Taxation of Alternative Fuels Legislation Amendment Act 2011 (68 of 2011)

Schedule 1   Amendments

Part 2   Fuel Tax Act 2006

26   Subsection 43-5(2)

Repeal the subsection, substitute:

Amount of effective fuel tax

(2) The *amount of effective fuel tax that is payable on the fuel is the amount (but not less than nil) worked out using the formula:

where:

fuel tax amount means the *amount of fuel tax that was or would be payable on the fuel at the rate in force on the day worked out using the table in subsection (2A).

grant or subsidy amount means the *amount of any grant or subsidy, except a grant specified in subsection (3), that was or would be payable in respect of the fuel by the Commonwealth at the rate in force on the day worked out using the table in subsection (2A).

Note: Section 43-7 affects how this subsection applies to blends.

Day for rate of fuel tax, grant or subsidy

(2A) Work out the day using the table:

Day for rate of fuel tax, grant or subsidy

 

If:

The day is:

1

You:

(a) acquired or imported the fuel after 30 November 2011 and before 1 July 2015; and

(b) are *registered for GST or *required to be registered for GST

The day you acquired or imported the fuel

2

You:

(a) manufactured the fuel; and

(b) entered the fuel for home consumption (within the meaning of the Excise Act 1901) after 30 November 2011 and before 1 July 2015; and

(c) are *registered for GST or *required to be registered for GST

The day you entered the fuel for home consumption (within the meaning of the Excise Act 1901)

3

You:

(a) acquired, manufactured or imported the fuel after 30 June 2015; and

(b) are *registered for GST or *required to be registered for GST

The first day of the *tax period to which the credit is attributable

4

You are neither *registered for GST nor *required to be registered for GST

The day the Commissioner receives your return relating to the fuel

Note: Division 65 sets out which tax period a credit is attributable to.

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