Page:Carbon Pricing Act 2018.pdf/21

22 PART 5 CARBON PRICING Division 1—Carbon tax Carbon tax

16.—(1) A tax, called the carbon tax, is charged on the total amount of reckonable GHG emissions of a taxable facility of a registered person in a reporting period, as is set out in an emissions report or the part of an emissions report for the reporting period that is verified under section 12 and approved by the Agency, respectively.

(2) Subsection (1) does not apply if the total amount of the reckonable GHG emissions in that reporting period does not attain the second emissions threshold.

(3) The amount of the tax charged under subsection (1) is calculated based on the formula A×B, where—
 * (a) A is the carbon dioxide equivalence of the total amount of the reckonable GHG emissions mentioned in subsection (1), rounded up to the nearest metric tonne; and
 * (b) B is the carbon tax rate specified in Part 1 of the Third Schedule.

(4) The tax charged under subsection (1) accrues as a liability of the registered person at the end of the reporting period in question, and must be paid by the registered person in accordance with this Part.

Payment of tax and penalty

17.—(1) The tax for a reporting period must be paid—
 * (a) against an assessment pursuant to section 21(1) or (2), by the later of—
 * (i) 30 September of the year immediately following the reporting period; or
 * (ii) 30 days after the date of service on the registered person of the notice of assessment; and