ACIS Administration Amendment (Unearned Credit Liability) Act 2007

No. 25, 2007

An Act to amend the ACIS Administration Act 1999, and for related purposes

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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