Document ID: chunk:federal_register_of_legislation:F2022C00635:reg:9:p2
Version: federal_register_of_legislation:F2022C00635
Segment Type: reg
Provision Reference: reg 9 (pt 2/2)
Character Range: 24077–25176

the result of the following formula (expressed as an amount of Australian dollars to the nearest cent):
where:
IR has the same meaning as interest rate in subsection (2).
RDP means the relevant delivery price of the delivered oil.
 (4) Despite subsection (1) or section 10, in calculating the transaction price for a quantity of excisable crude petroleum oil:
 (a) if the price per kilolitre of the oil, or the sale price, under the contract of sale includes an amount of GST payable on the supply to which that price relates—that price is to be reduced by the amount of GST; and
 (b) if:
 (i) the value applicable under paragraph 12(1)(b) to a cost mentioned in paragraph 12(1)(a) is an amount mentioned in subparagraph 12(1)(b)(ii); and
 (ii) the producer is entitled to an input tax credit for the acquisition to which that value relates;
  that value is to be reduced by the amount of the input tax credit.
Note: No adjustment is made under this subsection for a value agreed under subparagraph 12(1)(b)(i) because adjustment has already been made in agreeing on that value—see subsection 12(2).