).\n\n (8) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices charged for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n (9) The Commission may monitor prices to assess the general effect of the carbon tax scheme on prices:\n (a) advertised; or\n (b) displayed; or\n (c) offered;\n for supplies, in the pre‑repeal transition period, of goods by an entity for which there is an entry in the Information Database (within the meaning of the Clean Energy Act 2011).\n\n> Note: For pre‑repeal transition period, see subsection (13).\n\n Section does not limit Part VIIA\n (10) This section does not limit Part VIIA (which is about prices surveillance).\n Relevant goods\n (11) For the purposes of this section, the following are relevant goods:\n (a) regulated goods;\n (b) other goods of a kind specified in a legislative instrument under subsection (12).\n (12) The Minister may, by legislative instrument, specify one or more kinds of goods for the purposes of paragraph (11)(b).\n Pre‑repeal transition period\n (13) For the purposes of this section, pre‑repeal transition period means the period:\n (a) beginning at the commencement of this section; and\n (b) ending at the end of 30 June 2014.\n\n#### 60H Information‑gathering powers\n\n (1) A member of the Commission may, by written notice given to a person, require the person:\n (a) to give the Commission specified information in writing signed by:\n (i) the person; or\n (ii) if the person is a body corporate—a competent officer of the body corporate; or\n (b) to produce to the Commission specified documents;\n if:\n (c) the information, or information contained in the documents, relates to prices or the setting of prices; and\n (d) the member reasonably believes that the information, or information contained in the documents, will or may be useful to the Commission in monitoring prices as mentioned in any of subsections 60G(1) to (9).\n\n> Note: Sections 137.1 and 137.2 of the Criminal Code create offences for providing false or misleading information or documents.\n\n (2) Information or documents that may be required under subsection (1) may relate to prices, or the setting of prices:\n (a) before or after the carbon tax repeal; and\n (b) before or after the start of the carbon tax repeal transition period; and\n (c) in a situation, or during a period, specified in the notice.\n (3) Subsection (2) does not limit subsection (1).\n (4) A person commits an offence if:\n (a) the person is subject to a requirement under subsection (1); and\n (b) the person is capable of complying with the requirement; and\n (c) the person omits to do an act; and\n (d) the omission breaches the requirement.\n\nPenalty: 20 penalty units.\n\n (5) An individual is excused from giving information or producing a document in accordance with a requirement under subsection (1) on the ground that the information or the production of the document might tend to incriminate the individual or expose the individual to a penalty.\n Section does not limit section 60FA\n (5A) This section does not limit section 60FA (which is about carbon tax removal substantiation notices).\n Section does not limit section 155\n (6) This section does not limit section 155 (which is about the general information‑gathering powers of the Commission).\n\n#### 60J Reporting\n\n (1) The Commission must, within 28 days after the end of each quarter, give the Minister a written report about the operations of the Commission under this Part during the quarter.\n (2) A report under subsection (1) must include particulars of:\n (a) all notices given under section 60E during the quarter; and\n (b) all variations or revocations during the quarter of notices given under section 60E.\n (3) Subsection (2) does not limit subsection (1).\n (4) For the purposes of this section, a quarter is a period of 3 months:\n (a) that occurs wholly or partly during the carbon tax repeal transition period; and\n (b) that starts on any of the following days in a year:\n (i) 1 January;\n (ii) 1 April;\n (iii) 1 July;\n (iv) 1 October.\n (5) As soon as practicable after the Minister receives a report under subsection (1), the Minister must make the report public by such means as the Minister considers appropriate.\n (6) If this section commences during a quarter (but not on the first day of a quarter):\n (a) no report is to be made at the end of the quarter; but\n (b) the report made at the end of the next quarter is also to include the information required by subsections (1) and (2) in relation to the previous quarter.\n\n### Division 4—False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n#### 60K False or misleading representations about the effect of the carbon tax repeal etc. on prices\n\n An entity must not, in trade or commerce, in connection with:\n (a) the supply or possible supply of goods or services; or\n (b) the promotion by any means of the supply or use of goods or services;\n make a false or misleading representation, during the carbon tax repeal transition period, concerning the effect of:\n (c) the carbon tax repeal or a part of the carbon tax repeal; or\n (d) the carbon tax scheme or a part of the carbon tax scheme;\n on the price for the supply of the goods or services.\n\n### Division 5—Infringement notices\n\n#### 60L Issuing an infringement notice\n\n Issuing an infringement notice\n (1) If the Commission has reasonable grounds to believe that a person has contravened an infringement notice provision, the Commission may issue an infringement notice to the person.\n (2) The Commission must not issue more than one infringement notice to the person for the same alleged contravention of the infringement notice provision.\n (3) The infringement notice does not have any effect if the notice:\n (a) is issued more than 12 months after the day on which the contravention of the infringement notice provision is alleged to have occurred; or\n (b) relates to more than one alleged contravention of an infringement notice provision by the person.\n Matters to be included in an infringement notice\n (4) An infringement notice must:\n (a) be identified by a unique number; and\n (b) state the day on which it is issued; and\n (c) state the name and address of the person to whom it is issued; and\n (d) identify the Commission; and\n (e) state how the Commission may be contacted; and\n (f) give details of the alleged contravention by the person, including:\n (i) the date of the alleged contravention; and\n (ii) the particular infringement notice provision that was allegedly contravened; and\n (g) state the maximum pecuniary penalty that the court could order the person to pay under section 76 for the alleged contravention; and\n (h) specify the penalty that is payable in relation to the alleged contravention; and\n (i) state that the penalty is payable within the infringement notice compliance period for the notice; and\n (j) state that the penalty is payable to the Commission on behalf of the Commonwealth; and\n (k) explain how payment of the penalty is to be made; and\n (l) explain the effect of sections 60M, 60N, 60P and 60Q.\n Amount of penalty\n (5) The penalty to be specified in an infringement notice that is to be issued to a person in relation to an alleged contravention of an infringement notice provision must be:\n (a) if the person is a listed corporation—600 penalty units; or\n (b) if the person is a body corporate other than a listed corporation—60 penalty units; or\n (c) if the person is not a body corporate—12 penalty units.\n\n#### 60M Effect of compliance with an infringement notice\n\n Scope\n (1) This section applies if:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person pays the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q.\n Effect\n (2) The person is not, merely because of the payment, regarded as:\n (a) having contravened the infringement notice provision; or\n (b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the infringement notice provision.\n (3) No proceedings (whether criminal or civil) may be started or continued against the person, by or on behalf of the Commonwealth, in relation to:\n (a) the alleged contravention of the infringement notice provision; or\n (b) an offence constituted by the same conduct that constituted the alleged contravention.\n\n#### 60N Effect of failure to comply with an infringement notice\n\n If:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person fails to pay the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q;\n the person is liable to proceedings under Part VI in relation to the alleged contravention of the infringement notice provision.\n\n#### 60P Infringement notice compliance period for infringement notice\n\n (1) The infringement notice compliance period for an infringement notice is the period of 28 days beginning on the day after the day on which the infringement notice is issued by the Commission.\n (2) Subsection (1) has effect subject to subsection (7).\n (3) The Commission may extend, by notice in writing, the infringement notice compliance period for the notice if the Commission is satisfied that it is appropriate to do so.\n (4) Only one extension may be given, and the extension must not be for longer than 28 days.\n (5) Notice of the extension must be given to the person who was issued the infringement notice.\n (6) A failure to comply with subsection (5) does not affect the validity of the extension.\n (7) If the Commission extends the infringement notice compliance period for an infringement notice, a reference in this Division to the infringement notice compliance period for an infringement notice is taken to be a reference to the infringement notice compliance period as so extended.\n\n#### 60Q Withdrawal of an infringement notice\n\n Representations to the Commission\n (1) A person to whom an infringement notice has been issued for an alleged contravention of an infringement notice provision may make written representations to the Commission seeking the withdrawal of the infringement notice.\n (2) Evidence or information that the person, or a representative of the person, gives to the Commission in the course of making representations under subsection (1) is not admissible in evidence against the person or representative in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).\n Withdrawal by the Commission\n (3) The Commission may, by written notice (the withdrawal notice) given to the person to whom an infringement notice was issued, withdraw the infringement notice if the Commission is satisfied that it is appropriate to do so.\n (4) Subsection (3) applies whether or not the person has made representations seeking the withdrawal.\n Content of withdrawal notices\n (5) The withdrawal notice must state:\n (a) the name and address of the person; and\n (b) the day on which the infringement notice was issued to the person; and\n (c) that the infringement notice is withdrawn; and\n (d) that proceedings under Part VI may be started or continued against the person in relation to:\n (i) the alleged contravention the infringement notice provision; or\n (ii) an offence constituted by the same conduct that constituted the alleged contravention.\n Time limit for giving withdrawal notices\n (6) To be effective, the withdrawal notice must be given to the person within the infringement notice compliance period for the infringement notice.\n Refunds\n (7) If the infringement notice is withdrawn after the person has paid the penalty specified in the infringement notice, the Commission must, on behalf of the Commonwealth, refund to the person an amount equal to the amount paid.\n\n> Note: For appropriation, see section 28 of the Financial Management and Accountability Act 1997.\n\n#### 60R Effect of this Division\n\n This Division does not:\n (a) require an infringement notice to be issued to a person for an alleged contravention of an infringement notice provision; or\n (b) affect the liability of a person to proceedings under Part VI in relation to an alleged contravention of an infringement notice provision if:\n (i) an infringement notice is not issued to the person for the alleged contravention; or\n (ii) an infringement notice issued to a person for the alleged contravention is withdrawn under section 60Q; or\n (c) prevent a court from imposing a higher penalty than the penalty specified in the infringement notice if the person does not comply with the notice.\n\n4 Subsection 75B(1)\n\nAfter “section”, insert “60C, 60K or”.\n\n5 After subparagraph 76(1)(a)(i)\n\nInsert:\n\n (ii) section 60C;\n (iia) section 60K;\n\n6 After paragraph 76(1A)(b)\n\nInsert:\n\n (ba) for each act or omission to which this section applies that relates to section 60C or 60K—6,471 penalty units; and\n\n7 Before paragraph 76(1B)(a)\n\nInsert:\n\n (aa) for each act or omission to which this section applies that relates to section 60C or 60K—1,295 penalty units; and\n\n8 Paragraph 77A(3) (at the end of the definition of civil liability)\n\nAdd “or Part V”.\n\n9 Paragraph 80(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a contravention of any of the following provisions:\n (i) a provision of Part IV;\n (ii) a provision of Division 2 or 5 of Part IVB;\n (iii) section 60C;\n (iv) section 60K; or\n\n10 At the end of subsection 80(1A)\n\nAdd “, 60C or 60K”.\n\n11 After section 80\n\nInsert:\n\n#### 80A Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money\n\n (1) If, on the application of the Commission, the Court is satisfied that a person has engaged in conduct constituting a contravention of section 60C, the Court may make either or both of the following orders:\n (a) an order requiring that person, or a person involved in the contravention, not to make a regulated supply of a kind specified in the order for a price in excess of the price specified in the order while the order remains in force;\n (b) an order requiring that person, or a person involved in the contravention, to refund money to a person specified in the order.\n\n> Note: Section 60C is about price exploitation in relation to the carbon tax repeal.\n\n (2) This section does not limit section 80.\n (3) In this section:\n\n> price has the same meaning as in Part V.\n\n> regulated supply has the same meaning as in Part V.\n\n12 Subsection 82(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n13 Section 83\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n14 Paragraphs 84(1)(b) and (3)(b)\n\nAfter “IVB”, insert “or V”.\n\n15 After paragraph 85(a)\n\nInsert:\n\n (aa) engaged in conduct in contravention of section 60C or 60K; or\n\n16 Paragraph 86C(2)(a)\n\nBefore “a”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n17 Paragraph 86C(2)(b)\n\nBefore “a probation”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n18 Subsection 86C(4) (paragraph (a) of the definition of contravening conduct)\n\nAfter “section”, insert “60C, 60K or”.\n\n19 Subsection 87(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n20 Paragraph 87(1A)(a)\n\nAfter “IVB”, insert “or section 60C or 60K”.\n\n21 Paragraph 87(1A)(b)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n22 Paragraph 87(1B)(a)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n23 Subsection 87(1C)\n\nOmit “or Division 2 of Part IVB”, substitute “, Division 2 of Part IVB or section 60C or 60K”.\n\n24 Subsection 155AAA(21) (paragraph (a) of the definition of core statutory provision)\n\nAfter “Part IV,”, insert “V,”.\n\n25 Subsection 155AAA(21) (after paragraph (b) of the definition of protected information)\n\nInsert:\n\n (ba) information that was obtained by the Commission under paragraph 60FD(2)(b) or section 60FA or 60H; or\n\n26 Before subparagraph 163A(1)(a)(ii)\n\nInsert:\n\n (i) Part V;\n\nSchedule 3—Repeal of tax offset for conservation tillage\n\nClean Energy (Consequential Amendments) Act 2011\n\n1 Subsection 2(1) (table item 6)\n\nRepeal the item.\n\n2 Part 3 of Schedule 2\n\nRepeal the Part.\n\nIncome Tax Assessment Act 1997\n\n3 Section 67‑23 (table item 24)\n\nRepeal the item.\n\n4 Subdivision 385‑J\n\nRepeal the Subdivision.\n\n5 Subsection 995‑1(1) (definition of eligible no‑till seeder)\n\nRepeal the definition.\n\n6 Application of amendments\n\nThe amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.\n\nNote: The provisions of the Income Tax Assessment Act 1997 repealed by this Schedule will continue to apply to assessments for the 2012‑13 and 2013‑14 income years.\n\n7 Transitional—timing relating to 2013‑14 income year\n\nThe following provisions of the Income Tax Assessment Act 1997:\n\n (a) subparagraph 385‑175(1)(e)(ii);\n (b) subparagraph 385‑190(1)(c)(ii);\n\napply for the purposes of assessments for the 2013‑14 income year as if those provisions referred to 30 June 2014 rather than 30 June 2015.\n\nSchedule 4—Repeal of the Steel Transformation Plan Act 2011\n\nSteel Transformation Plan Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nNote: On the repeal of the Act, the Steel Transformation Plan 2012 (which was made under Part 3 of the Act) will also cease to have effect.\n\n2 Effect of repeal\n\n(1) To avoid doubt:\n\n (a) no assistance is payable under the old Act or the old Plan after the commencement of this Schedule, including in respect of the half‑year ending on 30 June 2014; and\n (b) a return is not required to be (and cannot be) provided under Part 4 of the old Plan in respect of the half‑year ending on 30 June 2014 (or any later half‑year); and\n (c) the following conditions cease to have effect on the commencement of this Schedule:\n (i) conditions to which payments of competitiveness assistance advances under the old Act were subject;\n (ii) conditions to which registrations of corporations under the old Plan as STP participants were subject; and\n (d) the Department’s annual report for the financial year ending on 30 June 2014 (or any later financial year) is not required to comply with section 26 of the old Act.\n\n(2) In this item:\n\nold Act means the Steel Transformation Plan Act 2011.\n\nold Plan means the Steel Transformation Plan 2012 made under Part 3 of the old Act.\n\nSchedule 5—Australian Renewable Energy Agency’s finances\n\nAustralian Renewable Energy Agency Act 2011\n\n1 Subsection 64(1) (table)\n\nRepeal the table, substitute:\n\n```html\n

Yearly maximum payments to ARENA

Item

Financial year

Amount for financial year

1

2013‑2014

$581,276,000.00

2

2014‑2015

$194,340,000.00

3

2015‑2016

$89,991,000.00

4

2016‑2017

$56,950,000.00

5

2017‑2018

$499,893,000.00

6

2018‑2019

$237,000,000.00

7

2019‑2020

$468,340,000.00

8

2020‑2021

$135,000,000.00

9

2021‑2022

$135,000,000.00

\n```\n\n2 Subsections 64(3) to (6)\n\nRepeal the subsections.\n\n3 Subsection 65(4) (note)\n\nOmit “subsections 64(2) to (6)”, substitute “subsection 64(2)”.\n\n4 Application\n\nTo avoid doubt:\n\n (a) the amendments made by this Part do not affect how the Australian Renewable Energy Agency Act 2011 applied, before the commencement of this Part, in relation to the financial year 2012‑2013; but\n (b) for the purposes of that Act as amended by this Part, subsection 64(2) of that Act does not apply so as to carry over to the 2013‑2014 financial year any unspent amount from the 2012‑2013 financial year.\n\nNote: The unspent amount from the 2012‑2013 financial year has instead been directly factored into amounts specified in the table substituted by item 1.","sortOrder":44},{"sectionNumber":"60L","sectionType":"section","heading":"Issuing an infringement notice","content":"#### 60L Issuing an infringement notice\n\n Issuing an infringement notice\n (1) If the Commission has reasonable grounds to believe that a person has contravened an infringement notice provision, the Commission may issue an infringement notice to the person.\n (2) The Commission must not issue more than one infringement notice to the person for the same alleged contravention of the infringement notice provision.\n (3) The infringement notice does not have any effect if the notice:\n (a) is issued more than 12 months after the day on which the contravention of the infringement notice provision is alleged to have occurred; or\n (b) relates to more than one alleged contravention of an infringement notice provision by the person.\n Matters to be included in an infringement notice\n (4) An infringement notice must:\n (a) be identified by a unique number; and\n (b) state the day on which it is issued; and\n (c) state the name and address of the person to whom it is issued; and\n (d) identify the Commission; and\n (e) state how the Commission may be contacted; and\n (f) give details of the alleged contravention by the person, including:\n (i) the date of the alleged contravention; and\n (ii) the particular infringement notice provision that was allegedly contravened; and\n (g) state the maximum pecuniary penalty that the court could order the person to pay under section 76 for the alleged contravention; and\n (h) specify the penalty that is payable in relation to the alleged contravention; and\n (i) state that the penalty is payable within the infringement notice compliance period for the notice; and\n (j) state that the penalty is payable to the Commission on behalf of the Commonwealth; and\n (k) explain how payment of the penalty is to be made; and\n (l) explain the effect of sections 60M, 60N, 60P and 60Q.\n Amount of penalty\n (5) The penalty to be specified in an infringement notice that is to be issued to a person in relation to an alleged contravention of an infringement notice provision must be:\n (a) if the person is a listed corporation—600 penalty units; or\n (b) if the person is a body corporate other than a listed corporation—60 penalty units; or\n (c) if the person is not a body corporate—12 penalty units.","sortOrder":45},{"sectionNumber":"60M","sectionType":"section","heading":"Effect of compliance with an infringement notice","content":"#### 60M Effect of compliance with an infringement notice\n\n Scope\n (1) This section applies if:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person pays the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q.\n Effect\n (2) The person is not, merely because of the payment, regarded as:\n (a) having contravened the infringement notice provision; or\n (b) having been convicted of an offence constituted by the same conduct that constituted the alleged contravention of the infringement notice provision.\n (3) No proceedings (whether criminal or civil) may be started or continued against the person, by or on behalf of the Commonwealth, in relation to:\n (a) the alleged contravention of the infringement notice provision; or\n (b) an offence constituted by the same conduct that constituted the alleged contravention.","sortOrder":46},{"sectionNumber":"60N","sectionType":"section","heading":"Effect of failure to comply with an infringement notice","content":"#### 60N Effect of failure to comply with an infringement notice\n\n If:\n (a) an infringement notice for an alleged contravention of an infringement notice provision is issued to a person; and\n (b) the person fails to pay the penalty specified in the infringement notice within the infringement notice compliance period and in accordance with the notice; and\n (c) the infringement notice is not withdrawn under section 60Q;\n the person is liable to proceedings under Part VI in relation to the alleged contravention of the infringement notice provision.","sortOrder":47},{"sectionNumber":"60P","sectionType":"section","heading":"Infringement notice compliance period for infringement notice","content":"#### 60P Infringement notice compliance period for infringement notice\n\n (1) The infringement notice compliance period for an infringement notice is the period of 28 days beginning on the day after the day on which the infringement notice is issued by the Commission.\n (2) Subsection (1) has effect subject to subsection (7).\n (3) The Commission may extend, by notice in writing, the infringement notice compliance period for the notice if the Commission is satisfied that it is appropriate to do so.\n (4) Only one extension may be given, and the extension must not be for longer than 28 days.\n (5) Notice of the extension must be given to the person who was issued the infringement notice.\n (6) A failure to comply with subsection (5) does not affect the validity of the extension.\n (7) If the Commission extends the infringement notice compliance period for an infringement notice, a reference in this Division to the infringement notice compliance period for an infringement notice is taken to be a reference to the infringement notice compliance period as so extended.","sortOrder":48},{"sectionNumber":"60Q","sectionType":"section","heading":"Withdrawal of an infringement notice","content":"#### 60Q Withdrawal of an infringement notice\n\n Representations to the Commission\n (1) A person to whom an infringement notice has been issued for an alleged contravention of an infringement notice provision may make written representations to the Commission seeking the withdrawal of the infringement notice.\n (2) Evidence or information that the person, or a representative of the person, gives to the Commission in the course of making representations under subsection (1) is not admissible in evidence against the person or representative in any proceedings (other than proceedings for an offence based on the evidence or information given being false or misleading).\n Withdrawal by the Commission\n (3) The Commission may, by written notice (the withdrawal notice) given to the person to whom an infringement notice was issued, withdraw the infringement notice if the Commission is satisfied that it is appropriate to do so.\n (4) Subsection (3) applies whether or not the person has made representations seeking the withdrawal.\n Content of withdrawal notices\n (5) The withdrawal notice must state:\n (a) the name and address of the person; and\n (b) the day on which the infringement notice was issued to the person; and\n (c) that the infringement notice is withdrawn; and\n (d) that proceedings under Part VI may be started or continued against the person in relation to:\n (i) the alleged contravention the infringement notice provision; or\n (ii) an offence constituted by the same conduct that constituted the alleged contravention.\n Time limit for giving withdrawal notices\n (6) To be effective, the withdrawal notice must be given to the person within the infringement notice compliance period for the infringement notice.\n Refunds\n (7) If the infringement notice is withdrawn after the person has paid the penalty specified in the infringement notice, the Commission must, on behalf of the Commonwealth, refund to the person an amount equal to the amount paid.\n\n> Note: For appropriation, see section 28 of the Financial Management and Accountability Act 1997.","sortOrder":49},{"sectionNumber":"60R","sectionType":"section","heading":"Effect of this Division","content":"#### 60R Effect of this Division\n\n This Division does not:\n (a) require an infringement notice to be issued to a person for an alleged contravention of an infringement notice provision; or\n (b) affect the liability of a person to proceedings under Part VI in relation to an alleged contravention of an infringement notice provision if:\n (i) an infringement notice is not issued to the person for the alleged contravention; or\n (ii) an infringement notice issued to a person for the alleged contravention is withdrawn under section 60Q; or\n (c) prevent a court from imposing a higher penalty than the penalty specified in the infringement notice if the person does not comply with the notice.\n\n4 Subsection 75B(1)\n\nAfter “section”, insert “60C, 60K or”.\n\n5 After subparagraph 76(1)(a)(i)\n\nInsert:\n\n (ii) section 60C;\n (iia) section 60K;\n\n6 After paragraph 76(1A)(b)\n\nInsert:\n\n (ba) for each act or omission to which this section applies that relates to section 60C or 60K—6,471 penalty units; and\n\n7 Before paragraph 76(1B)(a)\n\nInsert:\n\n (aa) for each act or omission to which this section applies that relates to section 60C or 60K—1,295 penalty units; and\n\n8 Paragraph 77A(3) (at the end of the definition of civil liability)\n\nAdd “or Part V”.\n\n9 Paragraph 80(1)(a)\n\nRepeal the paragraph, substitute:\n\n (a) a contravention of any of the following provisions:\n (i) a provision of Part IV;\n (ii) a provision of Division 2 or 5 of Part IVB;\n (iii) section 60C;\n (iv) section 60K; or\n\n10 At the end of subsection 80(1A)\n\nAdd “, 60C or 60K”.\n\n11 After section 80\n\nInsert:","sortOrder":50},{"sectionNumber":"80A","sectionType":"section","heading":"Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money","content":"#### 80A Price exploitation in relation to the carbon tax repeal—orders limiting prices or requiring refunds of money\n\n (1) If, on the application of the Commission, the Court is satisfied that a person has engaged in conduct constituting a contravention of section 60C, the Court may make either or both of the following orders:\n (a) an order requiring that person, or a person involved in the contravention, not to make a regulated supply of a kind specified in the order for a price in excess of the price specified in the order while the order remains in force;\n (b) an order requiring that person, or a person involved in the contravention, to refund money to a person specified in the order.\n\n> Note: Section 60C is about price exploitation in relation to the carbon tax repeal.\n\n (2) This section does not limit section 80.\n (3) In this section:\n\n> price has the same meaning as in Part V.\n\n> regulated supply has the same meaning as in Part V.\n\n12 Subsection 82(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n13 Section 83\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n14 Paragraphs 84(1)(b) and (3)(b)\n\nAfter “IVB”, insert “or V”.\n\n15 After paragraph 85(a)\n\nInsert:\n\n (aa) engaged in conduct in contravention of section 60C or 60K; or\n\n16 Paragraph 86C(2)(a)\n\nBefore “a”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n17 Paragraph 86C(2)(b)\n\nBefore “a probation”, insert “except in the case of contravening conduct that relates to section 60C or 60K—”.\n\n18 Subsection 86C(4) (paragraph (a) of the definition of contravening conduct)\n\nAfter “section”, insert “60C, 60K or”.\n\n19 Subsection 87(1)\n\nAfter “IVB”, insert “, or of section 60C or 60K,”.\n\n20 Paragraph 87(1A)(a)\n\nAfter “IVB”, insert “or section 60C or 60K”.\n\n21 Paragraph 87(1A)(b)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n22 Paragraph 87(1B)(a)\n\nOmit “45E) or Division 2 of Part IVB”, substitute “45E), Division 2 of Part IVB or section 60C or 60K”.\n\n23 Subsection 87(1C)\n\nOmit “or Division 2 of Part IVB”, substitute “, Division 2 of Part IVB or section 60C or 60K”.\n\n24 Subsection 155AAA(21) (paragraph (a) of the definition of core statutory provision)\n\nAfter “Part IV,”, insert “V,”.\n\n25 Subsection 155AAA(21) (after paragraph (b) of the definition of protected information)\n\nInsert:\n\n (ba) information that was obtained by the Commission under paragraph 60FD(2)(b) or section 60FA or 60H; or\n\n26 Before subparagraph 163A(1)(a)(ii)\n\nInsert:\n\n (i) Part V;\n\nSchedule 3—Repeal of tax offset for conservation tillage\n\nClean Energy (Consequential Amendments) Act 2011\n\n1 Subsection 2(1) (table item 6)\n\nRepeal the item.\n\n2 Part 3 of Schedule 2\n\nRepeal the Part.\n\nIncome Tax Assessment Act 1997\n\n3 Section 67‑23 (table item 24)\n\nRepeal the item.\n\n4 Subdivision 385‑J\n\nRepeal the Subdivision.\n\n5 Subsection 995‑1(1) (definition of eligible no‑till seeder)\n\nRepeal the definition.\n\n6 Application of amendments\n\nThe amendments made by this Schedule apply to assessments for the 2014‑15 income year and later income years.\n\nNote: The provisions of the Income Tax Assessment Act 1997 repealed by this Schedule will continue to apply to assessments for the 2012‑13 and 2013‑14 income years.\n\n7 Transitional—timing relating to 2013‑14 income year\n\nThe following provisions of the Income Tax Assessment Act 1997:\n\n (a) subparagraph 385‑175(1)(e)(ii);\n (b) subparagraph 385‑190(1)(c)(ii);\n\napply for the purposes of assessments for the 2013‑14 income year as if those provisions referred to 30 June 2014 rather than 30 June 2015.\n\nSchedule 4—Repeal of the Steel Transformation Plan Act 2011\n\nSteel Transformation Plan Act 2011\n\n1 The whole of the Act\n\nRepeal the Act.\n\nNote: On the repeal of the Act, the Steel Transformation Plan 2012 (which was made under Part 3 of the Act) will also cease to have effect.\n\n2 Effect of repeal\n\n(1) To avoid doubt:\n\n (a) no assistance is payable under the old Act or the old Plan after the commencement of this Schedule, including in respect of the half‑year ending on 30 June 2014; and\n (b) a return is not required to be (and cannot be) provided under Part 4 of the old Plan in respect of the half‑year ending on 30 June 2014 (or any later half‑year); and\n (c) the following conditions cease to have effect on the commencement of this Schedule:\n (i) conditions to which payments of competitiveness assistance advances under the old Act were subject;\n (ii) conditions to which registrations of corporations under the old Plan as STP participants were subject; and\n (d) the Department’s annual report for the financial year ending on 30 June 2014 (or any later financial year) is not required to comply with section 26 of the old Act.\n\n(2) In this item:\n\nold Act means the Steel Transformation Plan Act 2011.\n\nold Plan means the Steel Transformation Plan 2012 made under Part 3 of the old Act.\n\nSchedule 5—Australian Renewable Energy Agency’s finances\n\nAustralian Renewable Energy Agency Act 2011\n\n1 Subsection 64(1) (table)\n\nRepeal the table, substitute:\n\n```html\n

Yearly maximum payments to ARENA

Item

Financial year

Amount for financial year

1

2013‑2014

$581,276,000.00

2

2014‑2015

$194,340,000.00

3

2015‑2016

$89,991,000.00

4

2016‑2017

$56,950,000.00

5

2017‑2018

$499,893,000.00

6

2018‑2019

$237,000,000.00

7

2019‑2020

$468,340,000.00

8

2020‑2021

$135,000,000.00

9

2021‑2022

$135,000,000.00

\n```\n\n2 Subsections 64(3) to (6)\n\nRepeal the subsections.\n\n3 Subsection 65(4) (note)\n\nOmit “subsections 64(2) to (6)”, substitute “subsection 64(2)”.\n\n4 Application\n\nTo avoid doubt:\n\n (a) the amendments made by this Part do not affect how the Australian Renewable Energy Agency Act 2011 applied, before the commencement of this Part, in relation to the financial year 2012‑2013; but\n (b) for the purposes of that Act as amended by this Part, subsection 64(2) of that Act does not apply so as to carry over to the 2013‑2014 financial year any unspent amount from the 2012‑2013 financial year.\n\nNote: The unspent amount from the 2012‑2013 financial year has instead been directly factored into amounts specified in the table substituted by item 1.","sortOrder":51}],"analysis":{"issue_detection":{"absurdities":[{"type":"retroactive_impossibility","section":"Section 2, Commencement Table, Items 2, 3, 8","severity":"high","reasoning":"An Act of Parliament cannot logically commence before it receives Royal Assent and comes into existence as law. Provisions that purport to repeal or amend other Acts from 1 July 2014 — when the repealing Act was not enacted until 17 July 2014 — create a retroactive legal fiction. While Australian constitutional law permits retrospective legislation, the practical absurdity is that entities were technically subject to a repealed carbon tax scheme (the Clean Energy Act 2011) between 1 July and 17 July 2014 even though the repeal Act deems the repeal to have occurred on 1 July 2014. This creates a 16-day gap during which the legal status of obligations, liabilities and units was simultaneously alive and deemed-dead.","confidence":0.92,"description":"Schedule 1 Parts 1 and 2, Schedule 1 Part 3 Divisions 1-4, and Schedule 4 are all specified to commence on 1 July 2014, but the Act received Royal Assent on 17 July 2014. The Act purports to have commenced 16 days before it legally existed."},{"type":"other","section":"Section 2, Commencement Table, Item 6 — Schedule 2","severity":"medium","reasoning":"The commencement formula 'the later of (a) day after Royal Assent and (b) 1 January 2014' only makes sense if Royal Assent could conceivably occur before 1 January 2014. Given that the Bill was introduced in 2014 and Royal Assent occurred on 17 July 2014, paragraph (b) is entirely otiose. The drafters appear to have included a standard contingency clause that was never capable of application. The column 3 confirmation '(paragraph (a) applies)' acknowledges this, making the inclusion of paragraph (b) a drafting absurdity.","confidence":0.88,"description":"Schedule 2 is stated to commence on 'the later of: (a) the day after this Act receives the Royal Assent; and (b) 1 January 2014.' Since the Act received Royal Assent on 17 July 2014, option (b) — 1 January 2014 — could never be 'the later' date. Option (b) is therefore legally dead on arrival and serves no operative purpose whatsoever."},{"type":"other","section":"Section 2, Commencement Table, Item 5 — Schedule 1 Part 4","severity":"low","reasoning":"A contingency provision that cannot be satisfied given known facts at the time of enactment is surplusage. While this may reflect legislative caution during drafting when the assent date was uncertain, its retention in the final enacted text creates a provision with a permanently impossible trigger condition.","confidence":0.85,"description":"The commencement provision states: 'the day after this Act receives the Royal Assent. However, if this Act receives the Royal Assent before 30 June 2014, the provision(s) commence on 1 July 2014.' The Act received Royal Assent on 17 July 2014, making the contingency clause ('before 30 June 2014') impossible to satisfy. The proviso is legally meaningless."},{"type":"self_contradicting","section":"Schedule 1, Part 3, Item 323 — Winding-up provisions","severity":"medium","reasoning":"Part 1 of Schedule 1 (item 1) repeals the Clean Energy Act 2011 in its entirety. Part 3 then purports to keep that same Act 'in force as if that repeal had not happened.' This is a recognised legal technique (zombie legislation), but it creates conceptual absurdity: the Act is both repealed and not repealed simultaneously. More problematically, the modifications in the table within item 323 themselves reference sections of the Clean Energy Act 2011 as if they have substantive operative effect, creating a self-referential legal construct that modifies provisions of an Act that officially no longer exists.","confidence":0.75,"description":"Item 323 purports to keep the Clean Energy Act 2011 'in force' despite its repeal under Part 1 of the same Schedule, while simultaneously modifying it in ways that themselves reference provisions of the repealed Act (e.g. subsection 142(3) referenced in item 322(3)). The Act is therefore simultaneously repealed and continued in force, with modifications applied to a ghost version of itself."},{"type":"circular_definition","section":"Schedule 1, Part 3, Item 322 — Designated carbon unit day","severity":"medium","reasoning":"The precondition for exercising a legislative instrument power in the current Act depends on action taken under a provision (s.142(3)) of an Act that has been repealed by this very Schedule. While item 323 preserves the Clean Energy Act 2011 in modified form, item 323's modification table (item 48) omits paragraphs 142(3)(c), (e) and (f), which may affect whether the relevant determination can validly be made. This creates circular dependency: the power to extend exists in Act A, conditioned on action under Act B, which has been repealed by Act A but partially preserved by Act A.","confidence":0.72,"description":"Item 322(3) provides that the Regulator must not make an instrument extending the designated carbon unit day 'unless the Regulator has made a determination under subsection 142(3) of the Clean Energy Act 2011 that relates to 2 February 2015.' However, the Clean Energy Act 2011 has been repealed. The Regulator is being required to satisfy a condition under a repealed Act before exercising a power under the current Act."},{"type":"impossible_compliance","section":"Schedule 1, Part 2, Items 7-9 (GST Act — eligible Australian carbon credit unit definition)","severity":"medium","reasoning":"Paragraph (b)(i) of the new definition requires a decision-maker to determine what type of unit 'would have been issued' under a counterfactual assumption. There is no mechanism specified for making this hypothetical determination, no evidentiary standard, and no dispute resolution mechanism. The definition of a legally significant category of property right is made contingent on an unfalsifiable hypothetical, creating genuine uncertainty about which units qualify.","confidence":0.78,"description":"The newly inserted definition of 'eligible Australian carbon credit unit' in paragraph (b) contains a counterfactual hypothetical: a unit qualifies if 'it were assumed that the reporting period had ended before the Kyoto abatement deadline... a Kyoto Australian carbon credit unit would have been issued instead.' This requires determining what would have happened under a hypothetical assumption in order to classify a real unit — an operationally impossible compliance standard."},{"type":"other","section":"Schedule 1, Part 2, Item 323 modification table — Item 23 in modification table (missing item 23)","severity":"low","reasoning":"The sequential numbering of the modification table within item 323 omits item 23. While this may be a drafting or typographical error, it raises a question about whether a provision was intentionally omitted or accidentally dropped. If a modification was intended to appear at item 23, its absence could mean a provision of the Clean Energy Act 2011 continues to apply in its original (unmodified) form when it was intended to be modified or omitted during wind-up.","confidence":0.65,"description":"The modification table in item 323 runs from item 1 through to item 64 but skips item 23. After item 22 (section 72), the table jumps to item 24 (section 83). Item 23 is entirely absent from the table."},{"type":"impossible_compliance","section":"Schedule 1, Part 2, Items 128-153 (Fuel Tax Act — mass definition repeals)","severity":"medium","reasoning":"The wholesale deletion of 26 definitions from section 110-5 of the Fuel Tax Act risks creating undefined terms in surviving provisions. While the accompanying substantive amendments are intended to remove all references to these terms, the scale of the repeal operation increases the risk that some cross-references were missed. Any surviving reference to 'agricultural activity', 'fishing operations', 'forestry' etc. in unamended provisions or regulations would be left without a statutory definition, making compliance determination impossible.","confidence":0.68,"description":"Items 128-153 repeal numerous definitions from the Fuel Tax Act 2006 including 'fish', 'fishing operations', 'forestry', 'livestock', 'horticulture', 'agriculture' and similar terms. If any remaining provisions of the Fuel Tax Act or related instruments still reference these terms, they will be left with undefined key terms."}],"contradictions":[{"severity":"high","section_a":"Schedule 1, Part 1, Item 1 — Repeal of Clean Energy Act 2011","section_b":"Schedule 1, Part 3, Item 323 — Winding-up (Clean Energy Act 2011 continues in force)","confidence":0.88,"description":"Part 1 unconditionally repeals the Clean Energy Act 2011 in its entirety. Part 3, Item 323 simultaneously provides that the Clean Energy Act 2011 'continues in force... as if that repeal had not happened.' These provisions directly contradict each other as to the legal status of the Clean Energy Act 2011."},{"severity":"high","section_a":"Section 2, Commencement Table, Items 2-3 — Schedule 1 Parts 1-2 and Part 3 Divisions 1-4 commence 1 July 2014","section_b":"Section 2, Commencement Table, Item 1 — Sections 1-3 commence on Royal Assent (17 July 2014)","confidence":0.85,"description":"The operative repeal provisions (Schedule 1 Parts 1 and 2) are stated to commence on 1 July 2014, but the authority for the Schedule itself (section 3, which gives Schedules their legal effect) only commences on 17 July 2014. This means the Schedules purported to have legal effect for 16 days before the provision authorising their operation came into force."},{"severity":"medium","section_a":"Schedule 1, Part 3, Item 320(1)(a) — Object: provide for winding-up of carbon tax scheme","section_b":"Schedule 1, Part 3, Item 320(2)(a) — Object: ensure validity of carbon units issued before 1 July 2014","confidence":0.72,"description":"The stated objects are internally contradictory in their scope. Item 320(1) describes the 'main objects' as winding up the scheme, while item 320(2) describes 'other objects' including validating carbon units from auctions before 1 July 2014 and cancelling units not required for the 2013-14 year. The cancellation object (320(2)(b)) directly contradicts the validity preservation object (320(2)(a)) — the Act simultaneously intends to preserve validity of and cancel carbon units, with no clear principle of resolution."},{"severity":"medium","section_a":"Schedule 1, Part 2, Item 13 (Australian National Registry of Emissions Units Act 2011, s.3) — removes 'prescribed international units' from Registry account entries","section_b":"Schedule 1, Part 2, Item 18-19 (Australian National Registry of Emissions Units Act 2011, s.4, definition of 'eligible international emissions unit') — item 18 amends paragraph (d) while item 19 repeals paragraph (e)","confidence":0.67,"description":"Item 13 rewrites the overview of the Registry to remove references to prescribed international units entirely, suggesting they can no longer be held in Registry accounts. However, item 18 merely amends (rather than eliminates) the definition of 'eligible international emissions unit' which previously included prescribed international units, and item 9 of Schedule 1 Part 2 inserts into the GST Act a definition of 'eligible international emissions unit' that has the same meaning as in the Registry Act. This creates potential inconsistency between the Registry Act (which appears to no longer accommodate prescribed international units) and the GST Act (which may still reference them through the surviving 'eligible international emissions unit' definition)."},{"severity":"high","section_a":"Schedule 1, Part 2, Item 101 (Clean Energy Regulator Act 2011, s.4) — repeals paragraph (a) of 'objectives of the Regulator'","section_b":"Schedule 1, Part 2, Item 95 (Clean Energy Regulator Act 2011, s.3) — removes Clean Energy Act 2011 from Regulator's functions","confidence":0.82,"description":"Item 95 removes the Clean Energy Act 2011 from the list of Acts conferring functions on the Regulator. However, Schedule 1 Part 3 Item 323 keeps the Clean Energy Act 2011 in force and requires the Regulator to continue administering it during wind-up (issuing units, collecting liabilities, etc.). The Regulator's empowering Act has been amended to remove its Clean Energy Act functions at the same time as another provision requires it to continue exercising those very functions."},{"severity":"medium","section_a":"Schedule 1, Part 2, Item 322(3) — Regulator must not extend designated carbon unit day without making a determination under s.142(3) of Clean Energy Act 2011","section_b":"Schedule 1, Part 3, Item 323 modification table, Item 48 — paragraphs 142(3)(c), (e) and (f) of Clean Energy Act 2011 are omitted","confidence":0.7,"description":"Item 322(3) creates a precondition for the Regulator's power that depends on the Regulator making a determination under s.142(3) of the Clean Energy Act 2011. However, the modification table in item 323 omits three of the six paragraphs of s.142(3). The precondition in 322(3) references the whole of s.142(3) as modified, but it is unclear whether a 'determination under subsection 142(3)' made under the truncated modified version satisfies the precondition, since the determination the drafters had in mind (extending the 2 February 2015 deadline per the Note to item 322) may depend on the omitted paragraphs."},{"severity":"medium","section_a":"Schedule 1, Part 2, Items 191-195 (Income Tax Assessment Act 1997) — repeals definitions of 'carbon unit', 'free carbon unit', 'international emissions unit', 'prescribed international unit', 'vintage year'","section_b":"Schedule 1, Part 2, Items 158-190 (Income Tax Assessment Act 1997) — amends multiple provisions that use terms including 'international emissions unit' substituting 'Kyoto unit'","confidence":0.65,"description":"Items 158-190 make numerous targeted amendments substituting 'international emissions unit' with 'Kyoto unit' in specific provisions of the ITAA 1997. Item 193 then repeals the definition of 'international emissions unit'. However, if any provisions were missed in the targeted amendment sweep, they would be left referencing an undefined term. More critically, 'Kyoto unit' is substituted throughout but its definition in the ITAA 1997 is not confirmed to be retained — relying instead on cross-references to the Registry Act which has itself been substantially amended."}]},"summary":{"complexity_score":9,"scope_assessment":{"changed":true,"description":"The core purpose — repealing the carbon tax — remained constant. However, the scope expanded significantly beyond simple repeal to include: a comprehensive wind-up regime preserving past-year liabilities; extensive consequential amendments to more than a dozen Acts; nuanced transitional arrangements for financial services licences; modifications to fuel tax credit calculations benefiting fuel users beyond the original carbon tax framework; and retention of parts of the repealed Act in modified 'zombie' form. The Act also made lasting structural changes to the National Greenhouse and Energy Reporting Act (redefining key terms like 'group entity', 'designated financial year') that go beyond mere carbon tax repeal into reshaping the broader emissions reporting framework."},"complexity_factors":["Amends at least 11 separate Acts simultaneously, requiring cross-referencing across multiple legislative frameworks","Staggered commencement dates (up to 9 different start dates for different provisions), including some backdated to 1 July 2014 — before the Act received Royal Assent on 17 July 2014","The repealed Clean Energy Act 2011 is kept partially alive in modified form (via a table of 60+ modifications) for transitional purposes, creating a 'zombie' law that runs alongside the new Act","Highly technical interaction between carbon units, Kyoto units, Australian Carbon Credit Units, and international emissions units — each with distinct legal treatment across multiple Acts","Complex transitional provisions distinguishing between the 2012–13 and 2013–14 financial years, with different rules applying to each","Fuel tax credit changes require understanding of the interaction between excise duty, carbon price adjustments, Opt-in Scheme, and sector-specific rules (agriculture, fishing, forestry, aviation)","Financial services law implications: Australian financial services licences relating to carbon units required special transitional treatment under the Corporations Act","Hundreds of individual technical amendments (omissions, substitutions, repeals of subsections, paragraphs, definitions) spread across many Acts","The 'designated carbon unit day' concept introduces a Regulator-controlled floating deadline that affects when transitional provisions expire","Interaction with anti-money laundering law, petroleum resource rent tax, GST law, and income tax law adds multiple regulatory dimensions"],"plain_english_summary":"## What This Law Does\n\nThis Act **abolished Australia's carbon tax** — the system that required large businesses emitting greenhouse gases (heat-trapping gases like CO2) to buy permits called \"carbon units\" for every tonne of pollution they produced.\n\n## The Carbon Tax in Plain English\n\nFrom 2012, Australia ran a \"carbon pricing mechanism\" — big polluters (power stations, steel mills, etc.) had to hold a carbon unit for every tonne of greenhouse gas they emitted. This put a price on pollution to encourage businesses to reduce emissions. This Act ended that system from **1 July 2014**.\n\n## Who Is Affected?\n\n**Large industrial businesses** (energy generators, manufacturers, miners): They no longer had to buy carbon units or pay the carbon price. This reduced their operating costs.\n\n**Fuel users and businesses**: The Act removed carbon-price adjustments from fuel tax credits (rebates on fuel excise tax). For most off-road fuel users (farmers, miners, etc.), this actually *improved* their fuel tax credits because the previous carbon-price reduction to those credits was removed.\n\n**Financial services firms**: Businesses that held licences to trade carbon units (treating them as financial products) had their licences cleaned up — ASIC (the corporate regulator) could cancel or vary licences relating only to carbon unit trading.\n\n**Ordinary Australians**: The carbon tax had added costs to electricity and goods — its removal was intended to lower prices, though the actual price impact was contested.\n\n## What the Act Actually Did (Step by Step)\n\n1. **Repealed the Clean Energy Act 2011** and five related charging Acts — the legal foundation of the carbon tax — effective 1 July 2014.\n\n2. **Wound up outstanding obligations**: Companies still had to acquit (hand back) carbon units for emissions from the 2012–13 and 2013–14 financial years. The Act kept limited parts of the old law alive temporarily to allow this winding-up process (with deadlines running into early 2015).\n\n3. **Cancelled surplus carbon units**: Any carbon units not needed for past-year compliance were cancelled.\n\n4. **Amended at least 11 other Acts** to remove all references to carbon units, carbon pricing, and related mechanisms — including tax law, corporate law, emissions reporting law, fuel tax law, and anti-money laundering law.\n\n5. **Simplified the Australian National Registry of Emissions Units** (the government database tracking pollution permits) by removing carbon unit entries, keeping only Kyoto units (international climate credits) and Australian Carbon Credit Units (from the separate Carbon Farming Initiative — a voluntary offset scheme that survived).\n\n6. **Adjusted fuel tax credits**: Removed the rule that reduced fuel tax credits by the equivalent carbon cost, meaning businesses using fuel off-road got bigger credits after repeal.\n\n## What Stayed in Place\n\n- The **Carbon Farming Initiative** (paying farmers and landholders for carbon sequestration projects) survived under a separate Act.\n- Greenhouse gas **reporting obligations** under the National Greenhouse and Energy Reporting Act continued.\n- The **Clean Energy Regulator** continued operating, just with a narrower role.\n- Australia's international climate commitments (Kyoto Protocol units) remained.\n\n## Key Dates\n- **1 July 2014**: Carbon tax ended; main repeals took effect.\n- **17–18 July 2014**: Act received Royal Assent; remaining provisions commenced.\n- **Early 2015**: Final deadline for businesses to hand back carbon units for 2013–14 obligations."},"kimi_summary":{"_metrics":{"completionTokens":646},"content_quality":"ok","complexity_score":9,"scope_assessment":{"changed":true,"description":"The legislation significantly expanded beyond simple repeal to include: (1) a comprehensive price exploitation regime with civil and criminal penalties; (2) detailed substantiation and reporting requirements for energy retailers; (3) transitional modifications preserving modified versions of repealed laws for winding-up purposes; (4) ARENA funding restructure; and (5) repeal of unrelated programs (Steel Transformation Plan, conservation tillage offsets). The scope grew from a simple repeal bill to a complex economic transition and consumer protection package."},"complexity_factors":["Extensive cross-referencing between 15+ different Acts requiring simultaneous amendment","73-item modification table for the Clean Energy Act 2011 alone with conditional timing provisions","Multiple overlapping commencement dates (Royal Assent, 1 July 2014, 1 January 2014, and various triggered dates)","Complex transitional provisions preserving some carbon tax elements for 2012-13 and 2013-14 financial years while abolishing others","Detailed price exploitation provisions in Schedule 2 with civil penalties, criminal offences, and infringement notice schemes","Numerous defined terms with conditional or substituted meanings (e.g., 'eligible financial year' redefined to only include 2012-13 and 2013-14)","Registry account mechanics for carbon unit cancellation with designated carbon unit day (9 February 2015 or later)","Jobs and Competitiveness Program true-up shortfall calculations with levy imposition"],"plain_english_summary":"This legislation repeals Australia's carbon pricing mechanism (commonly known as the \"carbon tax\") that was introduced by the previous government. The Act does several things:\n\n**Main changes:**\n- **Repeals the Clean Energy Act 2011** and five related Acts that established the carbon pricing scheme\n- **Winds up the carbon tax system** while preserving some transitional arrangements for the 2012-13 and 2013-14 financial years\n- **Requires businesses to pass on cost savings** from the repeal to consumers, with penalties of 250% for failing to do so\n- **Amends numerous other laws** to remove carbon tax references, including tax laws, fuel tax laws, and corporate laws\n- **Cancels carbon units** held in registry accounts after a designated date (9 February 2015)\n- **Repeals related programs** including the Steel Transformation Plan and conservation tillage tax offsets\n- **Adjusts ARENA funding** (Australian Renewable Energy Agency) with a new payment schedule\n\n**Who it affects:**\n- Large emitters who previously paid the carbon tax\n- Electricity and gas retailers (must report on price reductions)\n- Businesses that traded carbon units\n- Companies receiving fuel tax credits\n- Anyone involved in the National Greenhouse and Energy Reporting scheme\n\n**Why it matters:**\nThis was a major policy reversal that removed Australia's price on carbon emissions, shifting from an emissions trading scheme approach to the \"Direct Action\" policy. It required significant transitional arrangements to unwind liabilities and obligations from the previous system while attempting to ensure consumers benefited from any cost reductions."}},"importantCases":[],"_links":{"self":"/api/acts/clean-energy-legislation-carbon-tax-repeal-act-2014","history":"/api/acts/clean-energy-legislation-carbon-tax-repeal-act-2014/history","analysis":"/api/acts/clean-energy-legislation-carbon-tax-repeal-act-2014/analysis","conflicts":"/api/acts/clean-energy-legislation-carbon-tax-repeal-act-2014/conflicts","importantCases":"/api/acts/clean-energy-legislation-carbon-tax-repeal-act-2014/important-cases","documents":"/api/acts/clean-energy-legislation-carbon-tax-repeal-act-2014/documents"}}