Document ID: chunk:federal_register_of_legislation:C2024C00257:section:6b:p3
Version: federal_register_of_legislation:C2024C00257
Segment Type: section
Provision Reference: s 6B (pt 3/5)
Character Range: 40533–43261

The amount of notional duty for a quantity of oil—one petroleum price
 (5) Subject to subsections (6) and (9), the amount of notional duty in respect of a quantity of oil referred to in subsection (4) is an amount equal to the relevant percentage (set out in subsection (7)) of the product of:
 (a) the amount specified in the price that is, at the end of the period referred to in subsection (4) in relation to the quantity of oil, the applicable petroleum price for the month in which the period comes to an end; and
 (b) the number of kilolitres in that quantity;
calculated to the nearest cent.

The debited adjustment amount
 (5B) Where:
 (a) during a month of a financial year, a VOLWARE price for stabilised crude petroleum oil for a month of the immediately preceding financial year and a particular prescribed production area is determined under section 7 of the Petroleum Excise (Prices) Act 1987; and
 (b) the adjusted previous year's duty for that prescribed production area for that first‑mentioned month is greater than the non‑adjusted previous year's duty for that area for that first‑mentioned month;
there is a debited adjustment amount for that area for that first‑mentioned month, being an amount equal to the difference between that adjusted previous year's duty and that non‑adjusted previous year's duty.

The credited adjustment amount
 (5C) Where:
 (a) during a month of a financial year, a VOLWARE price for stabilised crude petroleum oil for a month of the immediately preceding financial year and a particular prescribed production area is determined under section 7 of the Petroleum Excise (Prices) Act 1987; and
 (b) the adjusted previous year's duty for that prescribed production area for that first‑mentioned month is less than the non‑adjusted previous year's duty for that area for that first‑mentioned month;
there is a credited adjustment amount for that area for that first‑mentioned month, being an amount equal to the difference between that non‑adjusted previous year's duty and that adjusted previous year's duty.

The amount of notional duty for a quantity of oil—more than one petroleum price
 (6) Where, at the end of a period in a financial year, the applicable petroleum prices for the months in which the period occurs and a particular prescribed production area are not all the same, the amount of the notional duty in respect of a quantity of oil referred to in subsection (4) produced from that production area and entered for home consumption during the period is an amount equal to the relevant percentage (set out in subsection (7)) of the sum of the amounts calculated in respect of each such applicable petroleum price in operation during the period in accordance with the