6CADuties of excise on condensate

6CA Duties of excise on condensate

Definitions (1) In this section:

adjusted previous year’s duty, in relation to a prescribed condensate production area in relation to a month of a financial year, means the amount of duty that, at the end of the financial year immediately preceding the financial year in which that month occurs, would have been payable in respect of condensate produced from that area and entered for home consumption during that preceding year if, for the prices that were, at the end of that preceding year, the applicable petroleum prices for all of the months of that preceding year, there had been substituted the prices that are, at the end of that first‑mentioned month, the respective applicable petroleum prices for all of those months.

non‑adjusted previous year’s duty, in relation to a prescribed condensate production area in relation to a month of a financial year, means the amount of duty that, at the end of the financial year immediately preceding the financial year in which that month occurs, would have been payable in respect of condensate produced from that area and entered for home consumption during that preceding year if, for the prices that were, at the end of that preceding year, the applicable petroleum prices for all of the months of that preceding year, there had been substituted the prices that were, immediately before the commencement of that first‑mentioned month, the respective applicable petroleum prices for all of those months.

prescribed condensate production area has the meaning given by subsection (1A).

(1A) Prescribed condensate production area means any of the following: (a) a condensate production area prescribed by by‑laws (which, without limiting the generality of the foregoing, may be a relevant accumulation, a well, an oilfield or a gas field); (b) the Rankin Trend (see subsection (1B)).

Note: A by‑law may be expressed to commence before the day it is registered under the Legislation Act 2003 (see subsection 12(1A) of that Act).

(1B) The Rankin Trend means the area that includes the following: (a) the reservoirs, or groups of reservoirs, known as: (i) North Rankin; and (ii) Perseus; and (iii) Searipple; and (iv) Goodwyn; and (v) Keast/Dockrell; and (vi) Echo/Yodel; (b) other reservoirs, or groups of reservoirs, (if any) that are specified in the regulations made for the purposes of this paragraph. (1C) Before the Governor‑General makes a regulation specifying a reservoir, or a group of reservoirs, for the purposes of paragraph (1B)(b): (a) the Resources Minister must be satisfied that the reservoir, or the group of reservoirs, is part of the same field as a reservoir or group of reservoirs mentioned in paragraph (1B)(a); and (b) if the Resources Minister is so satisfied—the Resources Minister must consider the effect of specifying the reservoir, or the group of reservoirs, on the efficient exploitation of the resource related to the reservoir, or to the group of reservoirs. (1D) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to regulations specifying a reservoir, or a group of reservoirs, for the purposes of paragraph (1B)(b) of this section. (1E) Subsection (1D) does not apply to regulations that create, modify or otherwise affect a provision that makes a person liable to an offence or civil penalty. Introduction (2) The amount of duty in respect of condensate ascertained in accordance with this section is to be ascertained by reference to the prescribed condensate production area from which the condensate is produced and to the month of a financial year during which the condensate is entered for home consumption. The amount of duty (3) Subject to subsection (4), the amount of duty in respect of condensate produced from a prescribed condensate production area and entered for home consumption during a month of a financial year is the amount worked out using the formula: where: