128BCalculation of refunds or remissions of duty

128B Calculation of refunds or remissions of duty

(1) A refund, rebate or remission of duty may, subject to the Act and to these Regulations, be made by a Collector. (2) Notwithstanding anything contained in subregulation (3) or (4), where the circumstance in which a refund or remission of duty may be made is such that the goods on which duty has been paid or is payable: (a) have deteriorated or been damaged; (b) are faulty or defective; or (c) do not conform to contract specifications furnished by the importer to the manufacturer or supplier; to such an extent that the goods have no commercial value at the port of entry into Australia when the goods were first entered under section 68 of the Act, a refund or remission of the whole of the duty paid or payable shall, subject to subregulations 127(4) and (4B), be made. (3) The amount of refund or remission of duty that may be made under section 163 of the Act in respect of goods, in so far as they have been affected by a circumstance referred to in paragraph 126(1)(fa) or (g), shall be calculated in accordance with the formula:

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where:

A is the amount of duty paid or payable on the goods;

B is the amount of rebate of, or other decrease in, the price paid, or to be paid, for the goods that accrued to the importer of the goods; and

C is the customs value of the goods determined under Division 2 of Part VIII of the Act.

(4) The amount of refund or remission of duty that may be made under section 163 of the Act in respect of goods, in so far as they have been affected by a prescribed circumstance referred to in paragraph 126(1)(a), (b), (d) or (h), shall be calculated in accordance with the formula:

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where:

A is the amount of duty paid or payable on the goods.

B is the customs value of the goods determined under Division 2 of Part VIII of the Act when they were first entered under section 68 of the Act.

C is the customs value of the goods determined under Division 2 of Part VIII of the Act after they have been affected in the manner mentioned in paragraph 126(1)(a), (b), (d) or (h).

(5) For subsection 163(1A) of the Act, the amount of refund or remission of duty that may be made for goods mentioned in paragraph 126(1)(x) or (y) is:

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where: