Steel Transformation Plan 2012

EXPLANATORY STATEMENT

STEEL TRANSFORMATION PLAN 2012

The Steel Transformation Plan 2012 (the plan) is made under the authority of the Steel Transformation Plan Act 2011 (the Act). The Act established the legislative framework for the Steel Transformation Plan (STP) with the administrative detail set out in this legislative instrument.

The STP is a $300 million entitlement program, operating over six payment years from 2011‑12, that aims to encourage investment, innovation and competitiveness in the Australian steel manufacturing industry in order to assist the industry to transform into an efficient and economically sustainable industry in a low carbon economy.

The STP is a self assessment entitlement scheme that provides cash payments to registered participants for undertaking strategic investment, innovation and the production of steel products in Australia.

Section 9 of the Act provides that the Minister must, by legislative instrument, make the plan providing for the payment of amounts to eligible corporations that are registered under the plan. Section 9 prescribes that the plan is to be a self assessment plan.

Section 10 of the Act lists the matters that may be included in the plan.

The plan is divided into the following parts:

Part 1 contains preliminary matters including what constitutes sale of goods, the meaning of production and what constitutes eligible investment, eligible innovation and eligible production.

Part 2 sets out the conditions for registration under the plan.

Part 3 sets out the process for working out the half-yearly assistance to which a registered eligible corporation is entitled.

Part 4 describes the process for each STP participant to making a half-yearly return to be entitled to assistance under the plan. Part 4 also contains the maximum amount of capped assistance available to STP participants and the limits on payments of amounts to individual participants.

Part 5 ensures that any overpayments made to STP participants can be recovered. It also provides that interest may be charged on overpaid amounts.

Part 6 provides for internal and administrative review of certain decisions.

Part 7 sets out the treatment of other Commonwealth assistance for the purpose of calculating eligible investment, eligible innovation and eligible production for STP participants.

Part 8 contains miscellaneous provisions including particulars to be included in the business plan and ongoing record keeping obligations.

Schedule 1 sets out the required information and reporting criteria to be included in the business plan.

The plan is a legislative instrument for the purposes of the Legislative Instruments Act 2003.

The plan will commence on 1 May 2012

Consultation

The plan has been developed with consultation between the Government and the key industry stakeholders.

The plan was developed in close consultation with:

• Commonwealth Government agencies including the:

• Department of Climate Change and Energy Efficiency; and
• Attorney General’s Department;

• the Australian Workers Union (AWU);
• BlueScope Steel Limited; and
• OneSteel Limited

Financial Impact Statement

The total administered expenses for the Steel Transformation Plan established by the Steel Transformation Plan Act 2011 is $300 million over the period 2011-2012 to 2016-2017.

Details of the Steel Transformation Plan 2012

This Explanatory Statement uses the following abbreviations:

• ‘STP’ means the Steel Transformation Plan
• ‘Act’ means the Steel Transformation Plan Act 2011
• ‘The plan’ means the Steel Transformation Plan 2012
• ‘STP participant’ means an eligible corporation that is registered under the plan.

Part 1         Preliminary

Division 1.1: Introduction

1.1 Name of instrument

The title of the instrument is the Steel Transformation Plan 2012.

1.2 Commencement

The plan commences on 1 May 2012.

1.3 Object of plan

The plan establishes the STP as per section 3 of the Act.

1.4 Overview of plan

This section describes the main elements of the STP. The plan sets out an entitlement scheme for eligible corporations that are part of the Australian steel manufacturing industry. STP participants that engage in eligible innovation, eligible investment and eligible production are entitled to cash payments of assistance.

The Overview states that any entitlements under the plan must be reduced by the amount of competiveness assistance advances provided to that STP participant.

The Overview also states that the plan would set out the payments of assistance and how payments are to be calculated, the recovery of overpayments, administrative review of decisions, document retention obligations and requirements for publication of information.

1.5 Definitions

This section describes the meaning of specific terms used within the plan.

1.6 Meaning of production

This section defines production generally, and the production in Australia of crude carbon steel, using a method defined under section 4 of the Act, and marketable steel products.

The purpose of this definition is to set out the minimum requirements for an activity to be recognised as production under the plan.

Division 1.2: Sale of goods, eligible investment, eligible innovation, and eligible production

Subdivision 1.2.1: Sale of goods

1.7 When sale of goods is taken to occur

This section defines circumstances where a sale of goods is taken to have occurred for the purposes of determining the annual level of sales of each participant in order to apply the sales-based cap.

The sales-based cap limits annual STP assistance to a maximum of five per cent of the STP participant’s previous year’s sales. The sales-based cap is set out in section 4.8 of the plan.

1.8 When sale of goods is taken not to occur

This section defines circumstances where a sale of goods is taken not to have occurred. This includes if the goods are lent from one person to another and the lender retains title, or if a corresponding credit for the goods is issued after the transaction.

Subdivision 1.2.2: Eligible investment

1.9              Eligible investment

This section sets out the kinds of investment that an STP participant may claim as eligible investment under the plan. Eligible investment includes investment in new, or upgrades to, existing plant and equipment, buildings or structures for the purposes of production of crude carbon steel or marketable steel products.

1.10 Maximum claimable value for eligible investment

This section sets out the method for calculating the maximum amount an STP participant can claim (maximum claimable value) for eligible investment. The maximum claimable value depends on the circumstances in which the investment was made (ie by purchase, lease, or building or making the investment)

1.11 Working out investment amounts

This section sets out the method for working out the investment amounts for an STP participant in a half-year. The method is calculated using the calculation determined under section 1.10 minus any other forms of Commonwealth assistance calculated under section 7.3.

Subdivision 1.2.3: Eligible innovation

1.12 Eligible innovation

This section sets out the kinds of activities that may be claimed by an STP participant as eligible innovation under the plan. This includes activities directly related to research and development that is undertaken for the purpose of acquiring new knowledge or creating improved materials, products, production or processes.

1.13 Maximum claimable value for eligible innovation

This section sets out the method for calculating the maximum amount an STP participant can claim (maximum claimable value) for eligible innovation. The maximum claimable value depends on the circumstances in which the innovation activities were undertaken (ie carried out under contract or through purchase of equipment or materials for the purpose of innovative activities).

1.14 Working out eligible innovation amounts

This section sets out the method for working out the eligible innovation amounts for an STP participant in a half-year.  The method is calculated using the calculation determined under section 1.14 minus any other forms of Commonwealth assistance calculated under section 7.3.

1.15 Meaning of labour costs and costs of training and development

This section sets out the method for determining labour costs and costs of training and development in respect of any employee carrying out eligible innovation activities. This method is used to calculate the maximum claimable value for eligible innovation.

Subdivision 1.2.4: Eligible production

1.16 Eligible production for STP participants

This section provides that an STP participant may claim the production of crude carbon steel and marketable steel materials as defined by section 1.6.

1.17 Maximum claimable value for eligible production

This section sets out the method for calculating the maximum amount an STP participant can claim (maximum claimable value) for eligible production. Net inventory change is determined as the closing stock value, less the opening stock value, calculated in accordance with the Australian Accounting Standards.

1.18 Working out production amounts for STP participants

This section requires the Secretary to work out the production amounts for an STP participant in a particular half-year in accordance with the method.  Production amounts are in respect of eligible production as defined by section 1.6.

Division 1.3: Determining eligible investments, eligible innovations and value of arm’s length transactions

Subdivision 1.3.1: Recognising eligible investment and eligible innovation

1.19 When investment or eligible innovation is taken to have occurred

This section sets out a clear time when eligible investment and eligible innovation is taken to have occurred.

Subsections 1.19(1) and (2) set out the time when investment in plant and equipment is taken to have occurred depending on the circumstances in which the plant and equipment was acquired (ie under a finance lease or hire purchase, or by building or making the plant and equipment).

Subsection 1.19(3) sets out the time when expenditure for eligible innovation is taken to have occurred depending on the circumstances in which the eligible innovation was undertaken.

Only investment or innovation that meets the requirements of this provision can be claimed as eligible investment or eligible innovation in a half-yearly return.

Subdivision 1.3.2: Arm’s length transactions

1.20 Production value, sales value of eligible investment or eligible innovation determined as if transaction at arm’s length

Subsection 1.20(1) provides that the production and sales values used by a person for claiming eligibility or assistance are determined on the basis that the parties are at arm’s length, that is, the parties are not related entities. This ensures that production and sales values are not artificially distorted through transaction between related companies.

Subsection 1.20(2) mirrors subsection 1.20(1) however relates to eligible investment and eligible innovation.

1.21 Determining the circumstances when parties treated as not being at arm’s length

This section requires the Secretary to decide that parties are not at arm’s length when they are related or associated entities. Parties are not at arm’s length if they are a group, if one party controls the other (within the meaning of the Corporations Act 2001); or if the parties are involved in a cartel (within the meaning of the Competition and Consumer Act 2010).

1.22 Production value or sales value: parties treated as not being at arm’s length

This section sets out the process for determining the production value or sales value if the parties had been at arm’s length. This process includes considering whether to accept or reject the value of production or sales provided by an STP participant.

1.23 Value of eligible innovation: parties treated as not being at arm’s length

This section sets out the process for determining the value of eligible innovation if the parties had been at arm’s length. This process includes considering whether to accept or reject the value of eligible innovation provided by an STP participant.

1.24 Value of investment: parties treated as not being at arm’s length

This section sets out the process for determining the value of eligible investment if the parties had been at arm’s length. This process includes considering whether to accept or reject the value of eligible investment provided by an STP participant.

1.25 Methods for determining value of transactions: parties treated as not being at arm’s length

This section sets out the method for determining the value of transactions when the parties are deemed not to be at arm’s length. This method involved comparing the value of the transactions to a similar transaction between parties that are not related.

Part 2 Registration under plan

Division 2.1: Rules about registration

2.1 Number of registrations available under plan

This section clarifies that an eligible corporation, whether as a single entity or part of a group of related bodies corporate, may only hold one registration under the plan at a time.

2.2 Registration under plan must further object of Act

This section provides that the Secretary must not register an applicant under the plan unless the Secretary is satisfied that the applicant would further the object of the Act.

Division 2.2: Applications for registration

2.3 Application for registration

This section sets out that an eligible corporation as defined under section 4 of the Act may apply for registration under the plan.

Division 2.3: Participation in plan by groups of companies

2.4 Group of companies may apply for registration as single entity

Subsection 2.4(1) provides that if a group, or member of a group of related bodies corporate, intents to operate as an STP participant, the group must apply to the Secretary to seek registration as if the group were a single entity. The application must be in the manner prescribed in subsection 2.4(3).

Subsection 2.4(2) provides that if one of a group of related bodies accepted a competitiveness assistance advance, that group is to be regarded a operating as an STP participant.

Subsection 2.4(4) provides that a reference to an STP participant, where the STP participant is a group, is a reference to the group’s subsidiaries at that particular time; and if one of the entities in the group ceases to be part of that group than that entity ceases to be taken as an STP participant.

2.5 Dealing with application by group of related bodies corporate

Subsection 2.5(1) provides that the Secretary may consider an application for permission to register as a group at the same time as the Secretary considers other aspects of the application for registration. The Secretary will consider the application within 60 days, unless more information is required.

Subsection 2.5(2) sets the circumstances when the Secretary must grant permission for a group of related bodies to apply for registration. However, if the Secretary is not satisfied with any of the matters listed in subsection 2.5(2), the Secretary must refuse the application, subsection 2.5(3).

Subsection 2.5(4) provides that a decision to grant permission must specify any conditions to which the application is subject.

Subsection 2.5(5) clarifies when a decision to grant permission takes effect.

2.6 Legal status of a group permitted to make application for registration

This section allows a group that is granted permission to apply for registration, to be treated as a single entity for the purposes of eligibility, review of decisions, and rights and liabilities under the plan. This section also sets out the test for whether a group is a fit and proper person for the purposes of registration and deregistration.

Division 2.4: Formal requirements for, and consideration of, applications for registration

2.7 Content of application for registration

Subsection 2.7(1) sets out the requirements for an application for registration.

Subsection 2.7(2) requires applicants to include in their application information on their capability to comply with the document retention obligations under section 2.17 and lists the matters that must be included in an applicant’s business plan.

Subsection 2.7 (3) requires that applicants must provide a business plan by 30 September of the STP year in which registration is sought.

The information contained in the business plan should commence from the start of the STP year for which registration is sought.

2.8 Lodgement of applications

This section sets out the manner for lodgement of applications for registration.

2.9 When to apply

This section requires a person to apply for registration before 1 July of the STP year (as set out in section 1.6) for which registration is sought. Applications for registrations for a particular STP year will not be accepted after 1 July for that particular STP year.

2.10 Consideration of registration applications

Subsection 2.10(1) requires the Secretary to examine each application for registration, and determine whether to grant the application, within the consideration period.

If satisfied that the applicant meets the requirements of subsection 2.10(2), the Secretary must register the applicant. However, if the Secretary is not satisfied by the matters detailed in subsection 2.10(2), the Secretary must refuse the application (subsection 2.10(3)).

Subsection 2.10(4) sets the consideration period for application for registration is      60 days from the day of lodgement of the application, unless further substantiating information is required.

2.11 Fit and proper person

This section lists the matters that the Secretary must consider when deciding whether a person is a fit and proper person for the purposes of registration and deregistration. The Secretary must consider matters including whether an applicant has been convicted of a serious offence, is under administration (within the meaning of the Corporations Act 2001), or is being wound up.

2.12 Secretary may seek further information

Subsection 2.12(1) allows the Secretary to request further information within a specified period for the purposes of deciding whether to grant registration to the applicant.

Subsection 2.12(2) provides that the applicant is taken to have withdrawn the application if the further information requested is not provided, or if no reasonable explanation is given as to why the information cannot be provided, within the specified period.

2.13 Period of effect of registration

This section provides that if registration is granted it will take effect from 1 July of the STP year for which the application was made for the duration of the plan unless the STP participant is deregistered.

2.14 Registration does not confer entitlement

This section makes it clear that registering for the plan does not in itself confer an entitlement to assistance. This is because an entitlement will only arise when an STP participant meets all the conditions of the plan, including undertaking eligible investment and production and making half-yearly returns in the required form.

Division 2.5: Conditions of registration

2.15 General compliance

This section provides that registration is conditional upon an STP participant complying with the required of the Act and the plan.

2.16 Condition of eligible corporation registration

This section provides that a condition of registration for an eligible corporation under the plan is to meet the requirements outlined by the definition of eligible corporation set out under section 4 of the Act.

2.17 Document retention obligations

This section requires STP participants to maintain documents that substantiate information provided in each of their half-yearly returns. This evidence is required for post-payment compliance and auditing.

2.18 Update of business plan

Subsection 2.18(1) requires STP participants to provide annual updates to the business plans provided in the initial application for registration. This is required for all participants under the plan.

The update must include the detail set out in subsection 2.18(2) and be in accordance with the approved form.

Subsection 2.18(3) sets out the timing for when the updates are to be provided and subsection 2.18(4) prescribes the period each update must cover.

Division 2.6: Deregistration

2.19 Deregistration

This section lists the circumstances in which the Secretary must or may deregister and STP participant. For example, an STP participant must be deregistered if they are deemed not to be a fit and proper person or if the STP participant asks to be deregistered.

Part 3 Working out half-yearly assistance for an eligible corporation

3.1 Secretary to work out assistance for STP participants

This section requires the Secretary to work out the assistance for STP participants in accordance with the steps set out in section 3.2.

3.2 Working out assistance for STP participant for half-year

Subsections (1) and (2) prescribes the steps to be followed when calculating the half-yearly assistance for particular half-years for STP participants. The subsection makes it clear that the steps for calculating the half-yearly assistance vary depending on the particular half in an STP year.

Subsection (4) sets out, in step form, the full process for calculating the half-yearly assistance for a half-year, which takes into account the sales-based cap, the annual capped assistance for the STP year, any debt owed to the Commonwealth under the plan and any competitiveness assistance advance paid prior to the commencement of the plan.

Part 4 Payments under plan

Division 4.1: Making of half-yearly returns

4.1 STP participants to make half-yearly returns

This section requires participants to submit a return, in the manner prescribed, 60 days after the end of each half of an STP year.

4.2 Making half-yearly return does not confer entitlement

This section makes it clear that making a half-yearly return does not, by itself, confer an entitlement on an STP participant.

4.3 Contents of STP participant’s return

This section lists what information an STP participant must include in each half-yearly return. This includes particulars of eligible production, eligible investment, eligible innovation, sales values and other Commonwealth assistance received.

4.4 Rules concerning returns

Subsection 4.4(1) provides that where an STP participant fails to cover any particular production, investment, innovation or sales value in a half-yearly return (other than a return for the final half of an STP year), the production, investment, innovation or sales value may be covered in the remaining half of the same STP year.

Subsection 4.4(2) provides that for calculation purposes, any production, investment, innovation or sales value covered in a later return is taken to have occurred in the half-year it was reported and not in the half-year achieved or undertaken.

Subsection 4.4(3) provides that if an STP participant fails to cover particular production, investment, innovation or sales value in the manner allowed in subsection 4.4(1), that production, investment, innovation or sales value will be treated as if it had never occurred.

Subsection 4.4(4) provides that where an STP participant fails to cover any particular production, investment, innovation or sales value in its return for the final half of an STP year, the production, investment, innovation or sales value will be treated as if it had never occurred.

4.5 Further information about half-yearly return

This section allows the Secretary to request an STP participant to provide further information in relation to a half-yearly return. The Secretary is not required to assess the return until the participant provides the additional information.

Division 4.2: Caps on plan and STP participants

4.6 Capped assistance for STP years

This section sets the maximum amount of capped assistance for eligible production, eligible investment and eligible innovation in an STP year.

4.7 Annual assistance divided between eligible corporations

Subsection 4.7(1) allows for any unpaid assistance from a previous STP year for an STP participant to be added to the amount available to the STP participant in an STP year, determined under subsection 4.7(2).

Subsection 4.7(2) provides that the amount of funding available to an STP participant in an STP year is to reflect the amount that participant received under the competitiveness assistance advance as a percentage of the total amount of the available assistance advance. Therefore this subsection divides the assistance between the eligible corporations under the plan in the ratio of 61:39.

Subsection 4.7(3) provides that a competitiveness assistance advance must be acquitted in full before an STP participant receives any further payments.

4.8 Sales‑based cap for payment of assistance

This section requires that assistance paid to an STP participant must not exceed five per cent of the annual sales values of an STP participant’s goods for the previous year.

Division 4.3: Making of payments of assistance

4.9 Half-yearly payments

Subsection 4.9(1) provides that an STP participant is entitled to a half-yearly payment if it satisfies the requirement of this section. This includes undertaking eligible investment or eligible innovation or eligible production, submitting a half-yearly return within the specified timeframe, and complying with the ongoing conditions of registration in Division 2.5.

Subsection 4.9(2) provides that half-yearly assistance will be worked out in accordance with Part 3.

Subsection 4.9(3) requires payments to be made to STP participants before the end of the following half-year.

Subsection 4.9(4) stipulates that payments made in the second half-year must be paid by 31 December of the following year.

Subsection 4.9(5) requires the Secretary to give the participant written notice with reasons if the participant is not entitled to assistance.

4.10 Inalienability of payments

Subsection 4.10(1) restricts payment of assistance to STP participants.

Subsection 4.10(2) and (3) ensures that assistance provided is inalienable except with the written approval of the Secretary.

4.11 Condition of payment of assistance

Subsection 4.11(1) provides that payments to participants are conditional upon all or part of the payment being offset or recovered by the Commonwealth.

Subsection 4.11(2) provides that the Secretary may refuse to make a payment if an STP participant has failed, or is likely to fail to comply with the conditions of registration.

Division 4.4: Entitlement to assistance

4.12 Persons not entitled to certain assistance

This section sets out the circumstances in which a person who has or had been paid assistance under the plan is not entitled to the assistance

Part 5 Recovery of overpayments

5.1 Plan debt

This section provides that all or part of a half-yearly payment that exceeds the amount an STP participant is entitled to, is recoverable by the Commonwealth. Any such amount is a plan debt.

5.2 Recovery by offsetting

This section allows plan debt to be offset from one or more half-yearly payments.

5.3 Secretary to issue notice

Subsection 5.3(1) requires the Secretary to give notice in writing of a plan debt to an STP participant. The notice must include the amount of the plan debt, the interest payable, and that the plan debt must be paid within 30 days upon receipt of the notice or offset from future half-yearly payments.

Subsection 5.3(2) sets out when the plan debt may be offset if an STP participant does not comply with a notice or does not apply for review of the decision.

5.4 Interest payable on plan debt

Subsection 5.4(1) requires the Secretary to charge interest on plan debts. Interest is charged on plan debts to deter STP participants from over-claiming assistance.

Subsection 5.4(2) sets out the rate of interest payable depending on when a plan debt and interest is repaid. If a plan debt is paid within 30 days of an STP participant receiving a notice of the debt or is offset from future half-yearly entitlements, then interest is calculated at the 90 day bank bill rate less 10 basis points.

Subsection 5.4(3) sets out that if a plan debt is not paid within 30 days or offset, or recovery by offset has been refused, interest is calculated at 20 per cent per annum plus the 90 day bank bill rate less 10 basis points.

Subsection 5.4(5) lists circumstances when the Secretary must not charge interest including if charging interest would cause financial hardship or if there was an error made by the Department.

Subsection 5.4(6) provides that interest is recoverable by the Commonwealth as a debt due to the Commonwealth.

Subsection 5.4(7) prevents interest being offset from future half-yearly payments.

5.5 Extension of time for payment of plan debt

Subsection 5.5(1) allows the Secretary to extend the time for payment of a plan debt.

The process for an STP participant to seek an extension of time for the payment of a plan debt is set out in subsection 5.5(2).

Part 6 Administrative review of decisions

6.1 Request for reconsideration of decision by Secretary

This section requires the Secretary to give reasons when making certain decisions under the plan. The notice must include a statement that if the person was dissatisfied with the decision, the person may request a reconsideration of the decision and if dissatisfied with this decision, may apply to the Administrative Appeals Tribunal (AAT) for a review of the decision. An STP participant must apply for a reconsideration of the decision within 30 days of receiving the decision (or a further period at the Secretary’s discretion).

6.2 Reconsideration by Secretary

This section requires the Secretary to reconsider the decision on receiving a request from a person under section 6.1. The Secretary may confirm, vary or revoke the decision. If the Secretary does not take this decision within 30 days of receiving the request, the Secretary would have been taken to have confirmed the decision.

If the Secretary confirms, revokes or varies the decision within 30 days, a notice setting out the reasons for these actions must be provided to the person. In addition, the notice must include a statement that if the person is dissatisfied with the decision, they may apply to the AAT for a review of the decision. An ATS participant must apply to the AAT for a review of the decision within 28 days of receiving the decision or confirmation of the decision.

6.3 Review of decisions affecting payment of assistance

This section sets out the decisions under the plan that may be reviewed by the Administrative Appeals Tribunal (AAT). These decisions include decisions on whether the parties are at arm’s length, a decision to refuse payment of assistance or that an STP participant is liable to pay an amount of a plan debt.

6.4 Limitations on implementation of court decisions concerning payment of assistance

This section limits the implementation of court decisions in respect of the decision listed in section 6.3. These limitations ensure the annual sales-based cap for an STP participant is not exceeded as a result of giving effect to court decision.

6.5 Limitations on implementation of AAT decisions concerning payment of assistance

This section limits the implementation of AAT decisions in respect of the decision listed in section 6.3. These limitations ensure the annual sales-based cap for an STP participant is not exceeded as a result of giving effect to an AAT decision.

6.6 Review of other decisions

This section lists other decisions made by the Secretary which may be reviewed by the AAT. These include decisions that: registration does not further the purpose of the Act; a refusal to grant permission for a group of companies to seek registration; a decision to refuse registration; a decision that a person or group is not a fit and proper person; a decision to deregister an STP participant; a decision to refuse recovery of plan debt by offsetting; a decision that charging interest would not cause financial hardship; or a decision not to extend the time for payment of a plan debt.

Part 7 Other Commonwealth assistance

7.1 Meaning of other Commonwealth assistance

This section provides that an STP participant has received other Commonwealth assistance if it has received financial assistance, other than under the plan, for activities undertaken in relation to eligible production, eligible investment or eligible innovation.

7.2 Other Commonwealth assistance that is not financial assistance

This section lists the forms of assistance that are not considered other Commonwealth assistance for the purposes of the plan.

7.3 Working out the amount of other Commonwealth assistance

This section sets out the formulae for working out the amount of other Commonwealth assistance received by an STP participant in relation to eligible invest, eligible innovation and eligible production.

Part 8 Miscellaneous

8.1 Particulars to be included in business plan etc

This section requires STP participants to provide information in their annual business plan updates relevant to the criteria listed in Schedule 1. Information provided by STP participants will be used to inform the Department’s annual report, outlining the progress of the industry toward achieving economic sustainability in a way that achieves environmental outcomes and promotes the development of workforce skills (as required by section 3 of the Act).

8.2 Approved forms

This section allows the Secretary to approve a form by instrument in writing.

8.3 Ongoing obligation to maintain records

This section requires persons who were STP participants to maintain records in relation to the business plan documents and half-yearly returns under the plan in accordance with section 2.17.

8.4 Publication of information relating to STP participants

This section allows the Minister to publish information about the identity of an STP participant, and the amount of assistance under the plan they received.

Schedule 1 Reporting criteria: meeting object in section 3 of the Act

Schedule 1 sets out the reporting criteria to be followed when an STP participant provides its report on the progress taken to reduce emissions and improve the environment and promoting the development of its workforce’s skills along with its updated business plan.