Clean Energy Legislation Amendment Act 2012 (84 of 2012)

Schedule 2   Amendments relating to gaseous fuel

Fuel Tax Act 2006

79   After Division 42

Insert:

Division 42A - Fuel tax credit for gaseous fuel that is subject to the carbon pricing mechanism

Table of Subdivisions

Guide to Division 42A

42A-A Fuel tax credit for gaseous fuel that is subject to the carbon pricing mechanism

Guide to Division 42A

42A-1 What this Division is about

Fuel tax credits are provided under this Division for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry.

Subdivision 42A-A - Fuel tax credit for gaseous fuel that is subject to the carbon pricing mechanism

Table of Sections

42A-5 Fuel tax credit for gaseous fuel that is subject to the carbon pricing mechanism

42A-5 Fuel tax credit for gaseous fuel subject to the carbon pricing mechanism

(1) You are entitled to a fuel tax credit for taxable fuel that you acquire or manufacture in, or import into, Australia to the extent that:

(a) the fuel is compressed natural gas, liquefied petroleum gas or liquefied natural gas; and

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

(i) *agriculture; or

(ii) *fishing operations; or

(iii) *forestry; and

(c) the fuel is subject to the carbon pricing mechanism (within the meaning of subsection (3) or (4)); and

(d) you acquire, manufacture or import the fuel for use in *carrying on your *enterprise.

Registration for GST

(2) However, you are only entitled to the fuel tax credit if, at the time you acquire, manufacture or import the fuel, you are *registered for GST, or *required to be registered for GST.

When fuel is subject to the carbon pricing mechanism

(3) Compressed natural gas is subject to the carbon pricing mechanism if:

(a) a person has, under section 33 or 35 of the Clean Energy Act 2011, a preliminary emissions number for an eligible financial year; and

(b) the preliminary emissions number is attributable to the supply of the natural gas that was used to manufacture or produce the compressed natural gas.

(4) Liquefied petroleum gas or liquefied natural gas is subject to the carbon pricing mechanism if:

(a) a person has, under section 36B or 36C of the Clean Energy Act 2011, a preliminary emissions number for an eligible financial year; and

(b) the preliminary emissions number is attributable to the import, manufacture or production of the liquefied petroleum gas or liquefied natural gas.

Definitions

(5) For the purposes of this section, compressed natural gas , liquefied petroleum gas , liquefied natural gas , preliminary emissions number , eligible financial year , natural gas , person and supply have the same respective meanings as in the Clean Energy Act 2011.