Clean Energy (Fuel Tax Legislation Amendment) Act 2011 (157 of 2011)

Schedule 1   Fuel tax credits

Part 1   Amendments

Fuel Tax Act 2006

15   At the end of Subdivision 43-A

Add:

43-11 Reducing the amount of your fuel tax credit: fuel for use in aircraft

Fuel to which this section applies

(1) This section applies to taxable fuel that you acquire, manufacture or import for use in aircraft if the fuel is *covered by the Opt-in Scheme.

Reduction so that credits only cover carbon component rate of fuel tax

(2) The *amount of your fuel tax credit for the taxable fuel is reduced by the amount of fuel tax that would have been payable by you on the fuel if the carbon component rate that applied under whichever of sections 6FA and 6FB of the Excise Tariff Act 1921 affected the rate of fuel tax on the fuel had instead been nil.

Note: The reference to sections 6FA and 6FB of the Excise Tariff Act 1921 includes a reference to those sections as they have effect in relation to rates of duties of customs because of section 19A of the Customs Tariff Act 1995.