Commonwealth Numbered Regulations

1988 No. 22 PETROLEUM EXCISE (PRICES) REGULATIONS - REG 2

2. (1) In these Regulations, unless the contrary intention appears:

"due date", in relation to payment of the sale price under a contract:

   (a)  where a period is provided under the contract within which that
        payment is to be made-means the date of the last day of that period;
        or

   (b)  in any other case-means the date identified under the contract for
        that payment;

"effective credit day", in relation to a transaction comprising the sale under
a contract of a quantity of crude petroleum oil, means the day immediately
preceding any period allowed under the contract for payment of the sale price;

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

   (a)  the oil is to be loaded on a ship or ships; and

   (b)  the producer bears none of the costs of:

        (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

        (vii)  bunkers;
       relating to the transport of that oil to the purchaser   after the oil
is loaded;

"maximum indicator interest rate", in relation to a day, means the higher or
the highest, as the case may be, of the range of rates of interest per annum
current on that day quoted by the Reserve Bank, on the basis of reports by
each bank regarded by the Reserve Bank as a major trading bank operating in
Australia in respect of overdrafts of $100,000 or more;

"Platt's Oilgram Price Report" means the daily oil and gas price and marketing
letter published under that name by McGraw-Hill Inc., New York, United States
of America;

"Reserve Bank mid-rate", in relation to a foreign currency on a day, is the
rate, expressed as an amount in that currency that is equivalent to the
Australian dollar, quoted by the Reserve Bank as at 4 p.m. Eastern Standard
Time, or Eastern Summer Time, as the case may be, on that day;

"sale price", in relation to a contract for the sale of a quantity of crude
petroleum oil by an oil producer, means the total amount payable to the
producer under that contract for that quantity of oil;

"the Act" means the Petroleum Excise (Prices) Act 1987.

(2) For the purposes of these Regulations, 2 or more persons shall be regarded
as associates of each other if they would be deemed to be associates of each
other in accordance with paragraph 1 (k) of Schedule 1 to the
Petroleum Revenue Act 1985 if that paragraph applied to them.

(3) In these Regulations, unless the contrary intention appears:

   (a)  a reference to the number of credit days allowed under a contract for
        the sale of crude petroleum oil is a reference to the duration,
        expressed as a number of days, of any period within which payment of
        the sale price is to be made under the contract;

   (b)  a reference to credit days allowed under such a contract that exceed
        or do not exceed a specified number is a reference to such a period
        the duration of which exceeds or does not exceed the specified number
        of days; whether or not the duration of that period is expressed in
        the contract in terms of days.

(4) In these Regulations, unless the contrary intention appears, a reference
to the delivery of oil by pipeline is a reference to the loading of oil into a
pipeline otherwise than for the purpose of loading on a ship.