House of Representatives
Excise Tariff Amendment (Fuel Indexation) Bill 2015
Customs Tariff Amendment (Fuel Indexation) Bill 2015
Customs Tariff Amendment (Fuel Indexation) Act 2015
Fuel Indexation (Road Funding) Special Account Bill 2015
Fuel Indexation (Road Funding) Special Account Act 2015
Fuel Indexation (Road Funding) Bill 2015
Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon J. B. Hockey MP and the Minister for Immigration and Border Protection, the Hon Peter Dutton MP)Indexation generally occurs on 1 February and 1 August (the indexation day), where the indexation number is published by the Australian Bureau of Statistics at least five days before the indexation day. If there is a delay in publication, the indexation day is the fifth day after the publication day. The indexation number for the December 2014 quarter was released on 28 January 2015, therefore the fixed rate of $0.386 per litre applies until and including 1 February 2015, and indexation of the rate of duty occurs on and from 2 February 2015 (the fifth day after publication). See paragraphs 1.23 to 1.25.
The Tariff Proposals authorise the collection of the higher rates of duty for 12 months from the date the Tariff Proposals are tabled. This period expires at midnight on 29 October 2015.
The Energy Grants and Other Legislation Amendment (Ethanol and Biodiesel) Bill 2015 will repeal entitlement to grants for biodiesel and renewable diesel from 1 July 2015. Entitlement to grants under the Ethanol Production Grants Program ceases from 1 July 2015.
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Note: the application of indexation to the rate of excise-equivalent customs duty for fuel ethanol is delayed, see paragraph 1.85.
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Australian Competition and Consumer Commission (2013) Monitoring of the Australian petroleum industry 2013 - Report of the ACCC into the prices , costs and profits of unleaded petrol in Australia ; http://www.accc.gov.au/publications/monitoring-of-the-australian-petroleum-industry.
Australia's Future Tax System (2008) Consultation Paper ; http://taxreview.treasury.gov.au/content/downloads/consultation_paper/consultation_paper.pdf.