19Requirement in lieu of newness requirement

19  Requirement in lieu of newness requirement

 (1) For subparagraph 27(4A)(a)(ii) of the Act, the substitute newness requirement is in lieu of the newness requirement for an SSOW project.

 (2) The project meets the substitute newness requirement if it has not begun to be implemented.

 (3) The project also meets the substitute newness requirement if:

 (a) the project proponent or project proponents for the project:

 (i) gave the Regulator a written notice of intention to make an application in relation to the project that satisfied:

 (A) paragraphs (1)(a) to (d) of item 388B of Schedule 1 to the amendment Act; or

 (B) paragraphs (1)(a) to (d) of item 388C of that Schedule; and

 (ii) made the application under section 22 of the Act, or were taken to have done so under the Act, before 1 July 2016; and

 (b) the project had not begun to be implemented at the intention notice time.

 (4) A determination as to whether a project has begun to be implemented at a particular time is to be done as if for the purposes of subparagraph 27(4A)(a)(i) of the Act (so that subsections 27(4B) to (4E) of the Act apply).

 (5) In this section:

amendment Act means the Carbon Farming Initiative Amendment Act 2014.

intention notice time has the same meaning as in item 388B or 388C of Schedule 1 to the amendment Act, as appropriate.

Note: Transitional provisions in the Carbon Farming Initiative Amendment Act 2014 allowed prospective proponents who gave notice of their intentions before the date of Proclamation of that Act to have the newness of their projects assessed as at the time of their notice, provided that they made the section 22 application before 1 July 2015. The effect of this section is to extend this deadline to 1 July 2016 for this determination.

Part 4—Net abatement amount

Division 1—Preliminary

20  Operation of this Part

  For paragraph 106(1)(c) of the Act, this Part specifies the method for working out the carbon dioxide equivalent net abatement amount for a reporting period for an SSOW project that is an eligible offsets project.