ACIS Administration (Modulation) Guidelines 2000

I, NICHOLAS HUGH MINCHIN, Minister for Industry, Science and Resources, make these Guidelines under section 55 of the *ACIS Administration Act 1999*.

Dated 29 August 2000

NICK MINCHIN

Minister for Industry, Science and Resources

Contents

Page

Part 1 Preliminary

1 Name of Guidelines 2

2 Commencement 2

3 Objects 3

4 Definitions 3

Part 2 Modulation of credit

5 Modulation of production credit 4

6 Modulation of investment credit 5

Part 3 Determination of 2 billion cap rate

Division 1 2 billion cap rate for a quarter other than the final quarter

7 Definitions 6

8 Determination of 2 billion cap rate for a quarter in an ACIS year (other than the final quarter) 7

9 Steps involved in determining 2 billion cap rate 7

10 Determination of expected unmodulated uncapped production credit, etc 7

11 Determination of total available capped credit 8

12 Determination of 2 billion cap rate 9

Division 2 2 billion cap rate for the final quarter

13 Definitions 9

14 Determination of 2 billion cap rate for the final quarter 10

15 Steps involved in determining 2 billion cap rate for the final quarter 10

16 Determination of available capped credit 10

17 Determination of 2 billion cap rate for the final quarter 11

Division 3 2 billion cap rate for any additional amount of unmodulated credit

18 Definitions 12

19 Determination of 2 billion cap rate for any additional amount of unmodulated credit 12

20 Determination of 2 billion cap rate for a particular day 12

21 Steps involved in determining 2 billion cap rate for a particular day 12

22 Determination of available capped credit 13

23 Determination of 2 billion cap rate for a particular day 13

Part 4 Determination of 5% cap rate

24 Determination of 5% cap rate for a participant for a quarter 15

25 Determination of 5% cap rate for a participant for any additional amount of unmodulated credit 17

26 Determination of 5% cap rate for a participant for a particular day 17

27 Determination of 5% cap rate for a participant for a particular day 17

Part 5 Determination of 5% of sales cap

28 Determination of 5% of sales cap for a participant for an ACIS year 19

These Guidelines are the *ACIS Administration (Modulation) Guidelines 2000*.

These Guidelines commence on 1 September 2000.

(1) These Guidelines set out how the following kinds of credit are to be modulated:

(a) unmodulated uncapped production credit;

(b) unmodulated capped production credit;

(c) unmodulated investment credit.

(2) The purpose of modulating the credit is to ensure that:

(a) the $2 000 000 000 cap on ACIS mentioned in section 53 of the Act is not exceeded; and

(b) for each participant and in respect of each ACIS year, the 5% of sales cap mentioned in section 54 of the Act is not exceeded.

In these Guidelines:

** Act **means the

** additional amount**:

(a) in relation to unmodulated uncapped production credit or unmodulated capped production credit for an MVP — has the meaning given by subsection 5 (5); and

(b) in relation to unmodulated investment credit for a participant — has the meaning given by subsection 6 (4).

** 2 billion cap rate** means the rate for modulating an amount of credit to ensure that the $2 000 000 000 cap on ACIS mentioned in section 53 of the Act is not exceeded.

** 5% cap rate** means the rate for modulating an amount of credit to ensure that the 5% of sales cap mentioned in section 54 of the Act is not exceeded for a participant.

** final year**, means the ACIS year commencing 1 January 2005.

*Not*e A number of terms used in these Guidelines are defined in section 6 of the Act, including ** final quarter**,

5 Modulation of production credit

(1) For section 56 of the Act:

(a) the unmodulated uncapped production credit worked out by the Secretary for an MVP for a particular quarter is to be modulated by multiplying the amount of that credit by the 5% cap rate for the MVP for that quarter, determined under Part 4; and

(b) the unmodulated capped production credit worked out by the Secretary for an MVP for a particular quarter is to be modulated:

(i) by multiplying the amount of that credit by the 2 billion cap rate for that quarter, determined under Part 3; and

(ii) by multiplying the amount obtained under subparagraph (i) by the 5% cap rate for the MVP for that quarter, determined under Part 4.

(2) However, subsections (3) and (4) apply if, after the modulated credit for an MVP for a particular quarter has been worked out under subsection (1) and issued to the MVP:

(a) the Secretary is required to amend the ACIS ledger, under section 66 of the Act, to give effect to a decision of the Administrative Appeals Tribunal or of a court, or to correct an error in the ledger; and

(b) in giving effect to the decision or in correcting the error, the unmodulated uncapped production credit, or the unmodulated capped production credit, worked out for the MVP for that particular quarter (the ** revised amount**) exceeds the amount of that credit (the

(3) The additional amount of unmodulated uncapped production credit worked out for the MVP for that particular quarter is to be modulated by multiplying that amount by the 5% cap rate for the MVP for the additional amount, determined under Part 4.

(4) The additional amount of unmodulated capped production credit worked out for the MVP for that particular quarter is to be modulated:

(a) by multiplying that amount by the 2 billion cap rate for the additional amount, determined under Part 3; and

(b) by multiplying the amount obtained under paragraph (a) by the 5% cap rate for the MVP for the additional amount, determined under Part 4.

(5) In this section:

** additional amount **means the amount by which the revised amount exceeds the original amount.

6 Modulation of investment credit

(1) For sections 57 and 59 of the Act, the unmodulated investment credit worked out by the Secretary for an MVP, ACP, AMTP and ASP for a particular quarter is to be modulated:

(a) by multiplying the amount of that credit by the 2 billion cap rate for that quarter, determined under Part 3; and

(b) by multiplying the amount obtained under paragraph (a) by the 5% cap rate for the participant for that quarter, determined under Part 4.

(2) However, subsection (3) applies if, after the modulated credit for a participant for a particular quarter has been worked out under subsection (1) and issued to the participant:

(a) the Secretary is required to amend the ACIS ledger, under section 66 of the Act, to give effect to a decision of the Administrative Appeals Tribunal or of a court, or to correct an error in the ledger; and

(b) in giving effect to the decision or in correcting the error, the unmodulated investment credit worked out for the participant for that particular quarter (the ** revised amount**) exceeds the amount of that credit (the

(3) The additional amount of the unmodulated investment credit worked out for the participant for that particular quarter is to be modulated:

(a) by multiplying that amount by the 2 billion cap rate for the additional amount, determined under Part 3; and

(b) by multiplying the amount obtained under paragraph (a) by the 5% cap rate for the participant for the additional amount, determined under Part 4.

(4) In this section:

** additional amount **means the amount by which the revised amount exceeds the original amount.

Part 3 Determination of 2 billion cap rate

Division 1 2 billion cap rate for a quarter other than the final quarter

In this Division:

** remaining ACIS year**, means an ACIS year in which at least 1 remaining quarter lies.

** remaining quarter**, in relation to the determination of a 2 billion cap rate, means a quarter in an ACIS year for which modulated credit has not been issued to participants as duty credit at the time of determining the 2 billion cap rate.

** total expected capped credit**, for a participant for an ACIS year, means the sum of:

(a) the total amount of any additional amount of unmodulated capped production credit and unmodulated investment credit for the participant worked out to date during a remaining quarter in that year; and

(b) the total amount of expected unmodulated capped production credit, determined under section 10, for the participant for all remaining quarters in that year; and

(c) the total amount of expected unmodulated investment credit, determined under section 10, for the participant for all remaining quarters in that year.

** total expected credit**, for

(a) the total amount of modulated credit issued to date to the participant as duty credit during that year; and

(b) the total expected uncapped credit for the participant for that year; and

(c) the total expected capped credit for the participant for that year.

** total expected uncapped credit**, for

(a) any additional amount of unmodulated uncapped production credit for the participant worked out to date during a remaining quarter in that year; and

(b) the total amount of expected unmodulated uncapped production credit, determined under section 10, for the participant for all remaining quarters in that year.

8 Determination of 2 billion cap rate for a quarter in an ACIS year (other than the final quarter)

(1) The 2 billion cap rate for a quarter in an ACIS year (other than the final quarter) is the 2 billion cap rate for that year determined under subsection (3).

(2) However, if a new 2 billion cap rate is determined under subsection (4), the 2 billion cap rate for each remaining quarter in that year is the new 2 billion cap rate.

(3) The 2 billion cap rate for an ACIS year is the 2 billion cap rate determined under section 12 as soon as practicable after 31 October immediately preceding that year but before 1 April in that year.

(4) If the 2 billion cap rate for a quarter in an ACIS year is no longer appropriate for achieving the purpose of modulating the credit mentioned in paragraph 3 (2) (a), a new 2 billion cap rate may be determined under section 12 before modulated credit for that quarter has been issued to participants as duty credit.

*Example *The 2 billion cap rate for a quarter may no longer be appropriate if new participants subsequently enter the scheme.

9 Steps involved in determining 2 billion cap rate

The determination of a 2 billion cap rate involves the following steps:

(a) for each participant:

(i) determine the expected unmodulated uncapped production credit, expected unmodulated capped production credit and expected unmodulated investment credit for the participant for each remaining quarter under section 10;

(ii) determine the total expected credit for each remaining ACIS year;

(iii) determine the 5% of sales cap for each remaining ACIS year under Part 5;

(iv) determine the total available capped credit for each remaining ACIS year under section 11;

(b) determine the 2 billion cap rate under section 12.

10 Determination of expected unmodulated uncapped production credit, etc

(1) The expected unmodulated uncapped production credit, for a participant for a quarter, is the unmodulated uncapped production credit worked out for the participant for that quarter in accordance with the formula stated in subsection 42 (1) of the Act.

(2) The expected unmodulated capped production credit, for a participant for a quarter, is the unmodulated capped production credit worked out for the participant for that quarter in accordance with the formula stated in subsection 42 (2) of the Act.

(3) The expected unmodulated investment credit, for a participant for a quarter, is the total amount of unmodulated investment credit worked out for the participant for that quarter in accordance with the formulae stated in the following sections of the Act:

(a) for an MVP — sections 43, 44 and 45;

(b) for an ACP — sections 46 and 47;

(c) for an AMTP — sections 48 and 49;

(d) for an ASP — sections 50 and 51.

(4) For subsections (1), (2) and (3), in determining a value or amount for a quarter required by a formula stated in a section of the Act, the value or amount to be used is:

(a) if the actual value or amount is known — the actual value or amount; or

(b) in any other case — the value or amount worked out, based on estimates in the latest business plan provided by the participant that contains information about that value or amount.

(5) In determining the expected unmodulated investment credit for a participant for a particular quarter under subsection (3), the relevant quarter required by a formula has the meaning given by section 6 of the Act, as if the participant had provided a return for that particular quarter as such a participant under section 35 of the Act.

11 Determination of total available capped credit

The total available capped credit for a participant for an ACIS year is:

(a) if the total expected credit for the participant for that year is not more than the 5% of sales cap, determined under Part 5, for the participant for that year — the total expected capped credit for the participant for that year; or

(b) if the total expected credit for the participant for that year is more than the 5% of sales cap, determined under Part 5, for the participant for that year — the amount worked out in accordance with the formula:

where:

** A** is the total expected capped credit for the participant for that year.

** B** is the 5% of sales cap, determined under Part 5, for the participant for that year.

** C** is the total amount of modulated credit issued to date to the participant as duty credit during that year.

** D** is the sum of:

(a) the total expected uncapped credit for the participant for that year; and

(b) the total expected capped credit for the participant for that year.

12 Determination of 2 billion cap rate

The 2 billion cap rate is the lesser of:

(a) 1; or

(b) the rate (rounded down to 2 decimal places) worked out in accordance with the formula:

_{}_{}

where:

** E **is the total amount of the following kinds of credit issued to date to participants as duty credit:

(a) modulated capped production credit;

(b) modulated investment credit.

** F** is the total amount of unearned credit liability that:

(a) is in respect of the following kinds of credit:

(i) modulated capped production credit;

(ii) modulated investment credit; and

(b) has been received or is likely to be received by the Commonwealth (whether as payments or as offsets of duty credit against the liability).

** G** is the total amount of total available capped credit, determined under section 11, for all participants for all remaining ACIS years.

Division 2 2 billion cap rate for the final quarter

In this Division:

** total expected credit**, for

(a) the total amount of the modulated credit issued to the participant since the beginning of the final year; and

(b) the total amount of any additional amount of unmodulated uncapped production credit, unmodulated capped production credit and unmodulated investment credit for the participant worked out since the beginning of the final quarter; and

(c) the unmodulated uncapped production credit for the participant for the final quarter; and

(d) the unmodulated capped credit for the participant for the final quarter.

** unmodulated capped credit**, for

(a) the unmodulated capped production credit for the participant for the final quarter; and

(b) the unmodulated investment credit for the participant for the final quarter.

14 Determination of 2 billion cap rate for the final quarter

The 2 billion cap rate for the final quarter is the 2 billion cap rate determined under section 17 as soon as practicable after the period referred to in section 35 of the Act within which participants are required to lodge quarterly returns for the final quarter.

15 Steps involved in determining 2 billion cap rate for the final quarter

The determination of the 2 billion cap rate for the final quarter involves the following steps:

(a) for each participant:

(i) work out, under Part 4 of the Act, the unmodulated uncapped production credit, unmodulated capped production credit and unmodulated investment credit for the participant for the final quarter;

(ii) determine the total expected credit;

(iii) determine the 5% of sales cap for the final year under Part 5;

(iv) determine the available capped credit under section 16;

(b) determine the 2 billion cap rate under section 17.

16 Determination of available capped credit

The available capped credit for a participant is:

(a) if the total expected credit for the participant is not more than the 5% of sales cap, determined under Part 5, for the participant for the final year — the sum of:

(i) the unmodulated capped credit for the participant; and

(ii) the total amount of any additional amount of unmodulated capped production credit and unmodulated investment credit for the participant worked out since the beginning of the final quarter; or

(b) if the total expected credit for the participant is more than the 5% of sales cap, determined under Part 5, for the participant for the final year — the amount worked out in accordance with the formula:

_{}

where:

** A** is the sum of:

(a) the unmodulated capped credit for the participant; and

(b) the total amount of any additional amount of unmodulated capped production credit and unmodulated investment credit for the participant worked out since the beginning of the final quarter.

** B** is the 5% of sales cap, determined under Part 5, for the participant for the final year.

** C** is the total

** D** is the difference between:

(a) the total expected credit for the participant; and

(b) the total amount of modulated credit issued to the participant as duty credit since the beginning of the final year.

17 Determination of 2 billion cap rate for the final quarter

The 2 billion cap rate is the lesser of:

(a) 1; or

(b) the rate (rounded down to 2 decimal places) worked out in accordance with the formula:

_{}_{}

where:

** E **is the total amount of the following kinds of credit issued to date to participants as duty credit:

(a) modulated capped production credit;

(b) modulated investment credit.

** F **is the total amount of unearned credit liability that:

(a) is in respect of the following kinds of credit:

(i) modulated capped production credit;

(ii) modulated investment credit; and

(b) has been received or is likely to be received by the Commonwealth (whether as payments or as offsets of duty credit against the liability).

** G** is the total amount of available capped credit, determined under section 16, for all participants.

Division 3 2 billion cap rate for any additional amount of unmodulated credit

In this Division:

** total expected credit**, for

(a) the total amount of the modulated credit issued to the participant since the beginning of the final year; and

(b) the total amount of any additional amount of unmodulated uncapped production credit, unmodulated capped production credit and unmodulated investment credit for the participant worked out on that day.

19 Determination of 2 billion cap rate for any additional amount of unmodulated credit

The 2 billion cap rate for an additional amount of unmodulated capped production credit or unmodulated investment credit is:

(a) if the additional amount is worked out in a quarter before 1 January 2006 — the 2 billion cap rate for that quarter, determined under Division 1 or 2; or

(b) if the additional amount is worked out on or after 1 January 2006 but before any modulated credit for the final quarter has been issued to participants as duty credit — the 2 billion cap rate for the final quarter, determined under Division 2; or

(c) in any other case — the 2 billion cap rate for the day on which the additional amount is worked out.

20 Determination of 2 billion cap rate for a particular day

The 2 billion cap rate for a particular day is the 2 billion cap rate determined under section 23 as soon as practicable after that day.

21 Steps involved in determining 2 billion cap rate for a particular day

The determination of the 2 billion cap rate for a particular day involves the following steps:

(a) for each participant for which an additional amount of unmodulated capped production credit or unmodulated investment credit has been worked out on that day:

(i) determine the total expected credit;

(ii) determine the 5% of sales cap for the final year under Part 5;

(iii) determine the available capped credit under section 22;

(b) determine the 2 billion cap rate under section 23.

22 Determination of available capped credit

The available capped credit for a participant is:

(a) if the total expected credit for the participant is not more than the 5% of sales cap, determined under Part 5, for the participant for the final year — the total amount of any additional amount of unmodulated capped production credit and unmodulated investment credit for the participant worked out on that day; or

(b) if the total expected credit for the participant is more than the 5% of sales cap, determined under Part 5, for the participant for the final year — the amount worked out in accordance with the formula:

_{}

where:

** A** is the total amount of any additional amount of unmodulated capped production credit and unmodulated investment credit for the participant worked out on that day.

** B** is the 5% of sales cap, determined under Part 5, for the participant for the final year.

** C** is the total amount of modulated credit issued to the participant as duty credit since the beginning of the final year.

** D** is the total amount of any additional amount of unmodulated uncapped production credit, unmodulated capped production credit and unmodulated investment credit for the participant worked out on that day.

23 Determination of 2 billion cap rate for a particular day

The 2 billion cap rate is the lesser of:

(a) 1; or

(b) the rate (rounded down to 2 decimal places) worked out in accordance with the formula:

_{}_{}

where:

** E **is the total amount of the following kinds of credit issued to date to participants as duty credit:

(a) modulated capped production credit;

(b) modulated investment credit.

** F** is the total amount of unearned credit liability that:

(a) is in respect of the following kinds of credit:

(i) modulated capped production credit;

(ii) modulated investment credit; and

(b) has been received or is likely to be received by the Commonwealth (whether as payments or as offsets of duty credit against the liability).

** G** is the total amount of available capped credit, determined under section 22, for all participants for which an additional amount of unmodulated capped production credit or unmodulated investment credit has been worked out on that day.

Part 4 Determination of 5% cap rate

24 Determination of 5% cap rate for a participant for a quarter

(1) The 5% cap rate for a participant for a quarter in an ACIS year is the 5% cap rate determined under subsection (2) as soon as practicable after any unmodulated uncapped production credit, unmodulated capped production credit and unmodulated investment credit have been worked out for the participant for that quarter.

(2) The 5% cap rate for a participant for a quarter (other than the final quarter) is the lesser of:

(a) 1; or

(b) the rate (rounded down to 2 decimal places) worked out in accordance with the formula:

_{}

where:

** A** is the 5% of sales cap, determined under Part 5, for the participant for the ACIS year in which that quarter lies.

** B** is the total amount of modulated credit issued to date to the participant during the ACIS year in which that quarter lies.

** C** is the total amount of unearned credit liability that:

(a) is in respect of the modulated credit referred to in ** B**; and

(b) has been received by the Commonwealth (whether as payments or as offsets of duty credit against the liability).

** D** is the sum of:

(a) any unmodulated uncapped production credit for the participant for that quarter; and

(b) any additional amount of unmodulated uncapped production credit for the participant worked out during that quarter; and

(c) the product of:

(i) the unmodulated capped production credit for the participant for that quarter; and

(ii) the 2 billion cap rate for that quarter, determined under Part 3; and

(d) the product of:

(i) any additional amount of unmodulated capped production credit for the participant worked out during that quarter; and

(ii) the 2 billion cap rate for the additional amount, determined under Part 3; and

(e) the product of:

(i) the unmodulated investment credit for the participant for that quarter; and

(ii) the 2 billion cap rate for that quarter, determined under Part 3; and

(f) the product of:

(i) any additional amount of unmodulated investment credit for the participant worked out during that quarter; and

(ii) the 2 billion cap rate for the additional amount, determined under Part 3.

(3) The 5% cap rate for a participant for the final quarter is the lesser of:

(a) 1; or

(b) the rate (rounded down to 2 decimal places) worked out in accordance with the formula:

_{}

where:

** E** is the 5% of sales cap, determined under Part 5, for the participant for the final year.

** F** is the total amount of modulated credit issued to the participant since the beginning of the final year.

** G** is the total amount of unearned credit liability that:

(a) is in respect of the modulated credit referred to in ** F**; and

(b) has been received by the Commonwealth (whether as payments or as offsets of duty credit against the liability).

** H** is the sum of:

(a) any unmodulated uncapped production credit for the participant for the final quarter; and

(b) any additional amount of unmodulated uncapped production credit for the participant worked out since the beginning of the final quarter; and

(c) the product of:

(i) the unmodulated capped production credit for the participant for the final quarter; and

(ii) the 2 billion cap rate for the final quarter, determined under Part 3; and

(d) the product of:

(i) any additional amount of unmodulated capped production credit for the participant worked out since the beginning of the final quarter; and

(ii) the 2 billion cap rate for the additional amount, determined under Part 3; and

(e) the product of:

(i) the unmodulated investment credit for the participant for the final quarter; and

(ii) the 2 billion cap rate for the final quarter, determined under Part 3; and

(f) the product of:

(i) any additional amount of unmodulated investment credit for the participant worked out since the beginning of the final quarter; and

(ii) the 2 billion cap rate for the additional amount, determined under Part 3.

25 Determination of 5% cap rate for a participant for any additional amount of unmodulated credit

The 5% cap rate for a participant for an additional amount of unmodulated uncapped production credit, unmodulated capped production credit or unmodulated investment credit is:

(a) if the additional amount is worked out in a quarter before 1 January 2006 — the 5% cap rate for the participant for that quarter, determined under section 24; or

(b) if the additional amount is worked out on or after 1 January 2006 but before any modulated credit for the final quarter has been issued to participants as duty credit — the 5% cap rate for the participant for the final quarter, determined under section 24; or

(c) in any other case — the 5% cap rate for the participant for the day on which the additional amount is worked out.

26 Determination of 5% cap rate for a participant for a particular day

The 5% cap rate for a participant for a particular day is the 5% cap rate determined under section 27 as soon as practicable after that day.

27 Determination of 5% cap rate for a participant for a particular day

The 5% cap rate for a participant for a particular day is the lesser of:

(a) 1; or

(b) the rate (rounded down to 2 decimal places)** **worked out in accordance with the formula:

_{}

where:

** I **is the 5% of sales cap, determined under Part 5, for the participant for the final year.

** J **is the total amount of modulated credit issued to the participant since the beginning of the final year.

** K** is the total amount of unearned credit liability that:

(a) is in respect of the modulated credit referred to in ** J**; and

(b) has been received by the Commonwealth (whether as payments or as offsets of duty credit against the liability).

** L** is the sum of:

(a) any additional amount of unmodulated uncapped production credit for the participant worked out on that day; and

(b) the product of:

(i) any additional amount of unmodulated capped production credit for the participant worked out on that day; and

(ii) the 2 billion cap rate for the additional amount, determined under Part 3; and

(c) the product of:

(i) any additional amount of unmodulated investment credit for the participant worked out on that day; and

(ii) the 2 billion cap rate for the additional amount, determined under Part 3.

Part 5 Determination of 5% of sales cap

28 Determination of 5% of sales cap for a participant for an ACIS year

(1) The 5% of sales cap for a participant for an ACIS year is:

(a) for the purposes of determining a 2 billion cap rate under Part 3 — the 5% of sales cap determined under subsection (2) at the time of determining the 2 billion cap rate; or

(b) for the purposes of determining a 5% cap rate under Part 4 — the 5% of sales cap determined under subsection (2) at the time of determining the 5% cap rate.

(2) The 5% of sales cap for a participant for an ACIS year is:

(a) if paragraph 16 (1) (a), 17 (1) (a) or (2) (a), 18 (1) (a) or 19 (1) (a) of the Act applied to the participant — 5% of the sales value of the participant’s ACIS goods and services for the year immediately preceding that ACIS year; or

(b) if paragraph 16 (1) (b) or (c), 17 (1) (b) or (c) or (2) (b) or (c), 18 (1) (b) or (c) or 19 (1) (b) or (c) of the Act applied to the participant:

(i) for the ACIS year in which the participant is registered as a participant — 5% of the sales value of the participant’s ACIS goods and services for that ACIS year; and

(ii) for an ACIS year following the ACIS year in which the participant is registered as a participant — 5% of the sales value of the participant’s ACIS goods and services for the year immediately preceding that ACIS year.

(3) For subsection (2), in determining the sales value of the participant’s ACIS goods and services for a year, the following value is to be used:

(a) for each quarter in that year for which the actual sales value of the participant’s ACIS goods and services is known — the actual sales value; and

(b) for each other quarter in that year — the value estimated, in the latest business plan provided by the participant that contains information about that quarter, as the sales value of the participant’s ACIS goods or services for that quarter.

(4) In this section:

** sales value of ACIS goods and services**, of a participant, has the meaning given by subsection 54 (4) of the Act.