Fuel Tax Act 2006

CHAPTER 4 - COMMON RULES  

PART 4-1 - NET FUEL AMOUNTS  

Division 60 - Net fuel amounts  

Subdivision 60-A - Net fuel amounts  

SECTION 60-5  

60-5   WORKING OUT YOUR NET FUEL AMOUNT  

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Your net fuel amount for a *tax period or a *fuel tax return period is worked out using the following formula:

Total fuel tax

−

Total fuel tax credits

+

Total increasing fuel tax adjustments

−

Total decreasing fuel tax adjustments

where:

total decreasing fuel tax adjustments
is the sum of all *decreasing fuel tax adjustments that are attributable to the period.

Note:

Division 65 sets out which tax periods or fuel tax return periods fuel tax adjustments are attributable to.

total fuel tax
is nil.

Note:

Fuel tax is currently assessed under the Excise Act 1901 , the Excise Tariff Act 1921 , the Customs Act 1901 and the Customs Tariff Act 1995 .

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History

Definition of " total fuel tax " amended by No 68 of 2011, s 3 and Sch 1 item 31, by omitting " It is intended that gaseous fuels will begin to be assessed under this Act in 2011. " after " Customs Tariff Act 1995 . " from the note at the end, effective 1 December 2011.

total fuel tax credits
is the sum of all fuel tax credits to which you are entitled that are attributable to the period.

Note:

Division 65 sets out which tax periods or fuel tax return periods fuel tax credits are attributable to.

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History

Definition of " total fuel tax credits " amended by No 42 of 2009 , s 3 and Sch 7 items 4 and 5, by repealing Note 1, effective 1 July 2009. For application provision, see note under former Div 45 heading. Note 1 formerly read:

Note 1:

Division 45 (Greenhouse Challenge Plus Programme) might affect your entitlement to a credit.

total increasing fuel tax adjustments
is the sum of all *increasing fuel tax adjustments that are attributable to the period.

Note:

Division 65 sets out which tax periods or fuel tax return periods fuel tax adjustments are attributable to.

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History

S 60-5 renumbered from s 60-5(1) by No 68 of 2011, s 3 and Sch 1 item 30, by omitting " (1) " before " Your net fuel amount " , effective 1 December 2011.

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