38AGNo energy acquisition statement lodged for previous year: application to have amount apply as if it were previous year’s reduced acquisitions

#### 38AG No energy acquisition statement lodged for previous year: application to have amount apply as if it were previous year’s reduced acquisitions (1) If, for any reason, the liable entity did not lodge an energy acquisition statement for the previous year before 1 April in the assessment year, the liable entity may apply to the Regulator to have an amount (the proposed amount) apply as if it were the previous year’s reduced acquisitions for the purpose of applying subsection 38AE(1), (2) or (3) to a quarter (the relevant quarter) of the assessment year. > Note 1: Different amounts may be proposed by the liable entity, and different amounts may be determined by the Regulator, in relation to different quarters of the assessment year. > Note 2: If the liable entity does not make an application under this section, the default rule in section 38AH will apply. (2) The application must: (a) specify the proposed amount for the relevant quarter; and (b) be made before the end of the assessment year. > Note: For other provisions relating to the making of applications, see section 38AI. (3) The Regulator must consider the application and must, in writing: (a) determine that the proposed amount, or a different amount, is to apply for the relevant quarter as if it were the previous year’s reduced acquisitions; or (b) refuse to make such a determination. (4) A determination under subsection (3) is not a legislative instrument. (5) In relation to the Regulator’s power to determine an amount that is different from the proposed amount for the relevant quarter: (a) a different amount determined by the Regulator must not be less than the proposed amount; and (b) before determining a different amount, the Regulator must: (i) invite the liable entity to comment on the amount that the Regulator proposes to determine; and (ii) consider the liable entity’s comments (if any). (6) If the Regulator determines an amount for the relevant quarter under paragraph (3)(a), then subsection 38AE(1), (2) or (3) (as the case requires) applies to the relevant quarter as if the amount determined were the previous year’s reduced acquisitions. (7) The Regulator must give the liable entity written notice of the Regulator’s decision in relation to the application. (8) The Regulator must comply with any requirements prescribed by the regulations in relation to the exercise of the Regulator’s functions or powers under this section.