ACIS Administration Amendment (Unearned Credit Liability) Act 2007
No. 25, 2007
An Act to amend the ACIS Administration Act 1999, and for related purposes
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 2
3............ Schedule(s)......................................................................................... 2
Schedule 1—Amendments 3
ACIS Administration Act 1999 3
ACIS Administration Amendment (Unearned Credit Liability) Act 2007
No. 25, 2007
An Act to amend the ACIS Administration Act 1999, and for related purposes
[Assented to 15 March 2007]
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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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.
[Minister’s second reading speech made in—
House of Representatives on 7 February 2007
Senate on 26 February 2007]