33Penalty on allocation for unused entitlement in previous quota year

33 Penalty on allocation for unused entitlement in previous quota year

(1) A person has an allocation penalty for a quota type and a quota year if, as at the end of the annual application day for the quota type and quota year, the total weight for which tariff rate quota certificates have been issued to the person in relation to consignments of that quota type in relation to the previous quota year is less than the amount worked out using the following formula:Start formula Required usage percentage times open bracket Allocations plus Transfers in minus Transfers out minus Returns close bracket end formulawhere:

allocations is the sum of all of the amounts of tariff rate quota entitlement for the quota type and the previous quota year that the person has been allocated.

required usage percentage is the required usage percentage for the quota type.

returns is the sum of all of the amounts of tariff rate quota entitlement for the quota type and the previous quota year that the person returned on or before the reclamation day for the previous quota year.

transfers in is the sum of all of the amounts of tariff rate quota entitlement for the quota type and the previous quota year that have been transferred to the person.

transfers out is the sum of all of the amounts of tariff rate quota entitlement for the quota type and the previous quota year that have been transferred from the person to another person.

(2) However, the person does not have an allocation penalty if, as at the end of the annual application day for the quota type and quota year: (a) the person’s tariff rate quota entitlement for the quota type and the previous quota year is less than the penalty individual threshold for the quota type and the previous quota year; or (b) the uncommitted annual access amount for the quota type and the previous quota year, less any amounts of tariff rate quota entitlement for the previous quota year that were returned to the Secretary after the reclamation day for the previous quota year, is greater than the penalty pool threshold for the quota type and the previous quota year. (3) If a person has an allocation penalty for a quota type and a quota year, the amount of the allocation penalty is the amount, as at the end of the annual application day for the quota type and quota year, of the person’s tariff rate quota entitlement for the quota type and the previous quota year.