EXCISE TARIFF ACT 1921

DELAYED-ENTRY OIL RATE  
6E(1)
In this section:

Import Parity Price
, in relation to a particular time, means the price that was, at that time, the Import Parity Price within the meaning of section 6B .

6E(2)
For the purposes of this Act, the delayed-entry oil rate that applies to delayed-entry oil is the amount per kilolitre ascertained in accordance with the formula:

T × U W

where:

T is the Import Parity Price in operation on the operative day for the prescribed source from which the oil was produced.

U is the number of dollars, calculated to 2 decimal places, in the amount of the duties of Excise paid in respect of the crude petroleum oil produced from that source that was entered for home consumption during the pre-operative year for that source.

W is:

(a) where the Import Parity Price was the same at all times during the pre-operative year for that source - the product of the number of kilolitres of the stabilised crude petroleum oil produced from that prescribed source that was entered for home consumption during that pre-operative year and the number of dollars, calculated to 2 decimal places, in the amount specified in the Import Parity Price; or

(b) where the Import Parity Price was not the same at all times during that pre-operative year - the number ascertained by:

(i) calculating, in respect of each Import Parity Price in operation at a time during that pre-operative year, the product of the number of dollars, calculated to 2 decimal places, in the amount specified in the Import Parity Price and the number of kilolitres of the crude petroleum oil produced from that prescribed source that was entered for home consumption on or after the day on which the Import Parity Price was determined or the commencement of the pre-operative year (whichever occurred last) and before the day on which another Import Parity Price was determined or the end of the pre-operative year (whichever occurred first); and

(ii) adding the products calculated under subparagraph (i).