Under the Renewable Energy Target (RET), liable entities are required to surrender certificates. The number of small-scale technology certificates required to be surrendered are calculated partly by the liable entities’ reduced acquisitions from the previous year.
Liable entities may apply to vary the surrender amounts for quarters one to 3 of the assessment year.
Section 38AF of the Renewable Energy (Electricity) Act 2000 (the Act) outlines applications to vary a required surrender amount. A liable entity may apply to vary the surrender amount if their reduced acquisitions in the assessment year are significantly different to the previous year’s acquisitions.
A variation in reduced acquisitions could be due to:
Liable entities can submit this application more than once in an assessment year.
Please note the potential risks involved with applying to vary the surrender amount. If the assessment year’s reduced acquisitions (AYRA) exceed the proposed amount in the application by more than ten per cent, the AYRA (lodged in the EAS) will be used to recalculate the required surrender amount (RSA) for quarters one to 3.
This would lead to automatic shortfall for the first 3 quarters of the assessment year and shortfall charges will be incurred.
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