Fuel Tax (Consequential and Transitional Provisions) Act 2006 (73 of 2006)
Schedule 3 Fuel credits arising from before 1 July 2006 and until 1 July 2012
Part 4A Early payments of fuel tax credits arising between 1 July 2006 and 30 June 2008
12A Fuel acquired, manufactured or imported between 1 July 2006 and 30 June 2008
(1) The Commissioner must make you an early payment of a fuel tax credit for taxable fuel if:
(a) before 31 December 2006, you elect, in the approved form, to receive early payments under this item; and
(b) you acquire, manufacture or import the fuel between 1 July 2006 and 30 June 2008 (inclusive); and
(c) either of the following applies to you:
(i) you, another member of a GST group of which you are the representative member or another participant in a GST joint venture of which you are the joint venture operator was entitled to an energy grant under the Energy Grants Act;
(ii) you acquire, manufacture or import the fuel for a use described in subparagraph 10(1)(b)(iv), (v) or (vi) of this Schedule (certain uses other than as a fuel); and
(d) you are:
(i) entitled to the credit under section 41-5 or 41-10 of the Fuel Tax Act (as affected by this Act); or
(ii) taken to be entitled to the credit under Part 4 of this Schedule; and
(i) if you account on a cash basis and you acquire the fuel - the credit, or a part of the credit, is attributable to the current tax period, or a later tax period, applying to you; or
(ii) otherwise - the credit is attributable to the current tax period applying to you; and
(f) you have not previously received an early payment of the credit for the fuel; and
(g) you make a claim for the early payment in the approved form.
Note 1: See Division 3A of Part IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay you. Division 3 of Part IIB of that Act allows the Commissioner to apply the amount owing as a credit against tax debts that you owe to the Commonwealth.
Note 2: Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in paying the amount.
(2) The amount of the early payment is the amount of the credit to which you are entitled.
(3) If you receive an early payment under this item, then for the purposes of the Fuel Tax Act:
(a) if you account on a cash basis, you acquire the fuel and, in a tax period, you provide part of the consideration for the fuel:
(i) you have an increasing fuel tax adjustment of the amount of the early payment, but only to the extent that you provide the consideration in that tax period; and
(ii) the adjustment is attributable to that tax period; or
(i) you have an increasing fuel tax adjustment of the amount of the early payment; and
(ii) the adjustment is attributable to the earliest tax period to which the credit can be attributed.
Note: You will still claim the credit for the tax period, but the credit will be offset by the amount of the increasing fuel tax adjustment.