New Vehicle Efficiency Standard Act 2024

A person may apply for the Secretary to issue a specified number of units to the person, under this section, in respect of a specified covered vehicle for the person for a year beginning on or after 1 January 2025.

The application must:

be in writing; and

meet the requirements (if any) prescribed by the rules; and

be accompanied by the fee (if any) prescribed by the rules.

A fee prescribed for the purposes of paragraph (2)(c) must not be such as to amount to taxation.

If a person makes an application under subsection (1), the Secretary may issue one or more units to the person if:

the Secretary is satisfied that:

the vehicle was destroyed before the final reconciliation day for the year; and

the vehicle was not provided to a consumer for the first time in Australia; and

the destroyed vehicle adjustment for the vehicle for the year is more than zero; and

the person has a registry account.

The number of units issued to the person in respect of the vehicle must not exceed the destroyed vehicle adjustment for the vehicle for the year.

The destroyed vehicle adjustment for a vehicle for a year is the number worked out using the following formula (rounded to the nearest whole number and rounded up if the first decimal place is 5 or more):

For the purposes of subparagraph (4)(a)(ii), providing a vehicle includes the provision of the vehicle due to a sale, exchange, gift, lease, loan, hire or hire‑purchase.

If the Secretary decides:

to not issue units to the person; or

to issue fewer units to the person than the number of units specified in the application;