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		Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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