Commonwealth Consolidated Acts

TRUE-UP SHORTFALL LEVY (EXCISE) (CARBON TAX REPEAL) ACT 2014 - SECT 8

  (1)   If a person has a true - up shortfall, levy is imposed on the true - up shortfall.

  (2)   Levy imposed by subsection   ( 1) is payable by the person.

Amount of levy

  (3)   The amount of levy imposed by subsection   ( 1) on a true - up shortfall is the amount worked out using the formula:

General

  (4)   This section imposes levy only so far as that levy is a duty of excise within the meaning of section   55 of the Constitution.