55Minister must make modulation guidelines

#### 55 Minister must make modulation guidelines (1) The Minister must make guidelines setting out the way in which the following kinds of credit are to be modulated in respect of an ACIS Stage: (a) unmodulated investment credit issued to MVPs; and (aa) unmodulated investment credit issued to participants who are not MVPs; and (b) unmodulated capped production credit. (1A) The Minister must also make guidelines: (a) setting out how the stage caps referred to in section 53 are to be divided between MVPs and participants who are not MVPs as provided for in subsection 53(2); and (b) setting out how UCL amounts (see section 53A) that under subsection 53A(1) are required to be taken into account in respect of a particular stage are to be dealt with in that stage; and (c) setting out how the various credit referred to in section 54 with respect to a participant is to be adjusted so that the total of the credit does not exceed the 5% limit for the participant provided for in that section. (2) In making guidelines for the purposes of subsection (1) or (1A), the Minister must: (a) have regard to Australia’s international obligations under the WTO Agreement on Subsidies and Countervailing Measures; and (b) ensure that the relevant stage cap for the relevant ACIS Stage (see section 53) is not exceeded; and (c) ensure that, in respect of any ACIS year, the 5% of sales cap on individual participants (see section 54) is not exceeded. (3) Guidelines made for the purposes of subsection (1) or (1A) are disallowable instruments within the meaning of section 46A of the Acts Interpretation Act 1901.