212Compliance with relinquishment requirements

#### 212 Compliance with relinquishment requirements Scope (1) This section applies if, under this Act or the Jobs and Competitiveness Program: (a) a person is required to relinquish a particular number of carbon units; and (b) the person is required to do so by a particular time (the compliance deadline). No units relinquished (2) If, by the compliance deadline, the person has not relinquished any carbon units in order to comply with the requirement, the person is liable to pay to the Commonwealth, by way of penalty, an amount worked out using the formula:  where: > prescribed amount for the financial year in which the compliance deadline occurs means: (a) if the requirement arose before the end of 31 July 2013—$46; or (b) if the requirement arose during the period beginning at the start of 1 August 2013 and ending at the end of 31 July 2014—$48.30; or (c) if the requirement arose during the period beginning at the start of 1 August 2014 and ending at the end of 31 July 2015—$50.80; or (d) in any other case: (i) if an amount is specified in the regulations for the financial year in which the compliance deadline occurs—that amount; or (ii) otherwise—an amount equal to 200% of the benchmark average auction charge for the previous financial year. Relinquishment of insufficient units (3) If, by the compliance deadline: (a) the person has relinquished one or more carbon units in order to comply with the requirement; and (b) the number of relinquished units is less than the number of units required to be relinquished; the person is liable to pay to the Commonwealth, by way of penalty, an amount worked out using the formula:  where: > prescribed amount for the financial year in which the compliance deadline occurs means: (a) if the requirement arose before the end of 31 July 2013—$46; or (b) if the requirement arose during the period beginning at the start of 1 August 2013 and ending at the end of 31 July 2014—$48.30; or (c) if the requirement arose during the period beginning at the start of 1 August 2014 and ending at the end of 31 July 2015—$50.80; or (d) in any other case: (i) if an amount is specified in the regulations for the financial year in which the compliance deadline occurs—that amount; or (ii) otherwise—an amount equal to 200% of the benchmark average auction charge for the previous financial year. When penalty becomes due and payable (4) An amount payable under this section is due and payable at the end of 30 days after the compliance deadline. Compliance (5) For the purposes of this section, a person relinquishes carbon units in order to comply with a particular requirement under this Act or the Jobs and Competitiveness Program if, and only if, the notice of relinquishment specifies the requirement. (6) To avoid doubt, a person may be liable to pay a penalty under this section even if: (a) the person is not the registered holder of any carbon units; or (b) the person is not the registered holder of the number of carbon units required to be relinquished.