EXCISE TARIFF ACT 1921

SECTION 6E Delayed-entry oil rate

6E(1)
In this section:

applicable petroleum price has the same meaning as it has for the purposes of section 6AB .

6E(2)

For the purposes of this Act, the delayed-entry oil rate that applies to delayed-entry oil from a particular prescribed source is the amount per kilolitre ascertained in accordance with the formula:

T × U
W

where:

T is the applicable petroleum price in relation to the month in which the operative day for that delayed-entry oil occurs and to the production area constituting that prescribed source if the oil had continued to be covered by section 6B , 6C , 6CA or 6D , whichever is applicable, on and after the operative day.

U is the number of dollars, calculated to 2 decimal places, in the amount of the duties of Excise paid in respect of the crude petroleum oil produced from that source that was entered for home consumption during the pre-operative year for that source.

W is:

(a) if the applicable petroleum price was the same in relation to all months of the pre-operative year and to the production area that is the prescribed source from which the oil was produced - the product of the number of kilolitres of the stabilised crude petroleum oil produced from that source that was entered for home consumption during that pre-operative year and the number of dollars, calculated to 2 decimal places, in the amount specified in the applicable petroleum price; or

(b) if the applicable petroleum price was not the same in relation to all months of the pre-operative year and to that production area - the number ascertained by:

(i) working out, in respect of each applicable petroleum price in operation in relation to a month or months of that pre-operative year and to that production area, the product of the number of dollars, calculated to 2 decimal places, in the amount specified in the applicable petroleum price and the number of kilolitres of the crude petroleum oil produced from that prescribed source that was entered for home consumption during that month or those months; and

(ii) adding the products calculated under subparagraph (i).

S 6E(2) amended by No 109 of 2008, s 3 and Sch 1 item 29, by inserting " , 6CA " after " 6C " in the definition of " T " , applicable in relation to condensate produced after midnight (by legal time in the Australian Capital Territory) on 13 May 2008.

View history note

History

S 6E substituted by No 164 of 2001, s 3 and Sch 1 item 23, effective 1 October 2001. S 6E formerly read:

DELAYED-ENTRY OIL RATE
6E(1)
In this section:
Import Parity Price
, in relation to a particular time, means the price that was, at that time, the Import Parity Price within the meaning of section 6B .

6E(2)
For the purposes of this Act, the delayed-entry oil rate that applies to delayed-entry oil is the amount per kilolitre ascertained in accordance with the formula:

T × U
W

where:

T is the Import Parity Price in operation on the operative day for the prescribed source from which the oil was produced.

U is the number of dollars, calculated to 2 decimal places, in the amount of the duties of Excise paid in respect of the crude petroleum oil produced from that source that was entered for home consumption during the pre-operative year for that source.

W is:

(a) where the Import Parity Price was the same at all times during the pre-operative year for that source - the product of the number of kilolitres of the stabilised crude petroleum oil produced from that prescribed source that was entered for home consumption during that pre-operative year and the number of dollars, calculated to 2 decimal places, in the amount specified in the Import Parity Price; or

(b) where the Import Parity Price was not the same at all times during that pre-operative year - the number ascertained by:

(i) calculating, in respect of each Import Parity Price in operation at a time during that pre-operative year, the product of the number of dollars, calculated to 2 decimal places, in the amount specified in the Import Parity Price and the number of kilolitres of the crude petroleum oil produced from that prescribed source that was entered for home consumption on or after the day on which the Import Parity Price was determined or the commencement of the pre-operative year (whichever occurred last) and before the day on which another Import Parity Price was determined or the end of the pre-operative year (whichever occurred first); and

(ii) adding the products calculated under subparagraph (i).

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.