Clean Energy Legislation (Carbon Tax Repeal) Act 2014 (83 of 2014)

Schedule 1   Repeal of the carbon tax

Part 2   Amendments

A New Tax System (Goods and Services Tax) Act 1999

7   Section 195-1

Insert:

eligible Australian carbon credit unit means:

(a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011); or

(b) a non-Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where:

(i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non-Kyoto Australian carbon credit unit; and

(ii) the non-Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or

(c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations.

Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislative Instruments Act 2003 to other instruments under this Act.