Excise Tariff Amendment (Per-tonne Carbon Price Equivalent) Act 2012
(200 of 2012)
An Act to amend the law relating to excise tariffs, and for related purposes
[Assented to 12 December 2012]
The Parliament of Australia enacts:
1 Short Title
This Act may be cited as the Excise Tariff Amendment (Per-tonne Carbon Price Equivalent) Act 2012.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provision(s) |
Commencement |
Date/Details |
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1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
12 December 2012 |
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2. Schedule 1 |
Immediately after the commencement of Part 1 of Schedule 1 to the Clean Energy Amendment (International Emissions Trading and Other Measures) Act 2012. |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1
Excise Tariff Act 1921
1 Subsection 3(1) (definition of average carbon unit auction price )
Repeal the definition.
2 Subsection 3(1)
Insert:
per-tonne carbon price equivalent for a substitution day mentioned in section 6FA or 6FB means the per-tonne carbon price equivalentthat:
(a) is worked out under section 196A of the Clean Energy Act 2011 for the 6-month period ending at the end of:
(i) the last May before the substitution day, if it is 1 July (in 2015 or a later year); or
(ii) the last November before the substitution day, if it is 1 January (in 2016 or a later year); and
(b) is the first per-tonne carbon price equivalent that is worked out under that section for that 6-month period and published under that section.
3 Subsection 6FA(3)
Repeal the subsection, substitute:
(3) The formula is:
Note: Per-tonne carbon price equivalent is defined in subsection 3(1).
4 Subsection 6FB(3)
Repeal the subsection, substitute:
(3) The formula is:
Per-tonne carbon price equivalent fo9r the substitution day x 0.0022
Note: Per-tonne carbon price equivalent is defined in subsection 3(1).