Commonwealth Numbered Regulations

PETROLEUM EXCISE (PRICES) AMENDMENT REGULATIONS 2000 (NO. 1) 2000 NO. 23 - SCHEDULE 1

(regulation 3)

[1] Regulation 1

substitute

These Regulations are the Petroleum Excise (Prices) Regulations 1988 .

[2] Regulation 2, before definition of due date

insert

"acquisition", in relation to an amount of input tax credit, has the meaning given by section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 .

[3] Regulation 2, after definition of f.o.b. contract

insert

"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 .

[4] Regulation 2, after definition of sale price

insert

"supply", in relation to an amount of GST payable, has the meaning given by section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 .

[5] After subparagraph 4 (1) (c) (xiii)

insert

(xiiiA)

if the price given under subparagraph (xiii) includes an amount of GST payable on the supply to which that price relates:

(A) the amount of GST; and
(B) the amount (less GST) payable for the supply;

Note
The amount (less GST) payable for the supply will be an amount equal to the difference between the price and the amount of GST.

[6] After subparagraph 4 (1) (c) (xvii)

insert

(xviiA)

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:

(A) the amount of GST; and
(B) the amount (less GST) payable for the supply;

expressed as amounts of that currency and as equivalent amounts of Australian dollars;

Note
The amount (less GST) payable for the supply will be an amount equal to the difference between the sale price and the amount of GST.

[7] After paragraph 4 (1) (d)

insert

(da)

if a value given under paragraph (d) is an amount mentioned in subparagraph 6 (1) (b) (ii) and the producer is entitled to an amount of input tax credit for the acquisition to which that value relates:

(i)

the amount of 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 input tax credit.

[8] Paragraph 4 (1) (e)

omit

and

[9] After paragraph 4 (1) (e)

insert

(ea)

if a total is given under paragraph (e) and the producer is entitled to an amount, or amounts, of input tax credit for the acquisitions to which that total relates:

(i)

the amount of the total input tax credit; and

(ii)

the total amount (less the total input tax credit) incurred by the producer for those acquisitions;

Note
The total amount (less the total input tax credit) incurred by the producer for those acquisitions will be an amount equal to the difference between the total given under para (e) and the amount of the total input tax credit.

[10] After subparagraph 4 (1) (f) (vii)

insert

(viiA)

if the price given under subparagraph (vii) includes an amount of GST payable on the supply to which that price relates:

(A) the amount of GST; and
(B) the amount (less GST) payable for the supply;

Note
The amount (less GST) payable for the supply will be an amount equal to the difference between the price and the amount of GST.

[11] After subparagraph 4 (1) (f) (xi)

insert

(xiA)

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:

(A) the amount of GST; and
(B) the amount (less GST) payable for the supply;

expressed as amounts of that currency and as equivalent amounts of Australian dollars;

Note
The amount (less GST) payable for the supply will be an amount equal to the difference between the sale price and the amount of GST.

[12] Subregulation 5 (2), at the foot

insert

Note
For the purpose of calculating the transaction price under this subregulation, adjustments may have to be made to the sale price and the value of allowable costs (if any) — see subr (5).

[13] After subregulation 5 (4)

insert

(5)

Despite anything in subregulation (1) or (2), in calculating the transaction price for a quantity of excisable crude petroleum oil:

(a)

if the price per kilolitre of the oil, or the sale price, under the contract of sale includes an amount of GST payable on the supply to which that price relates, that price is to be reduced by the amount of GST; and

(b)

if:

(i)

the value applicable under paragraph 6 (1) (b) to a cost mentioned in paragraph 6 (1) (a) is an amount mentioned in subparagraph 6 (1) (b) (ii); and

(ii)

the producer is entitled to an amount of input tax credit for the acquisition to which that value relates;

that value is to be reduced by the amount of input tax credit.

Note
No adjustment is made under this subregulation for a value agreed under subpara 6 (1) (b) (i) because adjustment has already been made in agreeing on that value — see subr 6 (2).

[14] Subregulation 6 (2)

substitute

(2)

In agreeing on the value of a cost under subparagraph (1) (b) (i), the Minister, or the authorised person, and the producer, are to:

(a)

include in that value any amount of GST that would be payable on the supply to which that value relates; and

(b)

exclude from that value any amount of input tax credit to which the producer would be entitled for the acquisition to which that value relates.

(3)

In this regulation:

"authorised person" means a person for the time being authorised by the Minister to exercise the Minister's powers under section 7 of the Act.