ACIS Administration Amendment Act 2009
Act No. 94 of 2009 as amended
This compilation was prepared on 4 January 2010
[This Act was amended by Act No. 136 of 2009]
Amendments from Act No. 136 of 2009
[Schedule 1 (item 1) repealed and substituted section 2
Schedule 1 (item 2) added item 19A to Schedule 1
Schedule 1 (items 1 and 2) commenced on 15 December 2009]
Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra
Contents
1 Short title
2 Commencement
3 Schedule(s)
Schedule 1—Amendments
ACIS Administration Act 1999
ACIS Administration Amendment Act 2003
An Act to amend the ACIS Administration Act 1999, and for related purposes
[Assented to 29 September 2009]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the ACIS Administration Amendment Act 2009.
2 Commencement
This Act commences on 1 January 2010.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendments
ACIS Administration Act 1999
1 Subsection 4(1A)
Omit “3 stages”, substitute “2 stages”.
2 Paragraph 4(1A)(b)
Omit “2010; and”, substitute “2010.”.
3 Paragraph 4(1A)(c)
Repeal the paragraph.
4 Paragraph 4(2)(b)
Omit “$2,000,000,000;”, substitute “$2,000,000,000.”.
5 Paragraph 4(2)(c)
Repeal the paragraph.
6 Subsection 4(2A)
Omit “ACIS Stages 2 and 3”, substitute “ACIS Stage 2”.
7 Subsection 6(1) (definition of ACIS Stage)
Omit “ACIS Stage 1, ACIS Stage 2 or ACIS Stage 3”, substitute “ACIS Stage 1 or ACIS Stage 2”.
8 Subsection 6(1) (definition of ACIS Stage 3)
Repeal the definition.
9 Subsection 6(1) (definition of ACIS year)
Omit “1 January 2016”, substitute “1 January 2011”.
10 Subsection 6(1) (paragraph (b) of the definition of final quarter)
Omit “2010; and”, substitute “2010.”.
11 Subsection 6(1) (paragraph (c) of the definition of final quarter)
Repeal the paragraph.
12 Subsection 42(1) (formula)
Repeal the formula, substitute:
13 Subsection 42(1) (definition of B)
Repeal the definition, substitute:
B is 7.5%.
14 Subsection 42(1)
Insert:
C is the production value of MVP production by that MVP in the quarter concerned (other than passenger motor vehicles, and specified load‑carrying vehicles, that are sold in the Australian or New Zealand markets).
15 Subsection 42(2) (formula)
Repeal the formula, substitute:
16 Subsection 42(2) (definition of C)
Repeal the definition, substitute:
C has the meaning provided in subsection (1).
17 Subsection 53(1) (table item 3)
Repeal the item.
18 Subsection 53(2)
Omit “ACIS Stages 2 and 3”, substitute “ACIS Stage 2”.
Note: The heading to subsection 53(2) is altered by omitting “and 3 caps” and substituting “cap”.
19 Subsection 62(3)
Omit “3 parts”, substitute “2 parts”.
19A Application
(1) The amendments made by items 12 to 14 of this Schedule apply to working out unmodulated uncapped production credit to be issued for a quarter beginning on or after 1 January 2010.
(2) The amendments made by items 15 and 16 of this Schedule apply to working out unmodulated capped production credit for a quarter beginning on or after 1 January 2010.
ACIS Administration Amendment Act 2003
20 Item 88 of Schedule 1
Omit “and ACIS Stage 3”.
21 Paragraph 91(a) of Schedule 1
Omit “or ACIS Stage 3”.
Overview
The ACIS Administration Amendment Act 2009, enacted by the Parliament of Australia and assented to on 29 September 2009, amends the ACIS Administration Act 1999 and the ACIS Administration Amendment Act 2003 to revise and streamline the Australian Car Industry Superannuation Scheme (ACIS). This Act addresses the need to adapt the ACIS to changes in the automotive industry, specifically by reducing the number of stages from three to two and adjusting associated thresholds and definitions. The policy objective is to ensure that the ACIS remains effective and relevant in supporting the industry while providing appropriate benefits to employees.
The amendments introduced by this Act are aimed at refining the operational aspects of the ACIS, including updating financial thresholds and definitions to better reflect current market conditions. By reducing the complexity of the ACIS structure, the Act seeks to simplify administration and enhance the efficiency of the scheme, thereby ensuring its continued viability and effectiveness in supporting the automotive industry and its workforce. The changes largely focus on modifying the definitions, caps, and formulas used within the ACIS framework to align with the current economic environment and the evolving needs of the industry.
Scope and Application
The ACIS Administration Amendment Act 2009 amends the ACIS Administration Act 1999 to adjust the structure and operation of the Automotive Competitiveness Investment Scheme (ACIS). The Act applies to entities involved in the manufacturing of vehicles in Australia, specifically focusing on the calculation and issuance of production credits under the ACIS for certain quarters. These amendments affect the formula and definitions used to determine unmodulated uncapped and unmodulated capped production credits. The changes in the Act apply to quarters beginning on or after 1 January 2010 and are designed to streamline the credit calculation process by reducing the number of stages from three to two. The amendments also adjust various definitions and thresholds within the ACIS framework, such as the definition of ACIS Stage and the final quarter, as well as the production value considerations for MVP production. The Act has a national reach within Australia, and while it primarily amends the ACIS Administration Act 1999, it also references and amends related provisions in the ACIS Administration Amendment Act 2003.
Key Provisions
The ACIS Administration Amendment Act 2009 (C2009A00094) primarily amends the ACIS Administration Act 1999 by adjusting the structure and operations of the Australian Car Industry Superannuation Scheme (ACIS). Section 1 of the Act establishes its short title, while Section 2 sets the commencement date as 1 January 2010. The Act modifies several sections of the ACIS Administration Act 1999 through its Schedule, which details the specific amendments.
Under the amended ACIS Administration Act 1999, the ACIS stages are redefined. Section 4(1A) reduces the number of stages from three to two. The Act eliminates references to ACIS Stage 3 and modifies financial thresholds and definitions related to the scheme. For instance, the financial cap for ACIS Stage 2 is adjusted from $2,000,000,000 (subsection 4(2)(b)), and the definition of "ACIS Stage" is updated to include only ACIS Stage 1 or ACIS Stage 2 (subsection 6(1)). Additionally, the Act updates the start date of ACIS Stage 2 from 1 January 2016 to 1 January 2011 (subsection 6(1)).
The Act imposes several obligations on the entities it governs. It mandates that the new formulae for calculating unmodulated uncapped and capped production credits be applied to quarters beginning on or after 1 January 2010 (subsection 42(1), (2)). Furthermore, it requires that production value calculations exclude certain vehicles sold in the Australian or New Zealand markets (subsection 42(1)). These amendments necessitate that entities ensure compliance with the revised criteria and calculations for credit issuance.
Breaches of the provisions outlined in the ACIS Administration Amendment Act 2009 may lead to civil and criminal consequences. While the Act does not explicitly state penalties, non-compliance with the amended formulae and definitions could result in financial penalties, legal action, or other regulatory measures under the overarching ACIS Administration Act 1999. Entities must adhere to the updated provisions to avoid potential repercussions.