Document ID: chunk:federal_register_of_legislation:C2008A00109:clause:1_6ca:p1
Version: federal_register_of_legislation:C2008A00109
Segment Type: clause
Provision Reference: sch 1 cl 6CA (pt 1/5)
Character Range: 10574–13365

6CA  Duties of excise on condensate

Definitions

 (1) In this section:

adjusted previous year's duty, in relation to a prescribed condensate 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 condensate 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 condensate 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 condensate 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 condensate production area means a condensate 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).

Note: A by‑law may be expressed to take effect before the date it is registered under the Legislative Instruments Act 2003 (see subsection (13) of this section).

Introduction

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

The amount of duty

 (3) Subject to subsection (4), the amount of duty in respect of condensate produced from a prescribed condensate production area and entered for home consumption during a month of a financial year 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 (8).

debited adjustment amount is the debited adjustment amount (if any) for that area and that month, worked out in accordance with subsection (7).

duty paid is the