Document ID: chunk:federal_register_of_legislation:C2024C00257:section:6d:p4
Version: federal_register_of_legislation:C2024C00257
Segment Type: section
Provision Reference: s 6D (pt 4/5)
Character Range: 76231–78907

in respect of each such applicable petroleum price in operation during the period in accordance with the formula:

where:
P is the amount specified in the applicable petroleum price.
Q is the number of kilolitres in the quantity of oil referred to in subsection (4).
K is the number of kilolitres of intermediate oil 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 intermediate oil produced from that production area and entered for home consumption during the period.

Relevant percentage for a quantity of oil
 (7) For the purposes of subsections (5) and (6), the relevant percentage in relation to a quantity of oil referred to in subsection (4) is:
 (a) in the case of a quantity to which paragraph (4)(a) applies—15%;
 (b) in the case of a quantity to which paragraph (4)(b) applies—30%;
 (c) in the case of a quantity to which paragraph (4)(c) applies—50%; and
 (d) in the case of a quantity to which paragraph (4)(d) applies—55%.

Rounding the number of kilolitres in a quantity of oil
 (8) For the purposes of subsections (5) and (6), the number of kilolitres in a quantity of oil shall be taken to be a number equal to:
 (a) unless paragraph (b) applies—the number of kilolitres in that quantity calculated to 1 decimal place; or
 (b) where the number of kilolitres in that quantity calculated to 2 decimal places ends in a number greater than 4—the number of kilolitres in that quantity calculated to 1 decimal place increased by 0.1.

The amount of notional duty—dealing with the first year of production
 (9) Where no intermediate oil produced from a particular prescribed intermediate production area was ever entered for home consumption before the expiration of the first month of a particular financial year, then, in ascertaining, in accordance with subsections (4), (5) and (7) or (4), (6) and (7), the notional duty in respect of intermediate oil produced from that production area and entered for home consumption during a later month (in this subsection referred to as the relevant month) of that financial year, those subsections have effect in relation to the intermediate oil as if each reference in a paragraph of subsection (4) to B were a reference to the product of B and the factor ascertained in accordance with the formula:

where:
R is the number of days in the period commencing on the day on which intermediate oil produced from the prescribed intermediate production area was first entered for home consumption and ending on the expiration of the relevant month; and
S is the number of days