Supplementary Explanatory Memorandum(Circulated by authority of the Treasurer, the Hon Wayne Swan MP).
Amendment to be moved on behalf of the Government
Explanation of amendment 1
1.1 The amendment authorises the Commissioner of Taxation to make a by-law prescribing a 'condensate production area', with effect from a date before the date the by-law is published in the Commonwealth Gazette.
1.2 As a result, it removes any doubt as to whether the Bill overrides section 169 of the Excise Act 1901. This is necessary to allow the Commissioner of Taxation to make a by-law prescribing a condensate production area, with effect from a date before the by-law is published in the Commonwealth Gazette, in circumstances where the by-law has the effect of imposing a higher rate of excise duty on condensate entered into home consumption.
1.3 The amendment is consistent with item 27 of the Excise Tariff Amendment (Condensate) Bill 2008. This allows a by-law prescribing a 'condensate production area' to take effect from a date before the by-law is registered under the Legislative Instruments Act 2003.