1546Transitional—statements of reasons for cancellation of Australian financial services licences

#### 1546 Transitional—statements of reasons for cancellation of Australian financial services licences Section 915G does not apply to a cancellation under subsection 915B(5) (as inserted by section 1545). Fuel Tax Act 2006 108 Section 2‑1 Omit: This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to: (a) fuel used in private vehicles and for certain other private purposes; and (b) fuel used on‑road in light vehicles for business purposes. For fuel that is not \*covered by the Opt‑in Scheme, the fuel tax credit entitlement is (with some exceptions) reduced by an amount equivalent to what the carbon price on the fuel emissions would be (if those emissions were subject to a carbon price). For fuel that is covered by that Scheme, the entitlement is not so reduced. Fuel tax credits are also provided for fuel for use in aircraft if the fuel is covered by the Opt‑in Scheme. The amount of the credit is limited to the carbon component rate that was factored into the rate of fuel tax. Fuel tax credits are also provided for gaseous fuel that is subject to the carbon pricing mechanism if the fuel is for use in agriculture, fishing operations or forestry. The amount of the credit is the amount of the carbon charge that is embedded in the price of the fuel. substitute: This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to: (a) fuel used in private vehicles and for certain other private purposes; and (b) fuel used on‑road in light vehicles for business purposes. 109 Subsection 40‑5(2) After “reduce”, insert “or remove”. 110 Subsections 40‑5(3) and (4) Repeal the subsections. 111 Section 41‑1 Omit: However, fuel tax credits are denied under Subdivision 41‑B if: (a) another person is already entitled to a fuel tax credit in respect of the fuel; or (b) the fuel is for use on‑road in light vehicles; or (c) the fuel is for use in vehicles that do not meet certain environmental criteria; or (d) the fuel is for use in aircraft, and is not covered by the Opt‑in Scheme. substitute: However, fuel tax credits are denied under Subdivision 41‑B if: (a) another person is already entitled to a fuel tax credit in respect of the fuel; or (b) the fuel is for use on‑road in light vehicles; or (c) the fuel is for use in vehicles that do not meet certain environmental criteria; or (d) the fuel is for use in aircraft. 112 Paragraph 41‑5(3)(b) Omit “vehicle, vessel or aircraft”, substitute “vehicle (or vessel)”. 113 Subsection 41‑15(1) Omit “this Division, Division 42 or Division 42A” (wherever occurring), substitute “this Division or Division 42”. 114 Subparagraph 41‑25(2)(a)(ii) Omit “\*agricultural property”, substitute “agricultural property”. 115 Section 41‑30 (heading) Repeal the heading, substitute: