Excise Legislation Amendment (Condensate) Act 2008 (108 of 2008)

Schedule 1   Amendments

Part 1   Amendments

Petroleum Excise (Prices) Act 1987

7   After Part I

Insert:

Part IA - Determination of prices for condensate

5 Purpose of Part

(1) The purpose of this Part is to allow the Minister to establish prices of condensate which are used in imposing duties of excise on condensate.

(2) It does so by providing that the Act, in addition to its general operation, operates as if:

(a) references to excisable crude petroleum oil were references to excisable condensate; and

(b) references to stabilised crude petroleum oil, crude petroleum oil and oil were references to condensate.

5A Additional operation of Act

(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.

(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.

(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.

(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.