First large‑scale generation shortfall statement taken to be assessment of large‑scale generation shortfall charge
47 First large‑scale generation shortfall statement taken to be assessment of large‑scale generation shortfall charge
This section applies if:
a liable entity lodges a large‑scale generation shortfall statement for a year (the assessment year); and
a large‑scale generation shortfall statement has not previously been lodged, and an assessment of large‑scale generation shortfall charge has not previously been made, for the assessment year in relation to the liable entity.
The statement has effect as an assessment of the liable entity’s large‑scale generation shortfall for the assessment year and of the large‑scale generation shortfall charge (if any) payable on the shortfall.
The assessment is taken to have been made on 14 February in the next year or the day on which the statement was lodged, whichever is the later.
The large‑scale generation shortfall specified in the statement is taken to be the liable entity’s large‑scale generation shortfall for the assessment year.
The amount of large‑scale generation shortfall charge (if any) specified in the statement is taken to be the amount of large‑scale generation shortfall charge payable by the liable entity for the assessment year.
The statement has effect as if it were a notice of assessment signed by the Regulator and given to the liable entity on the day on which the assessment is taken to have been made.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.