Clause 10

in subsection (1), delete “a reporting period” and substitute “an emissions year”;

in subsection (1)(a)(i), delete “reporting period” and substitute “emissions year”;

in subsection (2), delete paragraph (a) and substitute —“(a)subject to subsection (3A), by the surrender of fixed‑price carbon credits; or”;

in subsection (2)(b), delete “registry account” and substitute “FPCC registry account”; and

delete subsection (3) and substitute —“(3) Subject to subsection (3A), the number of fixed‑price carbon credits that must be surrendered under subsection (2)(a) is the number assessed by the Agency to have a total carbon price equal to the amount of tax charged.(3A) Despite subsections (2)(a) and (3) and subject to section 33B, one eligible international carbon credit may be surrendered in place of one fixed‑price carbon credit, in respect of such tax for such emissions year as may be prescribed.(3B) Where any tax is required to be paid pursuant to a revision of an assessment under section 23 —

the number of fixed-price carbon credits (at the carbon price applicable to the year in which they are to be purchased for the payment) that must be surrendered under subsection (2)(a) is the number assessed by the Agency to have a total carbon price equal to the amount of the tax, rounded down to the nearest whole number of such fixed‑price carbon credits; and

subsection (3A) does not apply except in the circumstances and to the extent prescribed.”.