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Guides & Guidelines as made
These Guidelines vary the ACIS Administration (Modulation) Guidelines 2006 to improve its effectiveness by providing that the Secretary may revise the calculations used for determining the amount of duty credit a participant is entitled to receive where the information provided by a participant for these calculations may have been inaccurate or incomplete and will also ensure that actual data rather than forecasts are used in the modulation calculations for each quarter.
Administered by: Innovation, Industry, Science and Research
Registered 29 Mar 2010
Tabling HistoryDate
Tabled HR11-May-2010
Tabled Senate11-May-2010
Date of repeal 09 Aug 2013
Repealed by Industry, Innovation, Climate Change, Science, Research and Tertiary Education (Spent and Redundant Instruments) Repeal Regulation 2013

ACIS Administration (Modulation) Guidelines 2006 Variation 2010 (No. 1)1

ACIS Administration Act 1999

I, KIM CARR, Minister for Innovation, Industry, Science and Research, make this Variation under subsection 55 (1) of the ACIS Administration Act 1999.

Dated 26 March 2010

KIM CARR


1              Name of Variation

                This Variation is the ACIS Administration (Modulation) Guidelines 2006 Variation 2010 (No. 1).

2              Commencement

                This Variation commences on the day after it is registered.

3              Variation of ACIS Administration (Modulation) Guidelines 2006

                Schedule 1 varies the ACIS Administration (Modulation) Guidelines 2006.


Schedule 1        Variation

(section 3)

  

[1]           After Part 5

insert

Part 6                 Correction of ledger

  

33            Correction of ledger

         (1)   If the Secretary determines, under section 68 of the Act, that there is an error in the ledger in relation to:

                (a)    a current registered participant; and

               (b)    an ACIS Stage; and

                (c)    a matter worked out under these Guidelines;

the Secretary may, under subsection 66 (2) or (3) of the Act (as the case requires):

               (d)    cause the calculations to be revised for the participant; and

                (e)    amend the ACIS ledger in relation to the participant and the participant’s duty credit accordingly.

         (2)   If, under subsection (1), the Secretary is to cause calculations to be revised, the revised calculations are:

                (a)    to be based, where possible, on known values or amounts instead of estimates or forecasts; and

               (b)    to ensure that neither the ACIS Stage 2 cap nor the 5% of sales limit for the participant’s ACIS goods and services for the relevant ACIS year (set out in section 54 of the Act) is exceeded.

         (3)   However the 5% of sales limit to be used for calculations under this section is the limit that was, or should have been, used at the time the original calculation was made.

         (4)   Also, the operation of a provision in this Part must not result in the rights of a person (other than the Commonwealth or an authority of the Commonwealth) being affected so as to disadvantage that person.

         (5)   In this section:

error includes the giving of information to the Secretary or a delegate of the Secretary if the information:

                (a)    is inaccurate or incomplete (including an overestimate or an underestimate); and

               (b)    relates to expected, estimated or forecast investment or production credit mentioned in section 13 that is consequently (either specifically or in aggregate) reflected in an entry in the ledger.

Part 7                 Arrangements for ACIS year 2010

  

34            Application

         (1)   This Part applies in relation to registered participants for ACIS year 2010.

         (2)   If a provision of this Part modifies, or its operation has the effect of modifying, a provision of these Guidelines, the provision only applies as so modified in relation to ACIS year 2010.

35            Interpretation

                In this Part, a reference to a modulation rate includes a reference to a modulation rate worked out in accordance with section 16 or 17 (as the case requires) as modified by this Part.

36            Calculations

                If, under Division 2 of Part 3, the Secretary is to make calculations, the calculations are:

                (a)    to be based, where possible, on known values or amounts instead of forecasts; and

               (b)    to ensure that neither the ACIS Stage 2 cap nor the 5% of sales limit for the participant’s ACIS goods and services for the relevant ACIS year (set out in section 54 of the Act) is exceeded.

37            Timing: first, second and third quarters ACIS year 2010

         (1)   For subsections 11 (1) and (2), the modulation rate for the first, second and third quarters in 2010 is to be worked out as soon as practicable after the last day of the quarter in which a particular MVP is permitted to make a return for that quarter.

         (2)   Step 2 of subsection 11 (8) is modified by omitting “business plan credits” and inserting “total capped limited credit”.

         (3)   For subsection 12 (1) and (2), the modulation rate for the first, second and third quarters in 2010 is to be worked as soon as practicable after the last day of the quarter in which a particular non-MVP is permitted to make a return for that quarter.

         (4)   Step 2 of subsection 12 (8) is modified by omitting “business plan credits” and inserting “total capped limited credit”.

38            Timing: final quarter ACIS year 2010

         (1)   For subsections 16 (1) and (2), the modulation rate for the final quarter in 2010 is to be worked out as soon as practicable after the last day of the quarter in which a particular MVP is permitted to make a return for that quarter.

         (2)   Step 2 of subsection 16 (8) is modified by omitting “business plan credits” and inserting “total capped credit”.

         (3)   For subsections 17 (1) and (2), the modulation rate for the final quarter in 2010 is to be worked out as soon as practicable after the last day of the quarter in which a particular non-MVP is permitted to make a return for that quarter.

         (4)   Step 2 of subsection 17 (8) is modified by omitting “business plan credits” and inserting “total capped credit”.

39            Provisions to be regarded as omitted

                The following provisions do not apply in relation to ACIS year 2010:

·           subsection 11 (7)

·           subsection 12 (7)

·           subsection 16 (7)

·           subsection 17 (7)

·           section 19

·           Division 3 of Part 3

·           sections 29 to 31.


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.