Clean Energy (Excise Tariff Legislation Amendment) Act 2011 (156 of 2011)
Schedule 2 Compressed natural gas
Excise Tariff Act 1921
4 After section 6G
Insert:
6H Changes in rate of duty on carbon-rated compressed natural gas
(1) This Act has effect as if, on each day (the substitution day ) that is one of the following days, the rate (the replacement rate ) of duty worked out under subsection (2) for the substitution day were substituted for the rate of duty in subitem 10.19D of the Schedule:
(a) 1 July in 2013 and each later year;
(b) 1 January in 2016 and each later year.
Replacement rate
(2) The replacement rate for the substitution day is the rate worked out using the table.
|
Replacement rate |
||
|
Substitution day |
Rate of duty |
|
|
1 |
1 July 2013 |
$0.07004 per kilogram |
|
2 |
1 July 2014 |
$0.07366 per kilogram |
|
3 |
1 July in 2015 or a later year or 1 January in 2016 or a later year |
The amount that is: (a) worked out for the period using the formula in subsection (3); and (b) rounded to 5 decimal places (rounding up if the sixth decimal place is 5 or more); per kilogram |
(3) The formula is:
Average carbon unit auction price for the substitution day x 0.0029
Note: Average carbon unit auction price is defined in subsection 3(1).
Application of replacement rate
(4) The replacement rate applies to carbon-rated compressed natural gas that is entered for home consumption on or after the substitution day (but before the next substitution day).
Publication of replacement rate
(5) The CEO must, on or as soon as practicable after the substitution day, publish for the information of the public a notice in the Gazette setting out:
(a) the replacement rate; and
(b) the goods to which the replacement rate applies.
(6) The CEO must ensure that a copy of a notice under subsection (5) is available on the website of the Australian Taxation Office.