Document ID: chunk:federal_register_of_legislation:C2011A00157:clause:1_12:p1
Version: federal_register_of_legislation:C2011A00157
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 1/2)
Character Range: 6787–9295

12  After section 43‑7
Insert:

43‑8  Working out amount of carbon reduction

Amount of carbon reduction: general rule
 (1) Subject to subsections (3) and (4), the *amount of carbon reduction that applies to a particular quantity of taxable fuel you acquire, manufacture or import is worked out, to 3 decimal places (rounding up if the fourth decimal place is 5 or more), using the following formula:
where:
carbon emission rate means:
 (a) if the fuel is gasoline—0.0024; or
 (b) if the fuel is LPG—0.0016; or
 (c) if the fuel is LNG—0.0029; or
 (d) if the fuel is CNG—0.0029; or
 (e) if the fuel is denatured ethanol for use in an internal combustion engine—nil; or
 (f) if the fuel is biodiesel or renewable diesel—nil; or
 (g) for any other taxable fuel (other than a blend of taxable fuels)—0.0027.
Note: If the fuel is a blend, see subsection (3).
carbon price means:
 (a) if you acquire, manufacture or import the fuel in the financial year starting on 1 July 2012—2,300 cents; or
 (b) if you acquire, manufacture or import the fuel in the financial year starting on 1 July 2013—2,415 cents; or
 (c) if you acquire, manufacture or import the fuel in the financial year starting on 1 July 2014—2,540 cents; or
 (d) if you acquire, manufacture or import the fuel in the *half‑year starting on 1 July 2015 or a later half‑year—the amount that applies to that half‑year under subsection (2).
quantity of fuel means:
 (a) unless paragraph (b) applies—the number of litres of the fuel; or
 (b) if the fuel is LNG or CNG—the number of kilograms of the fuel.

Carbon price for half‑years starting on or after 1 July 2015
 (2) For the purpose of paragraph (d) of the definition of carbon price in subsection (1), the amount that applies to a *half‑year is the amount that:
 (a) is worked out under section 196 of the Clean Energy Act 2011 taking account of auctions conducted in the 6 months ending at the end of:
 (i) the last May before the start of the half‑year, if the half‑year starts on 1 July (in 2015 or a later year); or
 (ii) the last November before the start of the half‑year, if the half‑year starts on 1 January (in 2016 or a later year); and
 (b) is the first amount that is worked out in that way for those 6 months and published under that section.

Amount of carbon reduction: blends
 (3) If the fuel is a blend of 2 or more kinds of taxable fuel (the constituent fuels), the *amount of carbon reduction that applies to the blend is to be worked out as follows:
 (a) work out the quantity of