Document ID: chunk:federal_register_of_legislation:C2024C00464:clause:1_120
Version: federal_register_of_legislation:C2024C00464
Segment Type: clause
Provision Reference: sch 1 cl 120
Character Range: 26105–27376

120  Section 43‑1
Omit:
      The amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel:

                (a) reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel); and
                (b) for fuel that is not covered by the Opt‑in Scheme—reduced (with some exceptions) to take account of what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price).

      For fuel for use in aircraft that is covered by the Opt‑in Scheme, the amount of the credit is reduced so that it is limited to the carbon component rate that was factored into the rate of fuel tax.
      For gaseous fuel that is subject to the carbon pricing mechanism, the amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel.
substitute:
      The amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel).