Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation is made for subsection 38AG(8) of the Act and sets out the requirements the Regulator must comply with when exercising his or her functions or powers under section 38AG of the Act.
(2) If the Regulator is satisfied that the proposed amount for a quarter specified in the liable entity's application is the best estimate of 4 times the liable entity's reduced acquisitions for the relevant quarter, the Regulator must determine that amount for the relevant quarter under paragraph 38AG(3)(a) of the Act.
(3) If the Regulator is not satisfied as mentioned in subregulation (2), the Regulator must, subject to subsection 38AG(5) of the Act, determine an amount that is the Regulator's best estimate of 4 times the liable entity's reduced acquisitions for the relevant quarter.
(4) In making a decision under subregulation (2) or (3), the Regulator must deduct, on a pro - rata basis, the estimated total amount of exemptions for the assessment year from each quarter's relevant acquisitions.