Excise Tariff Amendment (Condensate) Act 2008 (109 of 2008)

Schedule 1   Amendments

Part 1   Amendments

Excise Tariff Act 1921

25   Sections 6AB and 6AC

Repeal the sections, substitute:

6AB Applicable petroleum prices

For the purposes of section 6B, 6C, 6CA or 6D, at any particular time the applicable petroleum price for a month occurring after 30 June 1997 in respect of stabilized crude petroleum oil or condensate, obtained from a production area, that is, under by-laws, a prescribed production area, a prescribed new production area, a prescribed condensate production area or a prescribed intermediate production area, as the case requires, for the purposes of that section, is:

(a) if at that time the final VOLWARE price for stabilized crude petroleum oil or condensate (as the case requires) for the month and an oil producing region that constitutes or includes that production area has been determined under section 7 of the Petroleum Excise (Prices) Act 1987 - that final VOLWARE price; or

(b) if at that time the final VOLWARE price for stabilized crude petroleum oil or condensate (as the case requires) has not been so determined - the interim VOLWARE price for stabilized crude petroleum oil or condensate (as the case requires) determined under that section for the month and an oil producing region that constitutes or includes that production area.

6AC Application of section 6B, 6C, 6CA or 6D to different oil producing regions

If:

(a) a final VOLWARE price or an interim VOLWARE price for stabilized crude petroleum oil or condensate (as the case requires) has been, or is taken to have been, determined under the Petroleum Excise (Prices) Act 1987 for a month and an oil producing region; and

(b) that oil producing region is constituted by or includes:

(i) a particular prescribed production area within the meaning of section 6B; or

(ii) a particular prescribed new production area within the meaning of section 6C; or

(iii) a particular prescribed condensate production area within the meaning of section 6CA; or

(iv) a particular prescribed intermediate production area within the meaning of section 6D;

that determination is taken to have effect, and, at all material times to have had effect, in the application of that section in respect of stabilized crude petroleum or condensate (as the case requires) obtained from that production area, as if it were also a determination of that price made in respect of that particular production area.