4Simplified outline of this Act

4 Simplified outline of this Act

This Act contains 2 measures designed to improve fuel security:

(a) the minimum stockholding obligation; and

(b) a bounty called fuel security services payment.

Entities that undertake certain activities (broadly, refining or importing certain fuels) may become subject to the minimum stockholding obligation. This is an obligation for an entity to hold a minimum quantity of stocks of those fuels.

Refiners of certain fuels may, on application to the Minister, become entitled to fuel security services payment. This is a quarterly payment based on the quantity of those fuels refined in the quarter. Recipients commit to repaying the payment if the refinery ceases refining FSSP fuels before the end of a specified period.

5 Definitions

In this Act:

advice window: see subsection 16(4).

affected entity, in relation to an audit under Division 7 of Part 2, means each of the following:

(a) the entity that is to be, or is being, audited;
(b) if that entity has an Australian controlling corporation—the Australian controlling corporation;
(c) any entity in possession of stocks of an MSO product that are held (within the meaning of Division 5 of Part 2):
(i) by the entity that is to be, or is being, audited; or
(ii) if the entity that is to be, or is being, audited is the Australian controlling corporation of a subsidiary that is subject to the minimum stockholding obligation—by the subsidiary.

approved form, in relation to a provision, means the form approved by the Secretary for that provision under section 81.

audit team leader means a registered greenhouse and energy auditor appointed under section 33 or 34.

audit team member, in relation to an audit, means a person assisting the audit team leader to carry out the audit.

Australia, when used in a geographical sense, does not include the external Territories.

Australian controlling corporation: see paragraph 8(2)(a).

Australian port means a port in Australia.

civil penalty provision has the same meaning as in the Regulatory Powers Act.

commitment period of a person, in relation to a committed refinery, means the period specified in:

(a) the notice given to the person in relation to the refinery under subsection 40(3); or
(b) if the person has been given a notice in relation to the refinery under subsection 41(3)—the most recent such notice.