Petroleum Excise (Prices) Act 1987

PART IA - DETERMINATION OF PRICES FOR CONDENSATE

History

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 " .

…

SECTION 5A ADDITIONAL OPERATION OF ACT

View history reference

5A(1)
In addition to the operation of this Act apart from this Part, this Act applies as if the modifications set out in subsections (2) and (3) were made.

5A(2)
The first modification is that each reference in this Act (other than the definition of excisable crude petroleum oil in subsection 4(1) ) to excisable crude petroleum oil is taken to be a reference to excisable condensate.

5A(3)
The second modification is that each reference to:

(a) stabilised crude petroleum oil; or

(b) crude petroleum oil; or

(c) oil;

in this Act (other than the title of this Act) is taken to be a reference to condensate.

5A(4)
Nothing in this section affects the operation of references to the following in the regulations, or in the Excise Act 1901 or the Excise Tariff Act 1921 :

(a) excisable crude petroleum oil;

(b) stabilised crude petroleum oil;

(c) crude petroleum oil;

(d) oil.

View history note

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.