ACIS Administration Amendment (Unearned Credit Liability) Act 2007

ACIS Administration Amendment (Unearned Credit Liability) Act 2007 No. 25, 2007 An Act to amend the ACIS Administration Act 1999 , and for related purposes Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendments ACIS Administration Act 1999 ACIS Administration Amendment (Unearned Credit Liability) Act 2007 No. 25, 2007 An Act to amend the ACIS Administration Act 1999 , and for related purposes [ Assented to 15 March 2007 ] 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on which it receives the Royal Assent. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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. [ Minister’s second reading speech made in— House of Representatives on 7 February 2007 Senate on 26 February 2007 ] (2/07)