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Deadline for liable entities to vary their 2022 required surrender amount is approaching

15 September 2022

The deadline for Renewable Energy Target Liable Entities to apply to vary their 2022 required surrender amounts is Friday, 30 September 2022.

Who can apply?

If you are a liable entity that lodged an energy acquisition statement (EAS) for the previous assessment year and have been provided with an estimate of required surrender amounts under section 40C of the Renewable Energy (Electricity) Act 2000 (the REE Act), you can apply to vary the required surrender amount for the first 3 quarters of the current year.

If you anticipate that your current year's reduced acquisitions will be substantially lower than the previous year's reduced acquisitions, you should consider lodging an application to vary the required surrender amount under section 38AF of the REE Act.

A decrease in reduced acquisitions can occur for a variety of reasons including the:

  • loss of a large customer or multiple customers
  • increase in exemption certificates compared with the previous year
  • cessation of trade
  • merger with another corporation.

What happens if you underestimate your relevant acquisitions?

Please ensure all relevant acquisitions and exemption certificates for the current assessment year are taken into consideration. It is important to note that if your assessment year's reduced acquisitions exceed the proposed amount by more than 10%, your required surrender amount for the first 3 quarters will be recalculated based on the amount reported in the EAS for the current assessment year.

Additional certificates cannot be surrendered for previous quarters which may result in shortfall charges being applied for quarters 1 to 3.

How to apply

Complete and submit the form: Application to vary the required surrender amount for the first three quarters of the assessment year.

More information

For more information, please contact the RET Liability team on 1300 553 542 or by email at CER-RET-Liability@cer.gov.au.



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