The 2 October deadline is fast approaching for liable entities to vary their required surrender amounts for the first 3 quarters of 2023.
Who can apply?
Liable entities can apply now if they have submitted an Energy Acquisition Statement (EAS) for the 2022 assessment year and expect to have lower reduced acquisitions compared to the previous year.
You can apply more than once in one assessment year if circumstances change from a previous determination. However, it is important to understand that this application does not reopen the surrender function for a deadline that has passed.
Reasons a liable entity may have lower reduced acquisitions compared to 2022 include:
- loss of large or multiple customers
- an increase in issued exemption certificates
- ceased trading
- a merger with another corporation.
Avoid underestimating your relevant acquisitions
Liable entities should consider all relevant acquisitions and all exemption certificates for the current assessment year when lodging an application.
If the reduced acquisitions reported in the 2023 EAS exceed the proposed amount in the application by more than 10%, the required surrender amount for quarters 1-3 will be recalculated based on the reported amount in the 2023 EAS, and a shortfall charge of $65 per certificate not surrendered will apply.
How to apply
Complete and submit the form Application to vary the required surrender amount for the first three quarters of the assessment year to the RET liability team by or before Monday 2 October 2023.
When you lodge your application ensure the applicant is an active REC Registry user with liability surrender permissions.
More information
Visit forms and resources for liable entities and key dates for surrender deadlines under the RET scheme.
Please contact the RET Liability team on 1300 553 542 or by email at RETLiability@cleanenergyregulator.gov.au.