Treasury Laws Amendment (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022 (24 of 2022)

Schedule 1   Amendments

Taxation Administration Act 1953

11   After Part 3-15 in Schedule 1

Insert:

Part 3-17 - Laminaria and Corallina decommissioning levy

Division 125 - General provisions relating to Laminaria and Corallina decommissioning levy

125-1 What this Division is about

You must give the Commissioner a return relating to Laminaria and Corallina decommissioning levy if you are a leviable entity for a financial year.

An amount of levy is due and payable 21 days after the day the Commissioner gives you a notice of assessment.

This Division contains other rules relating to the administration of the levy, including rules dealing with charges and assessments.

Table of sections

Operative provisions

125-5 Returns

125-10 When Laminaria and Corallina decommissioning levy and related charges are due and payable

125-15 Assessments of Laminaria and Corallina decommissioning levy

Operative provisions

125-5 Returns

(1) You must give the Commissioner a return relating to *Laminaria and Corallina decommissioning levy in the *approved form if you are a leviable entity (within the meaning of the Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022) for a financial year that is a levy year (within the meaning of that Act).

Note: You are required to give the Commissioner a return in accordance with this subsection even if the amount of that levy you are liable to pay is nil.

(2) The return must be given within 6 months after the end of the financial year.

125-10 When Laminaria and Corallina decommissioning levy and related charges are due and payable

Original assessments

(1) If you are liable to pay an amount of *Laminaria and Corallina decommissioning levy for a financial year, the amount is due and payable 21 days after the day the Commissioner gives you a notice of assessment for the financial year.

Amended assessments

(2) If the Commissioner amends your assessment of an amount of *Laminaria and Corallina decommissioning levy, any extra levy resulting from the amendment is due and payable 21 days after the day the Commissioner gives you notice of the amended assessment.

Shortfall interest charge

(3) If you are liable to pay an amount of *shortfall interest charge under section 280-102D, the amount is due and payable 21 days after the day the Commissioner gives you notice of the charge.

General interest charge

(4) If an amount of levy or *shortfall interest charge payable under this section remains unpaid after it is due and payable, you are liable to pay *general interest charge on the unpaid amount for each day in the period that:

(a) started at the beginning of the day by which the amount was due to be paid; and

(b) finishes at the end of the last day at the end of which any of the following remains unpaid:

(i) the amount of levy or shortfall interest charge;

(ii) general interest charge on any of the amount of levy or shortfall interest charge.

125-15 Assessments of Laminaria and Corallina decommissioning levy

(1) In applying Division 155 in relation to an amount of *Laminaria and Corallina decommissioning levy:

(a) apply the provisions of that Division with the modification set out in subsection (2) of this section; and

(b) disregard section 155-70.

(2) Despite subsection 155-35(2), the period of review , for an assessment of an amount of *Laminaria and Corallina decommissioning levy, is:

(a) the period:

(i) starting on the day on which the Commissioner first gives notice of the assessment to you under section 155-10; and

(ii) ending on the last day of the period of 6 months starting the day after that day; or

(b) if the period of review is extended under subsection 155-35(3) or (4) - the period as so extended.