121Simplified outline

#### 121 Simplified outline The following is a simplified outline of this Part: • If a person is the registered holder of one or more eligible emissions units, the person may, by electronic notice transmitted to the Regulator, surrender any or all of those units. • If a person is a liable entity for a fixed charge year, the person will have a provisional unit shortfall (and be liable to pay unit shortfall charge) if the person does not surrender, by the end of 15 June in that year, a number of eligible emissions units equal to the total of the person’s interim emissions numbers for the year. • Generally, an interim emissions number is calculated by reference to 75% of the corresponding provisional emissions number. • If a person is a liable entity for a fixed charge year, the person will have a final unit shortfall (and be liable to pay unit shortfall charge) if the number of eligible emissions units surrendered by the person after 15 June in that year and before the next 1 February, together with the total of the person’s interim emissions numbers, does not equal the person’s emissions number for the year. • If a person is a liable entity for a flexible charge year, the person will have a unit shortfall (and be liable to pay unit shortfall charge) if the person does not, before the end of the next 1 February, surrender a number of eligible emissions units equal to the person’s emissions number for the year. • A surplus surrender in a fixed charge year will result in a refund payment. • A surplus surrender in a flexible charge year may be carried forward to reduce any unit shortfall for the next financial year. • The number of eligible international emissions units surrendered for any of the first 5 flexible charge years must not exceed 50% of the person’s emissions number for the year. • An eligible international emissions unit cannot be surrendered for a fixed charge year. • There are restrictions on the types of eligible international emissions units that can be surrendered. • The Regulator may make an advisory assessment of a person’s unit shortfall and the unit shortfall charge payable on that shortfall. > Note: Unit shortfall charge is imposed by whichever of the following is applicable: (a) Part 3 of the Clean Energy (Charges—Excise) Act 2011; (b) Part 3 of the Clean Energy (Charges—Customs) Act 2011; (c) the Clean Energy (Unit Shortfall Charge—General) Act 2011.