Fuel Tax Act 2006

CHAPTER 3 - FUEL TAX CREDITS

PART 3-1 - BASIC RULES

Division 43 - Working out your fuel tax credit

Subdivision 43-A - Working out your fuel tax credit

43-8 (Repealed) SECTION 43-8 WORKING OUT AMOUNT OF CARBON REDUCTION
(Repealed by No 83 of 2014)

History

S 43-8 repealed by No 83 of 2014, s 3 and Sch 1 item 123, applicable to taxable fuel acquired, manufactured or imported on or after 1 July 2014. S 43-8 formerly read:

SECTION 43-8 WORKING OUT AMOUNT OF CARBON REDUCTION
Amount of carbon reduction: general rule

43-8(1)
Subject to subsections (3) and (4), the *amount of carbon reduction that applies to a particular quantity of taxable fuel you acquire, manufacture or import is worked out, using the following formula:
Quantity of fuel × Carbon price × Carbon emission rate
where:
carbon emission rate
means:

(a) if the fuel is gasoline - 0.0024; or

(b) if the fuel is LPG - 0.0016; or

(c) if the fuel is LNG - 0.0029; or

(d) if the fuel is CNG - 0.0029; or

(e) if the fuel is denatured ethanol for use in an internal combustion engine - nil; or

(f) if the fuel is biodiesel or renewable diesel - nil; or

(g) for any other taxable fuel (other than a blend of taxable fuels) - 0.0027.
If the fuel is a blend, see subsection (3).

carbon price
means:

(a) if you acquire, manufacture or import the fuel in the financial year starting on 1 July 2012 - 2,300 cents; or

(b) if you acquire, manufacture or import the fuel in the financial year starting on 1 July 2013 - 2,415 cents; or

(c) if you acquire, manufacture or import the fuel in the financial year starting on 1 July 2014 - 2,540 cents; or

(d) if you acquire, manufacture or import the fuel in the *half-year starting on 1 July 2015 or a later half-year - the amount that applies to that half-year under subsection (2).

quantity of fuel
means:

(a) unless paragraph (b) applies - the number of litres of the fuel; or

(b) if the fuel is LNG or CNG - the number of kilograms of the fuel.

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History

S 43-8(1) amended by No 84 of 2012, s 3 and Sch 2 item 83, by omitting " , to 3 decimal places (rounding up if the fourth decimal place is 5 or more) " after " manufacture or import is worked out " , effective 1 July 2012.

43-8(1A)
In applying the formula in subsection (1):

(a) first, calculate, to 3 decimal places (rounding up if the fourth decimal place is 5 or more), the product of:

(i) the factor known as carbon price; and

(ii) the factor known as carbon emission rate; and

(b) second, multiply the result of that calculation by the factor known as quantity of fuel.
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History

S 43-8(1A) inserted by No 84 of 2012, s 3 and Sch 2 item 84, effective 1 July 2012.

Carbon price for half-years starting on or after 1 July 2015

43-8(2)
For the purpose of paragraph (d) of the definition of carbon price in subsection (1), the amount that applies to a *half-year is the amount that:

(a) is the per-tonne carbon price equivalent 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 start of the half-year, if the half-year starts on 1 July (in 2015 or a later year); or

(ii) the last November before the start of the half-year, if the half-year starts on 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.
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History

S 43-8(2) amended by No 204 of 2012, s 3 and Sch 1 item 93, by substituting para (a) and (b), effective 14 December 2012. Para (a) and (b) formerly read:

(a) is worked out under section 196 of the Clean Energy Act 2011 taking account of auctions conducted in the 6 months ending at the end of:

(i) the last May before the start of the half-year, if the half-year starts on 1 July (in 2015 or a later year); or

(ii) the last November before the start of the half-year, if the half-year starts on 1 January (in 2016 or a later year); and

(b) is the first amount that is worked out in that way for those 6 months and published under that section.

Amount of carbon reduction: blends

43-8(3)
If the fuel is a blend of 2 or more kinds of taxable fuel (the constituent fuels ), the *amount of carbon reduction that applies to the blend is to be worked out as follows:

(a) work out the quantity of each of the constituent fuels that is included in the blend;

(b) work out the amount of carbon reduction that would apply to each of those quantities of the constituent fuels;

(c) the amount of carbon reduction that applies to the blend is the sum of the amounts worked out under paragraph (b).

Situations in which no carbon reduction applies

43-8(4)
The *amount of carbon reduction that applies to the fuel is nil to the extent that:

(a) the fuel is *covered by the Opt-in Scheme; or

(b) you acquire, manufacture or import the fuel for use in:

(i) *agriculture; or

(ii) *fishing operations; or

(iii) *forestry; or

(c) you acquire, manufacture or import the fuel for use in a vehicle with a gross vehicle mass of more than 4.5 tonnes travelling on a public road; or

(d) you acquire, manufacture or import the fuel for use otherwise than by combustion of the fuel.

S 43-8 inserted by No 157 of 2011, s 3 and Sch 1 item 12, applicable to fuel acquired, manufactured or imported on or after 1 July 2012.

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