(1)
This section applies if a person fails, by the due date,—
to surrender units that the person is required to surrender; or
to repay units that the person is required to repay.
(2)
The person must (in addition to surrendering or repaying the units) pay to the EPA a penalty calculated as follows:
3 × a × b
where—
is the number of units that the person failed to surrender or repay by the due date
is the price, in dollars, of carbon per tonne on the due date, as set by or in accordance with regulations made under section 30W.
(3)
The EPA must give a notice to the person that—
refers to the person’s failure to surrender or repay units by the due date and the provision under which the person is liable to surrender or repay the units; and
refers to any relevant notice that the EPA has given the person in respect of the requirement to surrender or repay the units (for example, a notice given under section 123(1)); and
specifies the number of units that the person must surrender or repay; and
specifies the amount of the penalty that the person must pay under this section; and
advises that the person may request to enter into a deferred payment arrangement under section 135A; and
advises that, unless the units are surrendered or repaid and the penalty is paid in full within 20 working days after the notice is given, interest on the amount of the penalty will accrue in accordance with section 137.
(4)
In this section, due date means the final date by which the person was required to surrender or repay the units.
Section 134: replaced, on 1 January 2021, by section 220 of the Climate Change Response (Emissions Trading Reform) Amendment Act 2020 (2020 No 22).