Carbon Pricing Act 2018 · 2020 Revised Edition · Part 5 · Carbon Pricing
29. Cancellation of fixed-price carbon credits
Feedback & supportLast amended by an amending law of 2022.
Where —
a registered person has failed to pay any tax in accordance with section 17 in relation to any taxable facility of the registered person; and
the registered person has any fixed‑price carbon credit in the FPCC registry account for that taxable facility,the Agency may cancel the fixed‑price carbon credit and remove it from the FPCC registry account, and the registered person is treated as having paid the tax in relation to the taxable facility to the extent of the carbon price of the fixed‑price carbon credit so cancelled and removed.
Where any fixed‑price carbon credit in an FPCC registry account for a taxable facility of a registered person has been obtained by the registered person through fraud or any other unlawful means, the Agency may cancel the fixed‑price carbon credit and remove it from the FPCC registry account.
FPCC registry account
“fixed-price carbon credit registry account” or “FPCC registry account” means a registry account for a taxable facility of a registered person that is opened by the Agency in the Fixed‑Price Carbon Credits Registry under section 31;
A registered person that has any fixed‑price carbon credit cancelled and removed under subsection (2) —
registered person
“registered person” means a person registered under section 7;
is not treated as having paid any tax in relation to the taxable facility to which the FPCC registry account relates, to the extent of the carbon price of the fixed‑price carbon credit; and
is not entitled to any refund on the fixed‑price carbon credit.
The Agency must not exercise the power under subsection (1) or (2) without prior notice to the registered person.
Agency
“Agency” means the National Environment Agency established by the National Environment Agency Act 2002;