5Definitions

5 Definitions

In this instrument:

acquisition, for an input tax credit, has the meaning given by section 195‑1 of the A New Tax System (Goods and Services Tax) Act 1999.

applicable whole cost has the meaning given by subsection 10(5).

applicable whole price has the meaning given by subsection 10(3).

associate has the same meaning as in paragraph 1(k) of Schedule 1 to the Petroleum Revenue Act 1985.

condensate producer means an oil producer as defined in subsection 4(1) of the Act, as modified in accordance with subsection 5A(3) of the Act.

delivered by pipeline means the loading of oil or condensate into a pipeline otherwise than for the purpose of loading on a ship.

due date, for payment of the sale price under a contract, means:

(a) if a period is provided under the contract within which that payment is to be made—the last day of that period; or
(b) otherwise—the day identified under the contract for that payment.

effective credit day, for a transaction comprising the sale under a contract of a quantity of crude petroleum oil or condensate, means the day immediately before any period allowed under the contract for payment of the sale price.

excisable quantity cost has the meaning given by subsection 10(4).

excisable quantity price has the meaning given by subsection 10(2).

f.o.b. contract means a contract for the sale of a quantity of crude petroleum oil by the oil producer, or condensate by the condensate producer, under which:

(a) the oil or condensate is to be loaded on a ship or ships; and
(b) the producer bears none of the costs of the following:
(i) freight;
(ii) insurance;
(iii) demurrage at the port of destination;
(iv) lighterage at the port of destination;
(v) wharfage at the port of destination;
(vi) heating of the oil or condensate;
(vii) bunkers;
for the transport of that oil or condensate to the purchaser after the oil or condensate is loaded.

GST has the meaning given by section 195‑1 of the A New Tax System (Goods and Services Tax) Act 1999.

input tax credit has the meaning given by section 195‑1 of the A New Tax System (Goods and Services Tax) Act 1999.