Document ID: chunk:federal_register_of_legislation:C2004A00899:clause:1_11
Version: federal_register_of_legislation:C2004A00899
Segment Type: clause
Provision Reference: sch 1 cl 11
Character Range: 2278–3416

11  Subsection 6B(3)
Repeal the subsection, substitute:

The amount of duty

  Subject to subsection (3A), the amount of duty in respect of old oil produced from a prescribed production area and entered for home consumption during a month of a financial year commencing on or after 1 July 2001 is the amount worked out using the formula:
where:

credited adjustment amount is the credited adjustment amount (if any) for that area and that month, worked out in accordance with subsection (5C).

debited adjustment amount is the debited adjustment amount (if any) for that area and that month, worked out in accordance with subsection (5B).

duty paid is the amount of duty (if any) paid in respect of old oil produced from that area and entered for home consumption during the period starting at the start of that financial year and ending at the end of that month.

notional duty is the amount of notional duty in respect of old oil produced from that area and entered for home consumption during the period starting at the start of that financial year and ending at the end of that month, worked out in accordance with subsection (4).