Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The * amount of your fuel tax credit for taxable fuel is the amount of * effective fuel tax that is payable on the fuel.
Note: The amount of the credit may be reduced under section 43 - 10.
(2) The * amount of effective fuel tax that is payable on the fuel is the amount (but not less than nil) worked out using the formula:
where:
"fuel tax amount" means the * amount of fuel tax that was or would be payable on the fuel at the rate in force on the day worked out using the table in subsection ( 2A).
"grant or subsidy amount" means the * amount of any grant or subsidy, except a grant specified in subsection ( 3), that was or would be payable in respect of the fuel by the Commonwealth at the rate in force on the day worked out using the table in subsection ( 2A).
Note: Section 43 - 7 affects how this subsection applies to blends.
Day for rate of fuel tax, grant or subsidy
(2A) Work out the day using the table:
Day for rate of fuel tax, grant or subsidy | ||
| If: | The day is: |
1 | You acquired or imported the fuel | The day you acquired or imported the fuel |
2 | You: (a) manufactured the fuel; and (b) entered the fuel for home consumption (within the meaning of the Excise Act 1901 ) | The day you entered the fuel for home consumption (within the meaning of the Excise Act 1901 ) |
Note: Division 65 sets out which tax period a credit is attributable to.
(3) In applying subsection ( 2), disregard a benefit under the Product Stewardship (Oil) Act 2000 .