Pt 1A inserted by No 108 of 2008, s 3 and Sch 1 item 7, effective 18 October 2008. No 108 of 2008, s 3 and Sch 1 items 13 and 14 contain the following application and transitional provisions:

Part 2 - Application and transitional provisions

13 Application  
Application of Schedule

(1)
The amendments made by this Schedule apply in relation to condensate produced after midnight (by legal time in the Australian Capital Territory) on 13 May 2008.

Limited production areas

(2)
Subsections 6(1A) to 6(1G) and 7(3A) of the Petroleum Excise (Prices) Act 1987 (as amended by this Act) do not apply in relation to condensate produced during the period:
(a) beginning on the day on which this item commences; and
(b) ending at the end of the third month that begins on or after the day on which this item commences.

Determination of interim VOLWARE prices

(2A)
Subsections 7(2) , (3) and (4) of the Petroleum Excise (Prices) Act 1987 apply, in relation to a prescribed condensate production area and the pre-commencement period, as if those subsections were replaced with the following:

(2)
The Minister, or a person authorised by the Minister to exercise the Minister ' s powers under this section, must, not later than 2 months, or such longer period as the Minister allows, after the day on which Schedule 1 to the Excise Tariff Amendment (Condensate) Act 2008 commences, determine a price in relation to each month in the pre-commencement period and an oil producing region, to be known as the interim VOLWARE price for that month and that region, being an estimate by the Minister or authorised person, on the basis of the information available to him or her at the time (being information obtained under section 6 or otherwise), of the amount that will finally be determined to be the volume weighted average of realised prices for that month and that region.

(3)
The Minister, or a person authorised by the Minister to exercise the Minister ' s powers under this section, must, not later than 6 months after the day on which an interim VOLWARE price is determined for a month in relation to an oil producing region, determine a price in relation to that month and that region, to be known as the final VOLWARE price for that month and that region, being the final determination by the Minister or authorised person of the volume weighted average of realised prices for that month and that region.

(4)
A determination of the final VOLWARE price for a month and an oil producing region must not be made unless:
(a) the Minister or authorised person is satisfied that accurate and complete information concerning all of the transactions relevant to determining the price has become available to the Minister or authorised person; or
(b) 5 months and 20 days have passed since the day on which an interim VOLWARE price was determined for that month and information that the Minister or authorised person is satisfied is accurate and complete concerning all of those transactions has not yet become available to the Minister or authorised person.

Definitions

(3)
In this item:

month
means one of the 12 months of a calendar year.

pre-commencement period
means the period:

(a) beginning at midnight (by legal time in the Australian Capital Territory) on 30 April 2008; and

(b) ending at midnight on the last day of the last month that ends before the day on which Schedule 1 to the Excise Tariff Amendment (Condensate) Act 2008 commences.

14 Deemed entry for home consumption  
(1)
This item applies if:
(a) a person produces condensate after midnight (by legal time in the Australian Capital Territory) on 13 May 2008; and
(b) the person does not have a manufacturer ' s licence (within the meaning of the Excise Act 1901 ) to manufacture condensate; and
(c) the person ' s grace period has not ended (see subitem (4)).

(2)
For the purposes of the Excise Act 1901 and the Petroleum Excise (Prices) Act 1987 (as amended by this Act), the person is taken to have been given a permission under section 61C of the Excise Act 1901 to deliver the condensate for home consumption from the prescribed condensate production area from which the condensate is produced.

(3)
The permission is taken to be revoked at the end of the person ' s grace period.

(4)
In this item:

grace period
, in relation to a person, means the period:
(a) beginning immediately after midnight (by legal time in the Australian Capital Territory) on 13 May 2008; and
(b) ending at the earlier of the following times:

(i) the time when the CEO grants, or refuses to grant, the person a manufacturer ' s licence to manufacture condensate under section 39A of the Excise Act 1901 ;

(ii) the end of the transition period.

transition period
means the period that would be the transition period within the meaning of subsection 15(3) of the Excise Act 1901 if the references to " the first day " in paragraph (a) and subparagraph (b)(iii) of the definition of transition period , and in subparagraph 15(4)(a)(ii) and paragraph 15(4)(b) of the Excise Act 1901 , were references to " the day on which Schedule 1 to the Excise Tariff Amendment (Condensate) Act 2008 commences " .

…

S 5 inserted by No 108 of 2008, s 3 and Sch 1 item 7, effective 18 October 2008. For application and transitional provisions, see note under Pt IA heading.

S 5 repealed by No 79 of 1997, s 3 and Sch 1 item 6, effective 1 July 1997. For saving provision, see note under s 6(1A) . S 5 formerly read:

SECTION 5 MINISTER ETC. TO DETERMINE REFERENCE PRICES  
5(1)
The Minister, or a person authorised by the Minister to exercise the Minister's powers under this section, must, before the commencement of each month occurring after the VOLWARE commencement date in relation to each oil producing region determine a price in relation to that month and that region, to be known as the reference price for that month and that region (expressed as an amount of Australian dollars, calculated to the nearest cent, per kilolitre), being an estimate by the Minister or authorised person of the price that is most likely to be the final VOLWARE price for that month and that region.

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History

S 5(1) amended by No 114 of 1990, s 4(a) and (b), by substituting " must, before the commencement of each month occurring after the VOLWARE commencement date in relation to each oil producing region " for " shall, before the commencement of each month occurring after 31 December 1987, " and inserting " and that region " (wherever occurring), effective 26 December 1987.

5(2)
Where, when the reference price for a month and an oil producing region is determined, the interim VOLWARE price for a preceding month and that region has been determined under subsection 7(2), the first-mentioned reference price shall be the interim VOLWARE price for the last month for which the interim VOLWARE price has been determined in respect of that region, as adjusted to take account of:
(a) any variations that have occurred in:

(i) prices that have been paid for crude petroleum oil on

world markets; and

(ii) the value of the Australian currency; and

(b) such other matters (if any) as are prescribed.

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History

S 5(2) amended by No 114 of 1990, s 4(c) - (f), by inserting " and an oil producing region " , " and that region " , substituting " first-mentioned reference price " for " reference price " (second occurring) and inserting " in respect of that region " , effective 26 December 1987.

5(3)
The regulations may provide for:
(a) the method of calculating the reference price for a month and an oil producing region if, at the time the price is determined, no interim VOLWARE price for a preceding month has been determined in respect of that region; and
(b) the method of calculating the amounts of any adjustments to be made for the purpose of determining a reference price in accordance with subsection (2).

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History

S 5(3) amended by No 114 of 1990, s 4(g) and (h), by inserting " and an oil producing region " and " in respect of that region " in para (a), effective 26 December 1987.