Excise Tariff Amendment (Fuel Indexation) Act 2015 (101 of 2015)

Schedule 1   Incorporation of Tariff Proposals

Part 2   Indexation

Excise Tariff Act 1921

27   After section 6A

Insert:

6AAA Rounding of fuel duty rates

(1) Despite subsection 6A(2), the amount to be worked out under subsection 6A(1) in respect of an indexation day for a CPI indexed rate covered by subsection (3) of this section is to be rounded to 3 decimal places (rounding up if the next decimal place is 5 or more).

(2) For the purposes of section 6A, determine the CPI indexed rate on the day before the indexation day as mentioned in subsection 6A(1) on the assumptions that:

(a) the operation of subsection (1) of this section was disregarded in respect of all previous indexation days (if any); and

(b) subsection 6A(2) permitted amounts worked out under subsection 6A(1) in respect of those indexation days to be rounded to 5 decimal places (rounding up if the next decimal place was 5 or more).

(3) This subsection covers the following CPI indexed rates:

(a) a rate of duty set out in item 10 of the Schedule, other than in:

(i) subitem 10.6 or 10.17; or

(ii) subitem 10.7, 10.11, 10.12 or 10.30;

(b) the rate set out in step 3 of the method statement in subsection 6G(1) (about duty payable on blended goods).

(4) In this section:

CPI indexed rate has the same meaning as in section 6A.

indexation day has the same meaning as in section 6A.