8 Transactions entered into—prescribed information for giving to the Minister
(1) For the purposes of subsection 6(1) of the Act, the information in subsection (2) of this section must be given to the Minister in respect of each transaction concerning excisable crude petroleum oil or excisable condensate that:
(a) has been entered for home consumption in a month; and
(b) was not produced from a limited production area.
(2) The information is as follows:
(a) whether the producer and the other party or parties to the transaction, or the producer and any of the parties to the transaction, are associates of each other;
(b) whether under the transaction the oil or condensate is to be loaded on a ship or ships or delivered by pipeline;
(c) if under the transaction all or part of that oil or condensate is loaded on a ship under a contract:
(i) the name of the producer; and
(ii) the date of the contract; and
(iii) the number of the contract, or the shipment number, allocated by the producer; and
(iv) the purchaser’s name; and
(v) whether the sale is a domestic sale or an export sale; and
(vi) in a case where the contract so specifies—the destination of the oil or condensate; and
(vii) the name of the ship; and
(viii) the number of the bill of lading relating to the oil or condensate; and
(ix) the date of entry of the oil or condensate for home consumption; and
(x) the quantity of the oil or condensate loaded on the ship (expressed in kilolitres and in barrels); and
(xi) in a case where the contract is not an f.o.b. contract or any other contract under which the quantity of oil or condensate sold is the quantity of oil or condensate loaded on the ship—the quantity of the oil or condensate delivered under the contract (expressed as an amount of kilolitres and as an equivalent amount of barrels); and
(xii) whether the contract is an f.o.b. contract; and
(xiii) the price per kilolitre or per barrel for the oil or condensate; and
(xiv) if the price given under subparagraph (xiii) includes an amount of GST payable on the supply to which that price relates—the amount of GST, and the amount (less GST) payable for the supply; and
(xv) the due date for payment of the sale price under the contract; and
(xvi) the currency in which payment of the sale price is to be made (the currency of payment); and
(xvii) in a case where the currency of payment is not Australian dollars—the mid‑rate quoted by the Reserve Bank for that currency for the due date for payment of the sale price or, if that rate is not quoted for that date, the mid‑rate quoted by the Reserve Bank for that currency for the most recent day before that due date; and
(xviii) in a case where the currency of payment is not Australian dollars—the sale price under the contract (expressed as an amount of that currency and as an equivalent amount of Australian dollars); and
(xix) in a case where the currency of payment is not Australian dollars and the sale price under the contract includes an amount of GST payable on the supply to which that price relates—the amount of GST, and the amount (less GST) payable for the supply, expressed as amounts of that currency and as equivalent amounts of Australian dollars; and
(xx) the effective credit day for the transaction; and
(xxi) the number of credit days allowed under the contract; and
(xxii) the maximum indicator interest rate quoted by the Reserve Bank for the date of entry for home consumption of the oil or condensate or, if that rate is not quoted for that date, the maximum indicator interest rate quoted by the Reserve Bank for the most recent day before that date of entry;
Note: For subparagraphs (xiv) and (xix), the amount (less GST) payable for the supply will be an amount equal to the difference between the price referred to in that subparagraph and the amount of GST.
(d) if all or part of that oil or condensate is loaded on a ship under a contract other than an f.o.b. contract—the value applicable under paragraph 12(1)(b) to each type of cost, referred to in paragraph 12(1)(a), incurred by the producer under that contract together with sufficient particulars to enable the nature of that cost to be readily identified;
(e) if a value given under paragraph (d) is an amount mentioned in subparagraph 12 (1)(b)(ii) and the producer is entitled to an input tax credit for the acquisition to which that value relates:
(i) the amount of the input tax credit; and
(ii) the amount (less the input tax credit) incurred by the producer for the acquisition; and
(iii) a statement identifying the cost to which those amounts relate;
Note: The amount (less the input tax credit) incurred by the producer for the acquisition will be an amount equal to the difference between the value of the cost and the amount of the input tax credit.
(f) in a case where particulars of 2 or more types of cost are given in accordance with paragraph (d)—the total of those costs;
(g) if a total is given under paragraph (f) and the producer is entitled to one or more input tax credits for the acquisitions to which that total relates:
(i) the total amount of the input tax credits; and
(ii) the total amount (less the total amount of the input tax credits) incurred by the producer for those acquisitions;
Note: The total amount (less the total amount of the input tax credits) incurred by the producer for those acquisitions will be an amount equal to the difference between the total given under paragraph (f) and the total amount of the input tax credits.
(h) if all or part of that oil or condensate is delivered by pipeline under a contract:
(i) the name of the producer; and
(ii) the date of the contract; and
(iii) the number of the contract allocated by the producer; and
(iv) the purchaser’s name; and
(v) date of entry of the oil or condensate for home consumption; and
(vi) the quantity of the oil or condensate (expressed as an amount of kilolitres and as an equivalent amount of barrels); and
(vii) the price per kilolitre or per barrel for the oil or condensate; and
(viii) if the price given under subparagraph (vii) includes an amount of GST payable on the supply to which that price relates—the amount of GST, and the amount (less GST) payable for the supply; and
(ix) the due date for payment of the sale price under the contract; and
(x) the currency in which payment of the sale price is to be made (the currency of payment); and
(xi) in a case where the currency of payment is not Australian dollars—the mid‑rate quoted by the Reserve Bank for that currency for the due date for payment of the sale price or, if that rate is not quoted for that date, the mid‑rate quoted by the Reserve Bank for that currency for the most recent day before that due date; and
(xii) in a case where the currency of payment is not Australian dollars—the sale price under the contract (expressed as an amount of that currency and as an equivalent amount of Australian dollars); and
(xiii) in a case where the currency of payment is not Australian dollars and the sale price under the contract includes an amount of GST payable on the supply to which that price relates—the amount of GST, and the amount (less GST) payable for the supply, expressed as amounts of that currency and as equivalent amounts of Australian dollars; and
(xiv) the effective credit day for the contract; and
(xv) the number of credit days allowed under the contract; and
(xvi) the maximum indicator interest rate quoted by the Reserve Bank for the date of entry for home consumption of the oil or condensate or, if that rate is not quoted for that date, the maximum indicator interest rate quoted by the Reserve Bank for the most recent day before that date of entry.
Note: For subparagraphs (viii) and (xiii), the amount (less GST) payable for the supply will be an amount equal to the difference between the price referred to in that subparagraph and the amount of GST.
(3) For the purposes of subsection 6(1) of the Act, if the transaction concerns excisable crude petroleum oil or excisable condensate that:
(a) has been entered for home consumption in a month; and
(b) was produced from a limited production area;
the information that must be given to the Minister in respect of the transaction is the volume of the oil or condensate entered for home consumption by the producer in the month.
(4) If an oil producer or condensate producer is required by this section to give an amount, the producer must give:
(a) the actual amount; or
(b) if this is not reasonably practicable—the producer’s best estimate of the amount.
(5) If an oil producer or condensate producer gives an estimated amount, the producer must state that the amount is an estimate.
Section 8 - Petroleum Excise (Prices) Regulations 2018 - Transactions entered into—prescribed information for giving to the Minister | Zoe