FUEL TAX ACT 2006

CHAPTER 3 - FUEL TAX CREDITS  

PART 3-1 - BASIC RULES  

Division 44 - Increasing and decreasing fuel tax adjustments  

Subdivision 44-A - Increasing and decreasing fuel tax adjustments  

SECTION 44-10   44-10   INCREASING FUEL TAX ADJUSTMENT FOR FAILURE TO USE OR MAKE A TAXABLE SUPPLY OF FUEL  
You have an increasing fuel tax adjustment if:


(a) you are or were entitled to a fuel tax credit for taxable fuel; and


(b) you have no reasonable prospect of using, or making a *taxable supply of, the fuel. The *amount of the adjustment is the amount of the credit that you are or were entitled to.

Example:

You acquire taxable fuel to use in a harvester in carrying on your farming enterprise, so you are paid a fuel tax credit for the fuel. Later on, the fuel is stolen. You have an increasing fuel tax adjustment of the amount of the credit.

Note:

Division 65 sets out which tax period or fuel tax return period the fuel tax adjustment is attributable to.




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