Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies in relation to a certificate issued under section 8 to an entity for an income year if:
(a) based on information currently before the Minister, the Minister is satisfied that the certificate should not have been issued; or
(b) the entity fails to comply, to the extent that it is capable of doing so, with a notice given to it under subsection 19(1) (about providing information) in relation to the certificate.
(2) The Minister may:
(a) give the entity one or more written requests to take specified remedial action within specified periods; and
(b) if satisfied that the entity has failed to comply with a request given under paragraph (a), vary or revoke the certificate by written notice given to the entity.
Note 1: A decision under paragraph (b) is reviewable (see section 24).
Note 2: An example of a variation is varying the days to which the certificate applies. Another is varying the certificate so that it no longer sets out the matters in paragraphs 8(2)(a) and (b), and so ceases to be a shipping exempt income certificate.
Note 3: Revoking the certificate means the entity ceases to have it. If a certificate is revoked, or ceases to be a shipping exempt income certificate, the entity will not be eligible for the exempt income incentive for up to another 10 income years (see section 9).
Note 4: Consequences of a revocation will cease to apply if the revocation is set aside on review.
(3) If the Minister is satisfied that the circumstances require immediate action, the Minister may, by written notice given to the entity, vary or revoke the certificate without acting under subsection (2).
Note: A decision under this subsection is reviewable (see section 24).