Second Reading SpeechMr Shorten (Assistant Treasurer and Minister for Financial Services and Superannuation)
That this bill be now read a second time.
This bill is part of a package of bills concerning the taxation of alternative fuels. The bill provides for excise to be applied to certain fuels manufactured or produced in Australia.
The bill sets out the excise rates that will apply at each stage of phasing in the new alternative fuels tax regime for compressed and liquefied natural gas and liquefied petroleum gas, and sets out how blends of fuels in the fuels tax system should be handled to determine excise duty obligations.
Full details of the Excise Tariff Amendment (Taxation of Alternative Fuels) Bill 2011 are contained in the explanatory memorandum.