52Adjusting the net total number of Australian carbon credit units

#### 52 Adjusting the net total number of Australian carbon credit units Determination relating to transferor offsets projects or transferee offsets projects (1) The Regulator may determine that, whenever it is necessary to work out the net total number of Australian carbon credit units issued in relation to the transferor offsets project, the Act has effect, in relation to the transferor offsets project, as if the net total number of Australian carbon credit units issued in relation to the project in accordance with Part 2 of the Act were decreased by the number specified in the determination. (2) The Regulator may determine that, whenever it is necessary to work out the net total number of Australian carbon credit units issued in relation to a transferee offsets project, the Act has effect, in relation to the transferee offsets project, as if the net total number of Australian carbon credit units issued in relation to the project in accordance with Part 2 of the Act were increased by the number specified in the determination. (3) If the Regulator has made a determination under subsection (1) or (2), the Act has effect in accordance with the determination. Adjusting for reporting periods for which Australian carbon credit units have not been claimed (4) If: (a) a project proponent for a transferor offsets project has given the Regulator an offsets report for the project for a reporting period; and (b) the offsets report was given to the Regulator before the relevant area ceased to be, or ceased to be part of, the transferor offsets project; and (c) the project proponent did not apply to the Regulator for the issue of a certificate of entitlement for the project for the reporting period; the Regulator must, when making a determination under subsection (1) or (2), take into account the Australian carbon credit units that would have been issued under Part 2 of the Act for the reporting period had the proponent applied for, and been issued, a certificate of entitlement for the project for the reporting period. > Note: For the meaning of relevant area, see subsection 4(1). Adjusting for incomplete reporting periods (5) The Regulator must, when making a determination under subsection (1) or (2), take into account the Australian carbon credit units that would have been issued for the sequestration of carbon in the relevant carbon pool on the relevant area during the period: (a) beginning on the day immediately following the end of the last reporting period; and (b) ending at the time the relevant area ceases to be part of the transferor offsets project. Note: The term relevant carbon pool is defined in section 5 of the Act. Varying a determination (6) The Regulator may vary a determination made under subsection (1) or (2) (the original determination) by remaking the determination if the Regulator receives: (a) in a case in which the Regulator took account of the matters mentioned in subsection (4) when making the original determination—an application for a certificate of entitlement for the relevant period; or (b) in a case in which the Regulator took account of the matters mentioned in subsection (5) when making the original determination—an application for a certificate of entitlement that covers the period mentioned in subsection (5).