66Notification

66 Notification

Joint ventures in existence on 1 July 2012 (1) If: (a) on 1 July 2012, a mandatory designated joint venture is in existence; and (b) it may reasonably be expected that, if the joint venture had been constituted as a company instead of as a joint venture, the company would be a liable entity under Division 2 for the eligible financial year beginning on 1 July 2012 as the result of the emission of greenhouse gas from the operation of a facility of the joint venture; the participants in the joint venture must: (c) jointly notify the Regulator, in writing: (i) that they are participants in the joint venture; and (ii) of the facility; and (d) do so before the end of 31 July 2012. Joint ventures that come into existence after 1 July 2012 (2) If: (a) at a particular time after 1 July 2012, a mandatory designated joint venture comes into existence; and (b) it is reasonable to expect that, assuming that the joint venture had been constituted as a company instead of as a joint venture, the company would be a liable entity under Division 2 for: (i) the eligible financial year in which that time occurred; or (ii) the next eligible financial year; because of the emission of greenhouse gas from the operation of a facility of the joint venture; the participants in the joint venture must: (c) jointly notify the Regulator, in writing: (i) that they are participants in the joint venture; and (ii) of the facility; and (d) do so within 30 days after becoming such a participant. Facilities that become facilities of a mandatory designated joint venture after 1 July 2012 (3) If: (a) at a particular time on or after 1 July 2012, a facility becomes a facility of a mandatory designated joint venture; and (b) it is reasonable to expect that, assuming that the joint venture had been constituted as a company instead of as a joint venture, the company would be a liable entity under Division 2 for: (i) the eligible financial year in which that time occurred; or (ii) the next eligible financial year; because of the emission of greenhouse gas from the operation of the facility; the participants in the joint venture must: (c) jointly notify the Regulator, in writing: (i) that they are participants in the joint venture; and (ii) of the facility; and (d) do so within 30 days after that time. Mandatory designated joint ventures that cease to exist after 1 July 2012 (4) If: (a) at a particular time after 1 July 2012, a joint venture ceases to be a mandatory designated joint venture; and (b) it is reasonable to expect that, assuming that the joint venture had been constituted as a company instead of as a joint venture, the company would be a liable entity under Division 2 for the eligible financial year in which that time occurred because of the emission of greenhouse gas from the operation of a facility of the joint venture; the participants in the joint venture must: (c) jointly notify the Regulator, in writing, of the cessation; and (d) do so within 30 days after the cessation. Application for participating percentage determination (5) A notification under subsection (1), (2) or (3) in relation to a facility must be accompanied by an application under section 74 for a participating percentage determination for the joint venture in relation to the facility. Civil penalty provisions (6) Subsections (1), (2), (3) and (4) are civil penalty provisions.