Document ID: chunk:federal_register_of_legislation:C2024C00257:section:6ca:p4
Version: federal_register_of_legislation:C2024C00257
Segment Type: section
Provision Reference: s 6CA (pt 4/6)
Character Range: 63783–66551

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
 (8) If:
 (a) during a month of a financial year, a VOLWARE price for condensate for a month of the immediately preceding financial year and a particular prescribed condensate 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 condensate 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 condensate—more than one petroleum price
 (9) If, 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 condensate production area are not all the same, the amount of the notional duty in respect of a quantity of condensate referred to in subsection (5) 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 (10)) of the sum of the amounts calculated in respect of each such applicable petroleum price in operation during the period in accordance with the formula:

where:
K is the number of kilolitres of condensate produced from that production area and entered for home consumption during that part of the period during which the applicable petroleum price was in operation.
KT is the number of kilolitres of condensate produced from that production area and entered for home consumption during the period.
P is the amount specified in the applicable petroleum price.
Q is the number of kilolitres in the quantity of condensate referred to in subsection (5).

Relevant percentage for a quantity of condensate
 (10) For the purposes of subsections (6) and (9), the relevant percentage in relation to a quantity of condensate referred to in subsection (5) is:
 (a) in the case of a quantity to which paragraph (5)(a) applies—10%; and
 (b) in the case of a quantity to which paragraph (5)(b) applies—15%; and
 (c) in the case of a quantity to which paragraph (5)(c) applies—20%; and
 (d) in the case of a quantity to which paragraph (5)(d) applies—30%.

Rounding the number of kilolitres in a quantity of condensate
 (11) For the purposes of subsections (6) and (9), the number of kilolitres in a