2004-2005-2006-2007

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

ACIS Administration Amendment (Unearned Credit Liability) Bill 2007

No. , 2007

(Industry, Tourism and Resources)

A Bill for an Act to amend the ACIS Administration Act 1999, and for related purposes



ACIS Administration Amendment (Unearned Credit Liability) Bill 2007 No. , 2007

ACIS Administration Amendment (Unearned Credit Liability) Bill 2007 No. , 2007
Contents

 

1 Short title 1

 

2 Commencement 1

 

3 Schedule(s) 1
Schedule 1--Amendments 3
ACIS Administration Act 1999 3




Amendments Schedule 1



ACIS Administration Amendment (Unearned Credit Liability) Bill 2007 No. , 2007

ACIS Administration Amendment (Unearned Credit Liability) Bill 2007 No. , 2007

ACIS Administration Amendment (Unearned Credit Liability) Bill 2007 No. , 2007
A Bill for an Act to amend the ACIS Administration Act 1999, and for related purposes
The Parliament of Australia enacts:

 

1 Short title

This Act may be cited as the ACIS Administration Amendment (Unearned Credit Liability) Act 2007.

 

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

 

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1--Amendments

ACIS Administration Act 1999

 

1 After subsection 94(1)
Insert:

(1A) A person who has or had duty credit is not entitled to the credit if the credit was issued in respect of an investment that was not an eligible investment.

 

2 Section 95
Repeal the section, substitute:

 

95 Unearned credit liability

If:

        (a)   a person has received duty credit; and

        (b)   the person is not entitled to the credit (for a reason set out in section 94 or any other reason);
the person is liable to pay to the Commonwealth an unearned credit liability.

 

3 Paragraphs 114(j) and (k)
Repeal the paragraphs, substitute:

        (j)   a decision by the Secretary under section 102 that a person is liable to pay an amount of unearned credit liability;

 

4 Application
The amendments made by this Schedule apply in relation to duty credits issued in respect of a quarter after the final quarter for ACIS Stage 1.

 

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