Tax Laws Amendment (2004 Measures No. 1) Act 2004 (95 of 2004)

Schedule 4   Amendment of the Energy Grants (Credits) Scheme (Consequential Amendments) Act 2003

8   Recouping entitlement to certain energy grants where assessment made before commencement

 

(1) If:

(a) the amendments made by this Schedule have the effect of reducing (the amount of the reduction being the recoupment amount ) an entity's entitlement to an energy grant (including to nil); and

(b) before the time at which this item commenced (the commencement time ), an assessment was made under section 17 of the Product Grants and Benefits Administration Act 2000 of the entity's entitlement to the energy grant;

then:

(c) the Commissioner of Taxation is not entitled to amend the assessment under section 20 of that Act to give effect to the reduction in the entitlement; but

Note: However, the Commissioner is not prevented from amending the assessment for any other purpose.

(d) the following entitlements of the entity:

(i) entitlements to grants and benefits within the meaning of the Product Grants and Benefits Administration Act 2000 that arose before the commencement time, where an assessment was not made before that time under section 17 of that Act of the entity's entitlement to the grant or benefit;

(ii) entitlements to grants and benefits, within the meaning of that Act, that, disregarding this item, arise at or after the commencement time;

are reduced in accordance with the rules in subitem (2).

      

(2) The rules are:

(a) the entitlements are reduced, in the order in which they arose or arise, until the total amount of the reduction equals the recoupment amount; and

(b) if 2 or more entitlements arose or arise at the same time, they are taken for the purposes of paragraph (a) to have arisen or to arise in the order determined by the Commissioner of Taxation.