New Zealand Legislation: Supplementary Order Papers

• “(c) must submit any emissions return required by subsection (2B) or section 168A or 169 in respect of that activity.

• “(c) for each carbon accounting area covered by the return, is in respect of the period—

  • “(i) commencing on the later of—

    • “(A) the first day of the mandatory emissions return period in which the return is submitted; or

    • “(B) the date on which the land in the carbon accounting area became post-1989 forest land; or

    • “(C) the day after the end of the period covered by the last emissions return submitted for the carbon accounting area; and

  • “(ii) ending on 31 December in the last year to which it relates.

• “(2B) A person to whom this section applies must, if registered as a participant on the last day of any mandatory emissions return period, within 3 months of the end of that period, submit an emissions return that—

  • “(a) is in respect of each of the carbon accounting areas in respect of which the person was recorded as a participant on the last day of the mandatory emissions return period; and

  • “(b) for each carbon accounting area covered by the return, is in respect of the period—

    • “(i) commencing on the later of—

      • “(A) the first day of the mandatory emissions return period that has just ended; or

      • “(B) the date on which the land in the carbon accounting area became post-1989 forest land; and

    • “(ii) ending on the last day of the mandatory emissions return period that has just ended.

• “(3) An emissions return submitted under subsection (2A) or (2B)—

  • “(a) must, in respect of each carbon accounting area covered by the return,—

    • “(i) contain the information specified in section 65(2)(a) to (d); and

    • “(ii) assess liability to surrender units, taking into account section 168; and

    • “(iii) contain any information required by subsection (3A); and

  • “(b) may contain an assessment of the participant’s net liability to surrender or repay units or net entitlement to receive New Zealand units as referred to in subsection (4); and

  • “(c) must comply with section 65(2)(da) and (e); and

  • “(d) must be submitted in accordance with section 65(3).

• “(3A) If a person submits an emissions return under subsection (2B) that covers a carbon accounting area in respect of a period for which a return has already been submitted under subsection (2A), the return submitted under subsection (2B) must—

  • “(a) record the number of units transferred for removals or surrendered for emissions in respect of the carbon accounting area in respect of the return or returns submitted under subsection (2A); and

  • “(b) contain an assessment of the difference between—

    • “(i) the net number of units transferred for removals or surrendered for emissions from the carbon accounting area in respect of the return or returns submitted under subsection (2A) (which must be determined by subtracting the number of units surrendered for emissions from the carbon accounting area from the number of units transferred in respect of removals from the carbon accounting area); and

    • “(ii) the net number of units assessed as the participant’s liability to surrender or entitlement to receive in respect of the carbon accounting area under the return submitted under subsection (2B).

• “(3B) If the assessment referred to in subsection (3A)(b) shows that the person would be—

  • “(a) entitled to fewer units for removals from the carbon accounting area in respect of the return submitted under subsection (2B) than the net units that have been transferred in respect of returns under subsection (2A), the person is liable to repay the number of units transferred in excess of the entitlement in the return under subsection (2B); or

  • “(b) entitled to receive more units for removals from the carbon accounting area in respect of the return submitted under subsection (2B) than the net number of units that have been transferred in respect of returns under subsection (2A), the person is entitled to receive the number of units that is the difference between the entitlement in respect of the return under subsection (2B) and the net number of units already transferred in respect of returns under subsection (2A); or

  • “(c) liable to surrender more units for emissions from the carbon accounting area in respect of the return submitted under subsection (2B) than the net number of units already surrendered in respect of returns under subsection (2A), the person is liable to surrender the number of units that is the difference between the net number surrendered and the number assessed as being required to be surrendered under the return under subsection (2B); or

  • “(d) liable to surrender fewer units for emissions from the carbon accounting area in respect of the return submitted under subsection (2B) than the net number of units already surrendered in respect of returns under subsection (2A), the chief executive must arrange for reimbursement to the person, in accordance with section 112, of the number of units that is the difference between the net number surrendered and the number assessed as being required to be surrendered under the return under subsection (2B).

• “(4) A person who submits an emissions return under this section—

  • “(a) may include in the return an assessment of the person’s net liability to surrender or repay units, or the person’s net entitlement to New Zealand units, calculated by determining the difference between the total number of units required to be surrendered for emissions from each of the carbon accounting areas covered by the return (or, if relevant, required to be repaid in respect of the carbon accounting areas covered by the return) and the total number of New Zealand units to which the person is entitled in respect of removals from each of the carbon accounting areas covered by the return (or, if relevant, is entitled to be reimbursed in respect of carbon accounting areas covered by the return); and

  • “(b) may elect to surrender or repay the net number of units for which the person is liable, or to receive the net number of New Zealand units to which the person is entitled, as determined under paragraph (a); and

  • “(c) must, if the person makes an election under paragraph (b), indicate clearly in the return that such an election has been made; and

  • “(d) must, if an assessment in the emissions return shows a liability or a net liability to—

    • “(i) surrender units, surrender those units within 20 working days of submitting the emissions return; or

    • “(ii) repay units, repay those units, by transferring the number of units required to be transferred, within 60 working days of submitting the emissions return, to a Crown holding account designated by the chief executive, and the provisions of sections 121 and 122 apply, with any necessary modifications, as if—

      • “(A) the units the person is required to repay were units transferred to the person in error; and

      • “(B) the requirement to repay the units arose under section 112A.

• “(5) In this section,—

  “mandatory emissions return period means any of the following periods:

  • “(a) the first commitment period:

  • “(b) any subsequent commitment period or, if there is no subsequent commitment period,—

    • “(i) the 5-year period commencing on 1 January 2013:

    • “(ii) each subsequent 5-year period after the period specified in subparagraph (i)

  “units surrendered, in relation to an emissions return under subsection (2A), include units that a person would have been required to surrender in respect of emissions covered by the return, but which were not actually surrendered because of an election under subsection (4)

  “units transferred for removals, in relation to an emissions return under subsection (2A), include units that a person would have been entitled to receive for removals in respect of the return, but which were not actually transferred because of an election under subsection (4).