86D Retention of records and materials in relation to allocation

(1)

A person who has been allocated New Zealand units for an eligible activity must keep sufficient records to enable the EPA to verify, for any year in respect of which the person received an allocation,—

(a)

that the person was an eligible person; and

(b)

the person’s calculations of the person’s entitlement to be allocated New Zealand units or liability to repay units under the relevant subsections in sections 81 to 85; and

(c)

the total amount of each product produced by the person from the eligible activity in the year, as determined, if relevant, in accordance with regulations made under this Act; and

(d)

any other prescribed information.

(2)

The records specified in subsection (1)—

(a)

must include—

(i)

a copy of any application made to the EPA under section 86 or notice given to the EPA under section 83(6)(b) or 84(1)(c)(ii); and

(ii)

any information used to prepare the application or notice; and

(b)

must be retained for a period of at least 7 years after the end of the year to which the application or notice relates.

Section 86D: inserted, on 8 December 2009, by section 32 of the Climate Change Response (Moderated Emissions Trading) Amendment Act 2009 (2009 No 57).

Section 86D(1): amended, on 5 December 2011, by section 19 of the Climate Change Response Amendment Act 2011 (2011 No 15).

Section 86D(2)(a)(i): amended, on 5 December 2011, by section 19 of the Climate Change Response Amendment Act 2011 (2011 No 15).