Commonwealth Consolidated Acts

ACIS ADMINISTRATION ACT 1999 - SECT 53A

If UCL received in same ACIS Stage that duty credit was issued or the following calendar year

             (1)  If:

                     (a)  a person is liable to pay to the Commonwealth a UCL amount in relation to duty credit issued to a participant in respect of a particular ACIS Stage; and

                     (b)  the UCL amount is received, or likely to be received, by the Commonwealth during:

                              (i)  the particular stage; or

                             (ii)  the calendar year next following the particular stage;

then, in determining amounts to be entered in the ACIS ledger under subsection 53(1) in respect of the particular stage, the UCL amount must be taken into account in that stage.

Note:          See the guidelines made under section 55 for how UCL amounts are to be dealt with.

If UCL received at a later time

             (2)  If:

                     (a)  a person is liable to pay to the Commonwealth a UCL amount in relation to duty credit issued to a participant in respect of a particular ACIS Stage; and

                     (b)  the UCL amount is not received, or not likely to be received, by the Commonwealth during:

                              (i)  the particular stage; or

                             (ii)  the calendar year next following the particular stage;

then, in determining amounts to be entered in the ACIS ledger under subsection 53(1), the UCL amount must not be taken into account:

                     (c)  in that particular stage; or

                     (d)  in any other ACIS Stage.

             (3)  In this section:

"UCL amount" means the amount of a liability imposed under the ACIS (Unearned Credit Liability) Act 1999 , including amounts received, or likely to be received, as offsets of particular duty credit against this liability.