53ALedger treatment of amounts recovered under the ACIS (Unearned Credit Liability) Act 1999

#### 53A Ledger treatment of amounts recovered under the ACIS (Unearned Credit Liability) Act 1999 If UCL received in same ACIS Stage that duty credit was issued or the following calendar year (1) If: (a) a person is liable to pay to the Commonwealth a UCL amount in relation to duty credit issued to a participant in respect of a particular ACIS Stage; and (b) the UCL amount is received, or likely to be received, by the Commonwealth during: (i) the particular stage; or (ii) the calendar year next following the particular stage; then, in determining amounts to be entered in the ACIS ledger under subsection 53(1) in respect of the particular stage, the UCL amount must be taken into account in that stage. > Note: See the guidelines made under section 55 for how UCL amounts are to be dealt with. If UCL received at a later time (2) If: (a) a person is liable to pay to the Commonwealth a UCL amount in relation to duty credit issued to a participant in respect of a particular ACIS Stage; and (b) the UCL amount is not received, or not likely to be received, by the Commonwealth during: (i) the particular stage; or (ii) the calendar year next following the particular stage; then, in determining amounts to be entered in the ACIS ledger under subsection 53(1), the UCL amount must not be taken into account: (c) in that particular stage; or (d) in any other ACIS Stage. (3) In this section: > UCL amount means the amount of a liability imposed under the ACIS (Unearned Credit Liability) Act 1999, including amounts received, or likely to be received, as offsets of particular duty credit against this liability.