Commonwealth Numbered Acts Commonwealth Numbered Acts(1) If a person has a unit shortfall for a financial year, charge is imposed on the unit shortfall.
(2) Charge imposed by subsection (1) is payable by the person.
Amount of charge
(3) The amount of charge imposed by subsection (1) on a unit shortfall is the amount worked out using the formula:
where:
"prescribed amount for the financial year" means:
(a) if the financial year is a fixed charge year--an amount equal to 130% of the per unit charge applicable under subsection 100(1) of the Clean Energy Act 2011 for the issue of a carbon unit with a vintage year of that fixed charge year; or
(b) if the financial year is a flexible charge year:
(i) if an amount is specified in the regulations for the financial year--that amount; or
(ii) otherwise--an amount equal to 200% of the benchmark average auction charge for the previous financial year.
(4) An amount specified in regulations made for the purposes of subparagraph (b)(i) of the definition of prescribed amount for the financial year in subsection (3) in relation to a financial year:
(a) must not be less than 130% of the benchmark average auction charge for the previous financial year; and
(b) must not exceed 200% of the benchmark average auction charge for the previous financial year.
General
(5) This section imposes charge only so far as that charge is a duty of customs within the meaning of section 55 of the Constitution.
