S 16C repealed by No 101 of 2006, s 3 and Sch 5 item 9, effective 14 September 2006. For application and saving provisions see history note for s 5(3). S 16C formerly read:
16C Special petroleum credits
(1)
You are entitled to a special petroleum credit if:
(a)
you are registered as at 1 July 2000; and
(b)
you have on hand, at the start of 1 July 2000, goods you acquired or imported that are held for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business; and
(c)
the goods are petroleum products of a kind specified in the regulations; and
(d)
either:
(i)
an amount of excise duty or customs duty (the
old duty amount
) in respect of the goods was paid before 1 July 2000; or
(ii)
the goods were delivered into home consumption before 1 July 2000 under a permission given under subsection
61C(1)
of the
Excise Act 1901
or granted under subsection
69(3)
of the
Customs Act 1901
, and an amount of excise duty or customs duty (the
old duty amount
) was or is payable in respect of the goods; and
(e)
were excise duty or customs duty (whichever is applicable) instead to become payable on the goods after 1 July 2000, the amount of that duty (the
new duty amount
) would be less than the old duty amount.
(2)
The amount of the special petroleum credit in respect of the goods is an amount equal to the difference between the old duty amount and the new duty amount.
(3)
The Commissioner must, on behalf of the Commonwealth, pay the special petroleum credit to you or, as provided in the regulations, to another person on your behalf. The payment must be made within the period and in the manner specified in the regulations.
History
S 16C inserted by No 177 of 1999, s 3 and Sch 2 item 16, effective 9 July 1999.
View history note
Hide history note