Document ID: chunk:federal_register_of_legislation:C2024C00257:section:6d:p1
Version: federal_register_of_legislation:C2024C00257
Segment Type: section
Provision Reference: s 6D (pt 1/5)
Character Range: 68864–71629

6D  Duties of excise on intermediate oil

Definitions
 (1) In this section:
adjusted previous year's duty, in relation to a prescribed intermediate production area in relation to a month of a financial year, means the amount of duty that, at the end of the financial year immediately preceding the financial year in which that month occurs, would have been payable in respect of intermediate oil produced from that area and entered for home consumption during that preceding year if, for the prices that were, at the end of that preceding year, the applicable petroleum prices for all of the months of that preceding year, there had been substituted the prices that are, at the end of that first‑mentioned month, the respective applicable petroleum prices for all of those months.
non‑adjusted previous year's duty, in relation to a prescribed intermediate production area in relation to a month of a financial year, means the amount of duty that, at the end of the financial year immediately preceding the financial year in which that month occurs, would have been payable in respect of intermediate oil produced from that area and entered for home consumption during that preceding year if, for the prices that were, at the end of that preceding year, the applicable petroleum prices for all of the months of that preceding year, there had been substituted the prices that were, immediately before the commencement of that first‑mentioned month, the respective applicable petroleum prices for all of those months.
prescribed intermediate production area means an intermediate petroleum production area prescribed by by‑laws (which, without limiting the generality of the foregoing, may be a relevant accumulation, a well, an oilfield or a gas field).

Introduction
 (2) The amount of duty in respect of intermediate oil ascertained in accordance with this section shall be ascertained by reference to the prescribed intermediate production area from which the oil is produced and to the month of a financial year during which the oil is entered for home consumption.

The amount of duty
 (3) Subject to subsection (3A), the amount of duty in respect of intermediate oil produced from a prescribed intermediate production area and entered for home consumption during a month of a financial year commencing on or after 1 July 1997 is the amount worked out using the formula:
where:
notional duty is the amount of notional duty in respect of intermediate 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).
debited adjustment amount is the debited adjustment amount (if any) for that area and that month, worked