Commonwealth: Future Made in Australia (Production Tax Credits and Other Measures) Act 2025 (Cth)

Future Made in Australia (Production Tax Credits and Other Measures) Act 2025 No. 9, 2025 An Act to amend the law relating to taxation and Indigenous Business Australia, and for related purposes Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Hydrogen production tax incentive Part 1—Main amendments Income Tax Assessment Act 1997 Taxation Administration Act 1953 Part 2—Shortfall interest charge Income Tax Assessment Act 1936 Taxation Administration Act 1953 Part 3—Schemes to reduce income tax Income Tax Assessment Act 1936 Schedule 2—Critical minerals production tax incentive Part 1—Main amendments Income Tax Assessment Act 1997 Part 2—Other amendments Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Taxation Administration Act 1953 Schedule 3—Amendments relating to Indigenous Business Australia Aboriginal and Torres Strait Islander Act 2005 Future Made in Australia (Production Tax Credits and Other Measures) Act 2025 No. 9, 2025 An Act to amend the law relating to taxation and Indigenous Business Australia, and for related purposes [Assented to 14 February 2025] The Parliament of Australia enacts: 1 Short title This Act is the Future Made in Australia (Production Tax Credits and Other Measures) Act 2025. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day this Act receives the Royal Assent. 14 February 2025 2. Schedule 1, Part 1 The later of: (a) the first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent; and (b) the first 1 January, 1 April, 1 July or 1 October to occur after the day the Future Made in Australia (Guarantee of Origin) Act 2024 commences. However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur. 3. Schedule 1, Part 2 The later of: 1 April 2025 (a) the first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent; and (paragraph (a) applies) (b) the first 1 January, 1 April, 1 July or 1 October to occur after the day the Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) Act 2024 commences. However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur. 4. Schedule 1, Part 3 The later of: (a) at the same time as the commencement of the provisions covered by table item 2; and (b) immediately after the commencement of the provisions covered by table item 5. However, the provisions do not commence at all if the event mentioned in paragraph (a) does not occur. 5. Schedule 2 The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. 1 April 2025 6. Schedule 3 The day after this Act receives the Royal Assent. 15 February 2025 Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act. 3 Schedules Legislation 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—Hydrogen production tax incentive Part 1—Main amendments Income Tax Assessment Act 1997 1 Section 13‑1 (after table item headed "housing") Insert: hydrogen production .................................... Division 421 2 Section 67‑23 (before table item 30) Insert: 29 hydrogen production incentive the *tax offset available under Division 421 3 At the end of Part 3‑50 Add: Division 421—Hydrogen production tax incentive Table of Subdivisions Guide to Division 421 421‑A Tax offset for hydrogen produced in Australia 421‑B Certification of production profiles 421‑C Other matters Guide to Division 421 421‑1 What this Division is about A company may be entitled to a refundable tax offset in respect of hydrogen produced in Australia between the start of 1 July 2027 and the end of 30 June 2040. One requirement for entitlement to the offset is that the company must have created a certificate (called a PGO certificate) that relates to the hydrogen. The certificate is created under the Future Made in Australia (Guarantee of Origin) Act 2024 and it must be registered under that Act. Another requirement is that the facility at which the hydrogen is produced, and the production pathway for the hydrogen, must be specified in a production profile that is certified by the Clean Energy Regulator under this Division. The hydrogen must also have been produced during a particular period (which is called an offset period, and which cannot be longer than 10 years) that is associated with production at the facility in accordance with the production pathway. The amount of the tax offset is $2 per whole kilogram of hydrogen (though this may be reduced in certain circumstances). Subdivision 421‑A—Tax offset for hydrogen produced in Australia Table of sections 421‑5 Company entitled to refundable tax offset for hydrogen produced in Australia 421‑10 Amount of hydrogen production tax offset 421‑15 When hydrogen is produced 421‑20 Production emissions intensity 421‑25 Grid matching requirements 421‑30 Offset period 421‑35 Initial reconciliation period for registered PGO certificate 421‑40 Correction notice for registered PGO certificate 421‑45 HPTO community benefit rules 421‑5 Company entitled to refundable tax offset for hydrogen produced in Australia (1) A company is entitled to a *tax offset under this section (the hydrogen production tax offset) for an income year in respect of a kilogram of hydrogen produced in Australia during the income year if: (a) the income year: (i) starts on or after 1 July 2027; and (ii) ends before 1 July 2040; and (b) there is a *registered PGO certificate that relates to the kilogram of hydrogen and which states: (i) that the kilogram of hydrogen was produced at a particular facility that is specified in a *production profile, in accordance with a particular *production pathway that is specified in that production profile; and (ii) that the kilogram of hydrogen has a *production emissions intensity that is less than or equal to 0.6 kilograms of carbon dioxide per 1 kilogram of hydrogen (see section 421‑20); and (iii) if the facility is connected to an electricity grid—that the electricity (if any) that the facility obtained from the grid and used to produce the kilogram of hydrogen satisfies the *grid matching requirements (see section 421‑25); and (c) at the time when the kilogram of hydrogen was produced, the production profile mentioned in subparagraph (b)(i) of this subsection was certified in relation to the facility and the production pathway under Subdivision 421‑B; and (d) the kilogram of hydrogen was produced during the *offset period for the facility and the production pathway (see section 421‑30); and (e) the *initial reconciliation period for the PGO certificate has ended (see section 421‑35); and (f) no *correction notice for the PGO certificate is in force (see section 421‑40); and (g) the company satisfies the requirements in subsection (2) of this section. Note 1: For paragraph (c), when a production profile is certified, or a certification of a production profile is revoked, under Subdivision 421‑B, the certification or revocation may have retrospective effect. Note 2: The hydrogen production tax offset is a refundable tax offset (see section 67‑23). (2) The company satisfies the requirements in this subsection if: (a) the company is a *constitutional corporation; and (b) the company was the person who created the *registered PGO certificate under the Future Made in Australia (Guarantee of Origin) Act 2024; and (c) the company created the PGO certificate in the course of carrying on an enterprise in the indirect tax zone; and (d) at each time when the company carries on that enterprise in the indirect tax zone during the income year, either: (i) the company is an Australian resident and has an *ABN; or (ii) the company is a foreign resident and has a *permanent establishment in Australia and an ABN; and (e) the company is not an *exempt entity; and (f) if *HPTO community benefit rules under paragraph 421‑45(1)(a) of this Act apply to the company for the income year—the company meets the conditions specified in those rules. (3) In subsection (2), carried on in the indirect tax zone and indirect tax zone have the same meaning as in the *GST Act. 421‑10 Amount of hydrogen production tax offset (1) If a company is entitled to the *hydrogen production tax offset for an income year in respect of one or more kilograms of hydrogen, the amount of the offset for the income year is $2 in respect of each whole kilogram of hydrogen. (2) However, if: (a) *HPTO community benefit rules under paragraph 421‑45(1)(b) apply to the company for the income year; and (b) circumstances specified in those rules exist for the company; then the amount of the *hydrogen production tax offset is reduced by the proportion specified in those rules for those circumstances. 421‑15 When hydrogen is produced (1) For the purposes of this Division, a kilogram of hydrogen is taken to be produced at a facility at the time when the last part of the batch of hydrogen that contains the kilogram leaves the production gate (within the meaning of the Future Made in Australia (Guarantee of Origin) Act 2024) for hydrogen at the facility. (2) However, if: (a) the production of the batch of hydrogen commenced before 1 July 2027; and (b) the last part of the batch of hydrogen leaves the production gate for hydrogen at the facility on or after 1 July 2027; then, for the purposes of this Division, each kilogram of hydrogen contained in the batch is taken to be produced at the facility before 1 July 2027. Note: A company is not entitled to the hydrogen production tax offset in respect of hydrogen produced before 1 July 2027: see paragraph 421‑5(1)(a). 421‑20 Production emissions intensity (1) This section applies if there is a *registered PGO certificate that: (a) relates to a particular quantity of hydrogen (for example, a particular kilogram of hydrogen); and (b) states that the quantity of hydrogen was produced at a particular facility in accordance with a particular *production pathway. (2) The production emissions intensity of the quantity of hydrogen is the emissions intensity of that quantity of hydrogen taking into account all, and only, greenhouse gases emitted in relation to that quantity of hydrogen from production emissions sources for the *production pathway. (3) In subsection (2), emissions intensity, greenhouse gas and production emissions source have the same meaning as in the Future Made in Australia (Guarantee of Origin) Act 2024. 421‑25 Grid matching requirements The grid matching requirements are the requirements prescribed by the Minister by legislative instrument for the purposes of this section. 421‑30 Offset period Notice of offset start date (1) The *holder of a *registered production profile may, by notice given to the Commissioner in the *approved form, specify for the purposes of this section a date (the offset start date) in relation to the production of hydrogen: (a) at a particular facility specified in the profile; and (b) in accordance with a particular *production pathway specified in the profile. (2) The offset start date specified in the notice: (a) must be the first day of an income year for the *holder of the *registered production profile; and (b) must not be earlier than the first day of the income year for the holder of the registered production profile in which the notice is given; and (c) must be: (i) on or after 1 July 2027; and (ii) before 1 July 2040. (3) A notice given under subsection (1) cannot be varied or revoked. (4) If a notice has been given under subsection (1) in relation to a facility and a *production pathway, then no further notice may be given under that subsection in relation to the facility and the production pathway. Offset period (5) If a notice has been given under subsection (1) in relation to a facility and a *production pathway, the offset period for the facility and the production pathway is the period that: (a) starts at the beginning of the offset start date specified in the notice; and (b) ends at the earlier of the following: (i) the end of the period of 10 years starting on the offset start date; (ii) the end of 30 June 2040. Exception—where production pathways at same facility are not substantially different (6) However, if: (a) two or more notices are given under subsection (1) in relation to the same facility (whether the notices are given at the same time or at different times); and (b) the Clean Energy Regulator determines under subsection (7) that a group consisting of 2 or more of those notices should be treated together for the purposes of subsection (5); then subsection (5) applies in relation to each notice in the group as if the offset start date specified in the notice was the earliest of the offset start dates specified in any of the notices in the group. Note: If this subsection applies, the effect is that there will be a single, common offset period for the facility and each of the production pathways specified in the notices in the group. Determination by Clean Energy Regulator (7) If 2 or more notices are given as mentioned in paragraph (6)(a), the Clean Energy Regulator may, in writing, determine that a group consisting of 2 or more of those notices should be treated together for the purposes of subsection (5). (8) The Clean Energy Regulator may do so only if it is satisfied that production at the facility in accordance with the *production pathway specified in any one of the notices in the group is not substantially different from production at the facility in accordance with a production pathway specified in any other notice in the group. (9) In deciding whether to make a determination under subsection (7), the Clean Energy Regulator may have regard to any matters that the Clean Energy Regulator considers relevant, including: (a) the nature of the facility; and (b) the nature of the *production pathways specified in the notices; and (c) if some of the notices are given at different times—the nature of any changes to the facility made between those times. 421‑35 Initial reconciliation period for registered PGO certificate (1) The initial reconciliation period for a *registered PGO certificate is the period that: (a) starts immediately after the end of the financial year (the registration year for the certificate) in which the certificate was registered; and (b) ends at the time specified by subsection (2) or (3), whichever is later. (2) If: (a) a person is given a statement under section 60 of the Future Made in Australia (Guarantee of Origin Act) 2024; and (b) the statement relates to PGO certificate activity (within the meaning of that Act) in connection with the *registered PGO certificate in the registration year for the certificate; then the time specified by this subsection is the latest time by which such person is required, under section 61 of that Act, to give the Clean Energy Regulator a declaration in relation to such a statement. Note: If more than one person is given such a statement, different people may be required to give the Clean Energy Regulator declarations by different times. The time specified by this subsection is the latest of those times. (3) If: (a) a person is given a statement under section 60 of the Future Made in Australia (Guarantee of Origin Act) 2024 (the Guarantee of Origin Act); and (b) the statement relates to PGO certificate activity (within the meaning of the Guarantee of Origin Act) in connection with the *registered PGO certificate in the registration year for the certificate; and (c) after the end of the registration year, and at or before the time specified by subsection (2) of this section, the person gives the Clean Energy Regulator declarations and information of the kind mentioned in paragraph 61(b) of the Guarantee of Origin Act; and (d) the declarations include a declaration that particular information stated in the registered PGO certificate is not accurate or complete; then the time specified by this subsection is the latest time at which the Clean Energy Regulator may decide, under section 62 of the Guarantee of the Origin Act, to correct the registered PGO certificate in response to declarations and information given by a person as mentioned in paragraphs (c) and (d) of this subsection. Note: If more than one person gives the Clean Energy Regulator declarations and information as mentioned in paragraphs (c) and (d) of this subsection then, for each such set of declarations and information, there will be a last time at which the Clean Energy Regulator may correct the PGO certificate in response to that set of declarations and information. The time specified by this subsection is the latest of those last times. 421‑40 Correction notice for registered PGO certificate (1) The Clean Energy Regulator must issue a notice (a correction notice) for a *registered PGO certificate that relates to a kilogram of hydrogen if: (a) the *initial reconciliation period for the PGO certificate has ended; and (b) the PGO certificate states: (i) that the kilogram of hydrogen has a *production emissions intensity that is less than or equal to 0.6 kilograms of carbon dioxide per 1 kilogram of hydrogen; and (ii) if the facility that produced the hydrogen is connected to an electricity grid—that the electricity (if any) that the facility obtained from the grid and used to produce the kilogram of hydrogen satisfies the *grid matching requirements; and (c) the Clean Energy Regulator is satisfied that one or both of the conditions in subparagraphs (b)(i) and (ii) are not met. (2) The *correction notice must state that the Clean Energy Regulator is satisfied that one or both of the conditions in subparagraphs (1)(b)(i) and (ii) are not met. (3) The *correction notice is in force until it is revoked under subsection (4). Revocation of correction notice (4) The Clean Energy Regulator may, in writing, revoke a *correction notice for a *registered PGO certificate that relates to a kilogram of hydrogen if the Clean Energy Regulator is satisfied that: (a) the *initial reconciliation period for the PGO certificate had not ended at the time when the correction notice was issued, and that period has still not ended; or (b) the PGO certificate does not state that the conditions in subparagraphs (1)(b)(i) and (ii) are met in relation to the kilogram of hydrogen; or (c) the conditions in subparagraphs (1)(b)(i) and (ii) are met in relation to the kilogram of hydrogen. Copies of correction notice and revocation (5) If the Clean Energy Regulator: (a) issues a *correction notice under subsection (1) for a *registered PGO certificate that relates to a kilogram of hydrogen; or (b) revokes such a correction notice under subsection (4); then the Clean Energy Regulator must give copies of the correction notice or the revocation to the following: (c) each person who is, at the time the correction notice is issued or revoked, the *holder of a *registered production profile that specifies the facility at which the hydrogen was produced; (d) the Commissioner. Other matters (6) Subsection (1) and paragraph (4)(c) do not impose a duty on the Clean Energy Regulator to: (a) seek information about whether the conditions in subparagraphs (1)(b)(i) and (ii) are met; or (b) consider whether the Clean Energy Regulator is satisfied that those conditions are, or are not, met. (7) The issuing of a *correction notice for a *registered PGO certificate does not have any effect on the content or status of the PGO certificate under the Future Made in Australia (Guarantee of Origin Act) 2024. 421‑45 HPTO community benefit rules (1) The Minister may, by legislative instrument, make the following rules (the HPTO community benefit rules): (a) rules that: (i) apply to companies within a specified class for an income year; and (ii) specify conditions that must be met for such a company to be entitled to a *hydrogen production tax offset for the income year; (b) rules that: (i) apply to companies within a specified class for an income year; and (ii) specify circumstances that, if they exist for such a company, will reduce the amount of the company's hydrogen production tax offset for the income year by a specified proportion. Note: For subparagraph (b)(ii), different proportions may be specified for different circumstances (see subsection 33(3A) of the Acts Interpretation Act 1901). (2) In making the *HPTO community benefit rules, the Minister must have regard to the community benefit principles (within the meaning of subsection 10(3) of the Future Made in Australia Act 2024). (3) When having regard to those principles, the Minister is to treat the *hydrogen production tax offset as if it were Future Made in Australia support (within the meaning of the Future Made in Australia Act 2024). (4) This section does not apply if the Future Made in Australia Act 2024 has not commenced. Subdivision 421‑B—Certification of production profiles Table of sections 421‑50 Application for certification 421‑55 Certification of production profile 421‑60 Capacity of facility to produce hydrogen 421‑65 Revocation of certification 421‑70 Requests for further information etc. 421‑50 Application for certification (1) The *holder of a *registered production profile for hydrogen may apply to the Clean Energy Regulator for the profile to be certified: (a) in relation to a particular facility, and a particular *production pathway, specified in the profile; and (b) from a particular time. (2) The time specified in the application, as mentioned in paragraph (1)(b), must not be later than the start of the day when the application is made (and may be any time before the start of that day). (3) The application is taken not to be made unless: (a) it is in a form (if any) prescribed under subsection (5); and (b) it is accompanied by any information, documents or other materials prescribed under subsection (5); and (c) without limiting paragraphs (a) and (b) of this subsection—it is accompanied by an eligibility statement for the *registered production profile that relates to the facility and the *production pathway. (4) For the purposes of paragraph (3)(c), an eligibility statement for the *registered production profile that relates to the facility and the *production pathway is a statement by the *holder of the profile to the effect that there are reasonable grounds to believe that, if the profile is certified, a company will be entitled to the *hydrogen production tax offset for an income year in respect of one or more kilograms of hydrogen produced at the facility in accordance with the production pathway. (5) The Clean Energy Regulator may, by notifiable instrument, do any of the following: (a) prescribe a form for the purposes of paragraph (3)(a); (b) prescribe information, documents or other materials for the purposes of paragraph (3)(b). 421‑55 Certification of production profile Certification (1) If: (a) the Clean Energy Regulator receives an application for a *registered production profile to be certified in relation to a facility and a *production pathway from a particular time (the start time); and (b) the Clean Energy Regulator is satisfied that: (i) the condition in subsection (3) was met at the start time, and has continued to be met since that time; and (ii) the conditions in subsections (5) (if applicable) and (7) are met; then: (c) Clean Energy Regulator must, in writing, certify the registered production profile in relation to the facility and the production pathway; and (d) the instrument of certification must state that the certification has effect from the start time. Exception—failure to provide information etc. (2) However, the Clean Energy Regulator may refuse to certify a *registered production profile under subsection (1) if: (a) the Clean Energy Regulator has given the *holder of the production profile a notice under section 421‑70(1) that relates to the application for certification, requesting that the holder give the Clean Energy Regulator specified information, documents or other materials before a specified time; and (b) the holder of the production profile does not comply with the request before the specified time. Condition relating to facility and production pathway (3) The condition in this subsection is that: (a) the facility is located on a single site in Australia; and (b) the facility has a capacity to produce hydrogen, in accordance with the *production pathway, that is at least equal to that of an electrolyser with a nameplate capacity of 10 megawatts; and (c) the production pathway does not involve producing hydrogen using any of the following: (i) coal gasification; (ii) steam reformation of natural gas (within the meaning of the National Greenhouse and Energy Reporting Act 2007); (iii) a process prescribed by the regulations for the purposes of this subparagraph. Note: The Clean Energy Regulator may prescribe circumstances in which a facility is taken to have the capacity mentioned in paragraph (b) (see section 421‑60). Condition relating to early investment (4) Subsection (5) applies if the start time for the certification (see subsection (1)) is on or after 1 July 2030. (5) The condition in this subsection is that a final investment decision was made before 1 July 2030 to: (a) construct the facility with a capacity to produce hydrogen, in accordance with the *production pathway, that is at least equal to the nominal capacity of the facility to produce hydrogen in accordance with the production pathway; or (b) upgrade the facility so that it has a capacity to produce hydrogen, in accordance with the production pathway, that is at least equal to that nominal capacity. (6) For the purposes of subsection (5), the nominal capacity of the facility to produce hydrogen in accordance with the *production pathway is the capacity of the facility, at the start time, to produce hydrogen in accordance with the production pathway. Note: The Clean Energy Regulator may prescribe how the capacity of a facility to produce hydrogen is to be determined (see section 421‑60). Condition relating to eligibility statement (7) The condition in this subsection is that, on the basis of information that the Clean Energy Regulator possesses at the time when the instrument of certification is made, it would not be reasonable for the Clean Energy Regulator to believe that the eligibility statement for the *registered production profile that accompanied the application for certification (see paragraph 421‑50(3)(c)) is incorrect. Note: The Clean Energy Regulator does not have a duty to seek information about whether the eligibility statement is correct (see subsection (9)). Notification of certification (8) If the Clean Energy Regulator certifies a *registered production profile with effect from a particular time (the start time), the Clean Energy Regulator must notify the following of the certification: (a) the person who applied under section 421‑50 for the certification; (b) the person who was the *holder of the production profile at the start time; (c) each person who was a holder of the production profile at any time between: (i) the start time; and (ii) the time when the instrument of certification is made; (d) the Commissioner. No duty to seek information about eligibility statement (9) This section does not impose a duty on the Clean Energy Regulator to seek information relevant to assessing whether the eligibility statement for the *registered production profile is incorrect that goes beyond: (a) information possessed by the Clean Energy Regulator at the time when the Clean Energy Regulator received the application for certification of the registered production profile; and (b) information that was contained in, or that accompanied, that application. 421‑60 Capacity of facility to produce hydrogen The Clean Energy Regulator may, by legislative instrument, prescribe any of the following: (a) how the capacity of a facility to produce hydrogen is to be expressed for the purposes of section 421‑55; (b) how the capacity of a facility to produce hydrogen is to be determined for the purposes of section 421‑55; (c) without limiting paragraph (a) or (b) of this section—circumstances in which a facility is taken, for the purposes of subsection 421‑55(3), to have a capacity to produce hydrogen that is at least equal to that of an electrolyser with a nameplate capacity of 10 megawatts. 421‑65 Revocation of certification (1) This section applies if a *production profile has been certified in relation to a facility and a *production pathway with effect from a particular time (the original start time). Revocation—substantive grounds (2) The Clean Energy Regulator may, in writing, revoke the certification if: (a) on or after the original start time, the registration of the *production profile is suspended, cancelled or surrendered under the Future Made in Australia (Guarantee of Origin) Act 2024; or (b) there is a time, on or after the original start time, when the condition in subsection 421‑55(3) of this Act (condition relating to facility and production pathway) is not met in relation to the facility and the *production pathway; or (c) at the time when the instrument of revocation made, the Clean Energy Regulator reasonably believes that the eligibility statement for the production profile that accompanied the application for certification (see paragraph 421‑50(3)(c)) is incorrect. (3) A revocation under subsection (2) has effect from the time (the new end time for the certification) specified in the instrument of revocation, which must be: (a) if the certification is revoked under paragraph (2)(a)—the time when the registration of the *production profile was suspended, cancelled or surrendered; or (b) if the certification is revoked under paragraph (2)(b)—the earliest time, on or after the original start time, when the condition in subsection 421‑55(3) is not met in relation to the facility and the *production pathway; or (c) if the certification is revoked under paragraph (2)(c)—no earlier than the time when the instrument of revocation is made. Note: If the certification is revoked under paragraph (2)(a) or (b), the revocation will have retrospective effect. Revocation—failure to provide information etc. (4) In addition, the Clean Energy Regulator may, in writing, revoke the certification if: (a) the Clean Energy Regulator has given the *holder of the *production profile a notice under section 421‑70(2) that relates to the certification, requesting that the holder give the Clean Energy Regulator specified information, documents or other materials before a specified time; and (b) the holder of the production profile does not comply with the request before the specified time. (5) A revocation under subsection (4) has effect from the time (also the new end time for the certification) specified in the instrument of revocation, which must not be before the time specified in the notice mentioned in paragraph (4)(a). Note: A revocation under subsection (4) may be given retrospective effect. Consequences of revocation (6) If the new end time for the certification is the same as the original start time, then the certification is taken never to have been in effect. (7) If the new end time for the certification is later than the original start time, then: (a) the certification is taken to have been in effect for the period that: (i) begins at the original start time; and (ii) ends at the new end time; and (b) the certification is taken not to have been in effect after the new end time. Note: The operation of subsections (6) and (7) may affect whether paragraph 421‑5(1)(c) (which sets out a condition for entitlement to the hydrogen production tax offset) is satisfied in a particular case. (8) If a certification of a *production profile that relates to a particular facility and *production pathway is revoked, that does not prevent: (a) an application later being made for a new certification of the production profile, including a certification that relates to the same facility and production pathway; or (b) the Clean Energy Regulator subsequently issuing such a new certification of the production profile. Notification of revocation (9) If the Clean Energy Regulator revokes a certification of a *production profile, the Clean Energy Regulator must notify the following of the revocation: (a) the person who was the *holder of the production profile at the original start time for the certification; (b) each person who was a holder of the production profile at any time between: (i) the original start time for the certification; and (ii) the time when the instrument of revocation is made; (c) the Commissioner. 421‑70 Requests for further information etc. Request before certification (1) If the Clean Energy Regulator has received an application for a *registered production profile to be certified, the Clean Energy Regulator may, before making a decision about whether to certify the profile under section 421‑55, give a written notice to the *holder of the profile: (a) requesting that the holder give the Clean Energy Regulator, before a specified time, specified information, documents or other materials that are relevant to making that decision; and (b) stating that, if the request is not complied with before the specified time, the Clean Energy Regulator may refuse to certify the production profile. Request after certification (2) If the Clean Energy Regulator has certified a *registered production profile under section 421‑55, the Clean Energy Regulator may give a written notice to the *holder of the profile: (a) requesting that the holder give the Clean Energy Regulator, before a specified time, specified information, documents or other materials that are relevant to deciding whether to revoke the certification under subsection 421‑65(2) (revocation on substantive grounds); and (b) stating that, if the request is not complied with before the specified time, the Clean Energy Regulator may revoke the certification. Subdivision 421‑C—Other matters Table of sections 421‑75 Review of decisions by the Administrative Review Tribunal 421‑80 Information sharing 421‑85 Period for amending assessments 421‑75 Review of decisions by the Administrative Review Tribunal Applications may be made to the *ART for review of the following decisions made by the Clean Energy Regulator: (a) a decision under subsection 421‑30(7) to make a determination; (b) a decision under subsection 421‑40(1) to issue a *correction notice; (c) a decision under subsection 421‑40(4) to revoke a correction notice; (d) a decision under section 421‑55 to certify a *registered production profile; (e) a decision under section 421‑55 not to certify a registered production profile (after an application to certify the profile has been made under section 421‑50); (f) a decision under section 421‑65 to revoke a certification of a *production profile. 421‑80 Information sharing (1) Each of the following regulators: (a) the Clean Energy Regulator; (b) the Commissioner; may request the other regulator to provide them with information held by the other regulator that is reasonably necessary or convenient for the requesting regulator's administration of this Division. (2) The other regulator must comply with the request. Note: The request could be an ad hoc or standing request, and the information requested could be general or specific. 421‑85 Period for amending assessments Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an entity's assessment for the purposes of giving effect to this Division for an income year if: (a) the Clean Energy Regulator: (i) issues, or revokes, a *correction notice under section 421‑40; or (ii) makes an instrument under section 421‑65 revoking a certification of a *production profile, with effect from a specified time (which may be different from the time when the instrument is made); and (b) as a result, there is a change to: (i) whether the entity is entitled to a *hydrogen production tax offset for the income year; or (ii) the amount of hydrogen production tax offset that the entity is entitled to for the income year; and (c) the amendment of the entity's assessment is made during the period of 4 years starting on the day when the Clean Energy Regulator issues or revokes the correction notice, or makes the instrument revoking the certification of the production profile (whichever applies). Note: Section 170 of the Income Tax Assessment Act 1936 specifies the periods within which assessments may be amended. 4 Subsection 995‑1(1) Insert: correction notice, in relation to a *registered PGO certificate, has the meaning given by section 421‑40. grid matching requirements has the meaning given by section 421‑25. holder, of a *registered production profile, means the holder of the profile under the Future Made in Australia (Guarantee of Origin) Act 2024. HPTO community benefit rules (short for "hydrogen production tax offset community benefit rules") means the rules made under section 421‑45. hydrogen production tax offset has the meaning giving by subsection 421‑5(1). initial reconciliation period, for a *registered PGO certificate, has the meaning given by section 421‑35. offset period has the meaning given by section 421‑30. production emissions intensity has the meaning given by section 421‑20. production pathway has the same meaning as in the Future Made in Australia (Guarantee of Origin) Act 2024. production profile has the same meaning as in the Future Made in Australia (Guarantee of Origin) Act 2024. registered PGO certificate: a PGO certificate (within the meaning of the Future Made in Australia (Guarantee of Origin) Act 2024) is a registered PGO certificate if the Clean Energy Regulator: (a) has decided to register the certificate under section 56 of that Act; and (b) has not invalidated the certificate under section 64 of that Act. registered production profile: a *production profile is a registered production profile if: (a) the Clean Energy Regulator has decided to register the profile under section 33 of the Future Made in Australia (Guarantee of Origin) Act 2024); and (b) the registration of the profile has not been: (i) cancelled under section 45 of that Act; or (ii) surrendered under section 48 of that Act. Taxation Administration Act 1953 5 In the appropriate position in Part IA Insert: 3L Reporting of information about hydrogen production tax offset (1) This section applies to an entity in relation to an income year if, according to information the entity gave the Commissioner, the entity is entitled under Division 421 of the Income Tax Assessment Act 1997 to a tax offset for the income year. (2) The Commissioner must, as soon as practicable after the second 30 June after the financial year corresponding to the income year, make publicly available the information mentioned in subsection (3). (3) The information is as follows: (a) the entity's name; (b) the entity's ABN or, if the first information the entity gave the Commissioner indicating the entity's entitlement to the tax offset does not include the entity's ABN but does include the entity's ACN (within the meaning of the Corporations Act 2001), the entity's ACN; (c) the sum of the amounts of the tax offsets that the entity is entitled to under Division 421 of the Income Tax Assessment Act 1997 for the income year, where the amount of each tax offset is worked out according to the first information that the entity gave the Commissioner indicating the entity's entitlement to the tax offset. (4) Subsection (5) applies if: (a) the entity gives the Commissioner notice, in the approved form, that the information mentioned in subsection (3) contains an error; and (b) the notice contains information that corrects the error. (5) The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error. (6) To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure. (7) An expression used in this section and in the Income Tax Assessment Act 1997 has the same meaning in this section as in that Act. 6 Subsection 355‑65(7) in Schedule 1 (at the end of the table) Add: 3 the Australian Renewable Energy Agency (a) is of information relating to the entitlement of an entity to a tax offset for an income year under Division 421 of the Income Tax Assessment Act 1997 (which is about the hydrogen production tax offset), including information about the amount of such a tax offset; and (b) is for the purpose of administering the program known as Hydrogen Headstart. 7 Application provision—disclosure of protected information etc. The amendment of subsection 355‑65(7) in Schedule 1 to the Taxation Administration Act 1953 made by this Part applies in relation to the making of a record of information, or the disclosure of information, on or after the commencement of this Part, whether the information was acquired before, on or after that commencement. Part 2—Shortfall interest charge Income Tax Assessment Act 1936 8 After subsection 172A(2) Insert: Shortfall interest charge (2A) If: (a) a person is liable to pay an amount under subsection (2); and (b) as a result, the person is liable to pay shortfall interest charge on that amount under section 280‑102F in Schedule 1 to the Taxation Administration Act 1953; then the shortfall interest charge is due and payable 21 days after the day on which the Commissioner gives the person notice of the charge. Note: Shortfall interest charge is worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953. 9 Before subsection 172A(3) Insert: General interest charge 10 Subsection 172A(3) After "liable to pay under subsection (2)", insert ", or any amount of shortfall interest charge on the overpayment,". 11 Paragraph 172A(3)(a) After "the overpayment", insert "or shortfall interest charge". 12 Subparagraphs 172A(3)(b)(i) and (ii) After "the overpayment", insert "or shortfall interest charge". 13 Application provision The amendments of the Income Tax Assessment Act 1936 made by this Part apply in relation to amounts a person is liable to pay under subsection 172A(2) of that Act, where the lability to pay those amounts arises on or after the commencement of this Part. Taxation Administration Act 1953 14 Subsection 8AAB(4) (table item 10A) After "excessive tax offset refunds", insert "or shortfall interest charge". 15 Subsection 250‑10(1) in Schedule 1 (after table item 70) Insert: 75 shortfall interest charge for excessive tax offset refunds 172A(2A) 16 Section 280‑1 in Schedule 1 (after the paragraph beginning "The shortfall interest charge") Insert: The shortfall interest charge also applies if an amendment of your assessment by the Commissioner reveals that excessive tax offset refunds have been credited to you and you are liable to pay the amount of the excess. 17 Section 280‑50 in Schedule 1 Repeal the section, substitute: 280‑50 Object of Division The object of this Division is to neutralise benefits that taxpayers could otherwise receive from: (a) shortfalls of income tax, *petroleum resource rent tax, *excess non‑concessional contributions tax, *Division 293 tax, *diverted profits tax, *Laminaria and Corallina decommissioning levy, *Australian IIR/UTPR tax or *Australian DMT tax; or (b) excessive tax offset refunds; so that they do not receive an advantage in the form of a free loan over those who assess correctly. 18 Before section 280‑103 in Schedule 1 Insert: 280‑102F Liability to shortfall interest charge—excessive tax offset refunds (1) You are liable to pay *shortfall interest charge on an amount (an amount of excess) that you are liable to pay under subsection 172A(2) of the Income Tax Assessment Act 1936 because the Commissioner amends your assessment for an income year. (2) The liability is for each day in the period: (a) beginning at the start of the day on which the amount of excess was applied in accordance with Divisions 3 and 3A of Part IIB of this Act; and (b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment. Note: See section 172A of the Income Tax Assessment Act 1936 for when the amount of excess, and the shortfall interest charge, become due and payable. That section also provides for general interest charge on any part of the amount of excess (plus any shortfall interest charge) that remains unpaid after it is due and payable. 19 Paragraph 280‑105(1)(a) in Schedule 1 After "or *Division 293 tax", insert ", or the amount that you are liable to pay shortfall interest charge on under subsection 280‑102F(1)". 20 Subsection 280‑110(1) in Schedule 1 Omit "or 280‑102E", substitute ", 280‑120E or 280‑102F". 21 Application provision The amendments of the Taxation Administration Act 1953 made by this Part apply in relation to amounts a person is liable to pay under subsection 172A(2) of the Income Tax Assessment Act 1936 (as mentioned in subsection 280‑102F(1) in Schedule 1 to the Taxation Administration Act 1953), where the lability to pay those amounts arises on or after the commencement of this Part. Part 3—Schemes to reduce income tax Income Tax Assessment Act 1936 22 Subsection 177A(1) Insert: hydrogen production tax offset has the same meaning as in the Income Tax Assessment Act 1997. 23 After paragraph 177C(1)(be) Insert: ; or (bf) a hydrogen production tax offset being allowable to the taxpayer in relation to a year of income where the whole or a part of the offset would not have been allowable, or might reasonably be expected not to have been allowable, to the taxpayer in relation to that year of income if the scheme had not been entered into or carried out; 24 At the end of subsection 177C(1) Add: ; or (j) in a case to which paragraph (bf) applies—the amount of the whole of the hydrogen production tax offset or of the part of the hydrogen production tax offset, as the case may be, referred to in that paragraph. 25 At the end of subsection 177C(2) Add: ; or (h) a hydrogen production tax offset being allowable to the taxpayer in relation to a year of income the whole or a part of which offset would not have been, or might reasonably be expected not to have been, allowable to the taxpayer in relation to that year of income if the scheme had not been entered into or carried out, where: (i) the allowance of the offset to the taxpayer is attributable to the making of a declaration, agreement, election, selection or choice, the giving of a notice or the exercise of an option by any person, being a declaration, agreement, election, selection, choice, notice or option expressly provided for by this Act; and (ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, choice, notice or option to be made, given or exercised, as the case may be. 26 Subsection 177C(3) Omit "or (g)(i)", substitute ", (g)(i) or (h)(i)". 27 After paragraph 177C(3)(cd) Insert: ; or (ce) the allowance of a hydrogen production tax offset to a taxpayer; 28 At the end of subsection 177C(3) Add: ; or (k) the hydrogen production tax offset would not have been allowable. 29 At the end of subsection 177CB(1) Add: ; (h) the whole or a part of a hydrogen production tax offset not being allowable to the taxpayer. 30 After paragraph 177F(1)(g) Insert: or (h) in the case of a tax benefit that is referable to a hydrogen production tax offset, or a part of a hydrogen production tax offset, being allowable to the taxpayer in relation to a year of income—determine that the whole or a part of the offset, or the part of the offset, as the case may be, is not to be allowable to the taxpayer in relation to that year of income; 31 After paragraph 177F(3)(h) Insert: or (i) if, in the opinion of the Commissioner: (i) an amount would have been allowed, or would be allowable, to the relevant taxpayer as a hydrogen production tax offset if the scheme had not been entered into or carried out, being an amount that was not allowed or would not, apart from this subsection, be allowable, as the case may be, as a hydrogen production tax offset to the relevant taxpayer; and (ii) it is fair and reasonable that the amount, or a part of the amount, should be allowable as a hydrogen production tax offset to the relevant taxpayer; determine that that amount or that part, as the case may be, should have been allowed or is allowable, as the case may be, as a hydrogen production tax offset to the relevant taxpayer; Schedule 2—Critical minerals production tax incentive Part 1—Main amendments Income Tax Assessment Act 1997 1 At the end of Part 3‑45 Add: Division 419—Critical minerals (tax offset for Australian production expenditure) Table of Subdivisions Guide to Division 419 419‑A Tax offset for expenditure for producing critical minerals in Australia 419‑B CMPTI expenditure 419‑C Registering activities and facilities for the CMPTI tax offset 419‑D Integrity rules 419‑E Review of certain decisions 419‑F Other matters Guide to Division 419 419‑1 What this Division is about Companies may be entitled to a refundable tax offset for expenditure incurred in carrying on processing activities at facilities in Australia that substantially transform feedstock containing critical minerals into purer or more refined forms of the critical minerals that are chemically distinct from the feedstock. This offset is designed to support the growth of these processing activities in Australia. One of the requirements for entitlement to the tax offset is for a company to hold a registration certificate for these processing activities and for the Australian facilities where the activities are to be carried on. The Industry Secretary will decide whether to issue the certificates. A registration can be in force for 10 income years during the period starting on 1 July 2027 and ending on 30 June 2040. The amount of the tax offset is 10% of the company's expenditure on these processing activities. Subdivision 419‑A—Tax offset for expenditure for producing critical minerals in Australia Table of sections 419‑5 Company entitled to refundable tax offset for expenditure incurred in producing critical minerals in Australia 419‑10 Amount of CMPTI tax offset 419‑15 Meaning of critical mineral 419‑20 Meaning of CMPTI processing activity 419‑5 Company entitled to refundable tax offset for expenditure incurred in producing critical minerals in Australia Entitlement to the tax offset (1) A company is entitled to a *tax offset under this section (the CMPTI tax offset) for an income year if: (a) the company is a *constitutional corporation; and (b) the income year: (i) starts on or after 1 July 2027; and (ii) ends on or before 30 June 2040; and (c) there are one or more *registered CMPTI processing activities for the company and the income year; and (d) the company incurs *CMPTI expenditure for the income year in carrying on any of those activities; and (e) the company is not an *exempt entity; and (f) if *CMPTI community benefit rules under paragraph 419‑145(1)(a) apply to the company for the income year—the company meets the conditions specified in those rules; and (g) the company satisfies the residency requirements in subsection (2) for the income year. Note: The CMPTI tax offset is a refundable tax offset (see section 67‑23). Residency requirements (2) The company satisfies the residency requirements in this subsection for the income year if, at all times during the income year in which any of the activities covered by paragraph (1)(c) are carried on: (a) the company: (i) is an Australian resident and has an *ABN; and (ii) is carrying on the activity; or (b) the company: (i) is a foreign resident that has a *permanent establishment in Australia and has an ABN; and (ii) is carrying on the activity through that permanent establishment. 419‑10 Amount of CMPTI tax offset (1) The amount of the *CMPTI tax offset for the income year is equal to 10% of the company's total *CMPTI expenditure referred to in paragraph 419‑5(1)(d). (2) However, if: (a) *CMPTI community benefit rules under paragraph 419‑145(1)(b) apply to the company for the income year; and (b) circumstances specified in those rules exist for the company; the amount of the *CMPTI tax offset is reduced by the proportion specified in those rules for those circumstances. 419‑15 Meaning of critical mineral (1) Each of the following is a critical mineral: (a) antimony; (b) arsenic; (c) beryllium; (d) bismuth; (e) chromium; (f) cobalt; (g) fluorine; (h) gallium; (i) germanium; (j) graphite; (k) hafnium; (l) high purity alumina; (m) indium; (n) lithium; (o) magnesium; (p) manganese; (q) molybdenum; (r) nickel; (s) niobium; (t) each of the following platinum‑group elements: (i) iridium; (ii) osmium; (iii) palladium; (iv) platinum; (v) rhodium; (vi) ruthenium; (u) each of the following rare‑earth elements: (i) cerium; (ii) dysprosium; (iii) erbium; (iv) europium; (v) gadolinium; (vi) holmium; (vii) lanthanum; (viii) lutetium; (ix) neodymium; (x) praseodymium; (xi) promethium; (xii) samarium; (xiii) terbium; (xiv) thulium; (xv) ytterbium; (xvi) yttrium; (v) rhenium; (w) scandium; (x) selenium; (y) silicon; (z) tantalum; (za) tellurium; (zb) titanium; (zc) tungsten; (zd) vanadium; (ze) zirconium; (zf) a thing prescribed by the regulations. (2) The regulations must not prescribe uranium for the purposes of paragraph (1)(zf). 419‑20 Meaning of CMPTI processing activity (1) A CMPTI processing activity is a processing activity carried on at one or more facilities in Australia that: (a) involves substantially transforming a feedstock containing a *critical mineral through extractive metallurgical processing into a purer or more refined form of the critical mineral that is chemically distinct from the feedstock; or (b) is a processing activity that: (i) relates to one or more critical minerals; and (ii) is of a kind prescribed by the regulations; and (iii) produces an outcome of a kind prescribed by the regulations; if a substantial purpose for carrying on the activity is to achieve the transformation mentioned in paragraph (a) or the outcome mentioned in paragraph (b) (as applicable). Note: To be relevant for the tax offset, the activity will need to be: (a) registered (see paragraph 419‑5(1)(c)); and (b) carried on at one or more of the facilities specified in the certificate of registration for the activity (see paragraph 419‑25(1)(a)). (2) However, none of the following activities is a CMPTI processing activity: (a) mining; (b) beneficiation (including the grinding, crushing, floating and other mechanical processing of ores), except to the extent that such an activity is prescribed for the purposes of paragraph (1)(b); (c) manufacturing, except to the extent that such an activity is prescribed for the purposes of paragraph (1)(b); (d) an activity that is contrary to an *Australian law; (e) an activity of a kind prescribed by the regulations. Note: Since subsection (1) is subject to this subsection, an activity that could be covered by both paragraphs (1)(b) and (2)(e) will not be a CMPTI processing activity. Subdivision 419‑B—CMPTI expenditure Table of sections 419‑25 Meaning of CMPTI expenditure 419‑30 Expenditure to be worked out excluding GST 419‑25 Meaning of CMPTI expenditure (1) CMPTI expenditure, of a company for an income year, is expenditure the company incurs during the income year to the extent that: (a) the expenditure is incurred in carrying on one or more of the company's *registered CMPTI processing activities for the income year at facilities specified in the certificates of registration for those activities; and (b) the expenditure is paid during the income year, if at the time the expenditure is incurred: (i) the company, and the entity to which the expenditure is incurred, are not dealing with each other at *arm's length; or (ii) the entity to which the expenditure is incurred is the company's *associate. Excluded expenditure (2) Despite subsection (1), CMPTI expenditure does not include any expenditure the company incurs to the extent that the expenditure: (a) is capital, or is of a capital nature; or (b) is taken into account when calculating the decline in value of an asset for the purposes of a *taxation law; or (c) is incurred by way of, or in relation to, the financing of *registered CMPTI processing activities; or (d) is on feedstock, whether raw materials (such as ores or mineral concentrates) or intermediate outputs from a previous processing step; or (e) would result in more than 10% of the company's CMPTI expenditure for the income year being incurred on or in relation to *intellectual property; or (f) is of a kind prescribed by the regulations. Note: Similarly, subsection (1) means CMPTI expenditure does not include expenditure to the extent that the expenditure is incurred in carrying on: (a) a registered CMPTI processing activity at a facility not specified in the certificate of registration for the activity; or (b) an activity that is not a registered CMPTI processing activity. (3) Despite subsection (1), if carrying on one or more of the company's *registered CMPTI processing activities results in an output that: (a) would, if the output were the only output of the activities, mean the activities are not *CMPTI processing activities; and (b) is disposed of, or is used to produce another output that is disposed of, in a way that: (i) is for value; or (ii) involves the company and another entity not dealing with each other at *arm's length; or (iii) is to an *associate of the company; CMPTI expenditure does not include so much of the company's expenditure incurred in carrying on those activities as is reasonably attributable to the first‑mentioned output. 419‑30 Expenditure to be worked out excluding GST In determining an amount of expenditure for the purpose of this Division, the expenditure is taken to exclude *GST. Subdivision 419‑C—Registering activities and facilities for the CMPTI tax offset Table of sections 419‑35 Meaning of registered CMPTI processing activity 419‑40 Notice of decision about an application for registration 419‑45 Annual report about a registered CMPTI processing activity 419‑50 A registration is in force for up to 10 income years 419‑55 Transferring a registration 419‑60 Varying a registration 419‑65 Automatic suspension of a registration for failing to give an annual report or requested further information 419‑70 Revoking a registration 419‑75 Effect of revocations 419‑80 Industry Secretary may request further information 419‑85 Advising the Commissioner about a registration 419‑90 Amendment of assessments 419‑35 Meaning of registered CMPTI processing activity (1) A company has a registered CMPTI processing activity for an income year if: (a) the activity is registered for the company under subsection (2); or (b) a registration of the activity is transferred to the company under subsection 419‑55(2); and the registration is in force for the company and the income year. Note: For when the registration is in force, see section 419‑50. The registration will not be in force if: (a) it has already expired (see section 419‑50); or (b) it is suspended or has been revoked (see section 419‑65 or 419‑70). Initial registration (2) The *Industry Secretary must register an activity for a company if: (a) the company applies to the Industry Secretary for the activity to be registered under this subsection; and (b) the application identifies: (i) the activity and each facility where the activity is to be carried on; and (ii) the basis on which the company considers it will satisfy the requirements to be entitled to a *CMPTI tax offset in relation to the activity; and (c) the application states that the company is the legal entity that is or will be carrying on the activity at those facilities; and (d) the application is in a form approved under subsection 419‑150(1); and (e) the Industry Secretary is satisfied that the activity is a *CMPTI processing activity; and (f) the Industry Secretary has no reason to believe that: (i) the information provided by the company is not true, correct and complete; or (ii) the company will not satisfy the requirements to be entitled to a CMPTI tax offset in relation to the activity; and (g) the company has paid the application fee (if any) prescribed by the regulations. Note: Any revocation of the registration does not prevent the company from applying under this subsection to re‑register the activity. Any re‑registration will not re‑start the maximum 10‑year period that the activity can be registered (see subsections 419‑50(4) and (5)). 419‑40 Notice of decision about an application for registration (1) The *Industry Secretary must give written notice of a decision under subsection 419‑35(2) about an application (of a company) to the company and the Com