Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to amend the ACIS Administration Act 1999, and for related purposes
Administered by: DITR
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 16 Feb 2007
Introduced HR 07 Feb 2007

2004‑2005‑2006‑2007

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

ACIS Administration Amendment (Unearned Credit Liability) Bill 2007

 

No.      , 2007

 

(Industry, Tourism and Resources)

 

 

 

A Bill for an Act to amend the ACIS Administration Act 1999, and for related purposes

  

  


Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

3............ Schedule(s).......................................................................................... 1

Schedule 1—Amendments                                                                                                 3

ACIS Administration Act 1999                                                                                  3

 


A Bill for an Act to amend the ACIS Administration Act 1999, and for related purposes

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                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 1Amendments

  

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.