FUEL TAX ACT 2006

CHAPTER 4 - COMMON RULES  

PART 4-1 - NET FUEL AMOUNTS  

Division 60 - Net fuel amounts  

Subdivision 60-A - Net fuel amounts  

SECTION 60-5   60-5   WORKING OUT YOUR NET FUEL AMOUNT  


Your net fuel amount for a *tax period or a *fuel tax return period is worked out using the following formula:


Total fuel tax - Total fuel tax credits + Total increasing fuel tax adjustments - Total decreasing fuel tax adjustments

where:

total decreasing fuel tax adjustments
is the sum of all *decreasing fuel tax adjustments that are attributable to the period.

Note:

Division 65 sets out which tax periods or fuel tax return periods fuel tax adjustments are attributable to.

total fuel tax
is nil.

Note:

Fuel tax is currently assessed under the Excise Act 1901 , the Excise Tariff Act 1921 , the Customs Act 1901 and the Customs Tariff Act 1995 .

total fuel tax credits
is the sum of all fuel tax credits to which you are entitled that are attributable to the period.

Note:

Division 65 sets out which tax periods or fuel tax return periods fuel tax credits are attributable to.

total increasing fuel tax adjustments
is the sum of all *increasing fuel tax adjustments that are attributable to the period.

Note:

Division 65 sets out which tax periods or fuel tax return periods fuel tax adjustments are attributable to.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.