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Fuel Tax (Consequential and Transitional Provisions) Bill 2006

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2004-2005-2006

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Fuel Tax (Consequential and Transitional Provisions) Bill 2006

 

 

(1)     Clause 2, page 2 (table item 8), omit “Parts 1 to 4”, substitute “Parts 1 to 4A”.

[early payments]

(2)     Clause 2, page 2 (after table item 10), insert:

 

10A.  Schedule 3, Part 8, Division 1AA

Immediately after the commencement of the Fuel Tax Act 2006 .

1 July 2006

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(3)     Clause 2, page 2 (after table item 11), insert:

 

11A.  Schedule 3, Part 8, Division 1A

1 July 2008.

1 July 2008

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(4)     Schedule 3, page 18 (after line 24), after Part 4, insert:

Part 4A Early payments of fuel tax credits arising between 1 July 2006 and 30 June 2008

12A  Fuel acquired, manufactured or imported between 1 July 2006 and 30 June 2008

(1)       The Commissioner must make you an early payment of a fuel tax credit for taxable fuel if:

                     (a)  before 31 December 2006, you elect, in the approved form, to receive early payments under this item; and

                     (b)  you acquire, manufacture or import the fuel between 1 July 2006 and 30 June 2008 (inclusive); and

                     (c)  either of the following applies to you:

                              (i)  you, another member of a GST group of which you are the representative member or another participant in a GST joint venture of which you are the joint venture operator was entitled to an energy grant under the Energy Grants Act;

                             (ii)  you acquire, manufacture or import the fuel for a use described in subparagraph 10(1)(b)(iv), (v) or (vi) of this Schedule (certain uses other than as a fuel); and

                     (d)  you are:

                              (i)  entitled to the credit under section 41-5 or 41-10 of the Fuel Tax Act (as affected by this Act); or

                             (ii)  taken to be entitled to the credit under Part 4 of this Schedule; and

                     (e)  either:

                              (i)  if you account on a cash basis and you acquire the fuel—the credit, or a part of the credit, is attributable to the current tax period, or a later tax period, applying to you; or

                             (ii)  otherwise—the credit is attributable to the current tax period applying to you; and

                      (f)  you have not previously received an early payment of the credit for the fuel; and

                     (g)  you make a claim for the early payment in the approved form.

Note 1:    See Division 3A of Part IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay you. Division 3 of Part IIB of that Act allows the Commissioner to apply the amount owing as a credit against tax debts that you owe to the Commonwealth.

Note 2:    Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in paying the amount.

(2)       The amount of the early payment is the amount of the credit to which you are entitled.

(3)       If you receive an early payment under this item, then for the purposes of the Fuel Tax Act:

                     (a)  if you account on a cash basis, you acquire the fuel and, in a tax period, you provide part of the consideration for the fuel:

                              (i)  you have an increasing fuel tax adjustment of the amount of the early payment, but only to the extent that you provide the consideration in that tax period; and

                             (ii)  the adjustment is attributable to that tax period; or

                     (b)  otherwise:

                              (i)  you have an increasing fuel tax adjustment of the amount of the early payment; and

                             (ii)  the adjustment is attributable to the earliest tax period to which the credit can be attributed.

Note:       You will still claim the credit for the tax period, but the credit will be offset by the amount of the increasing fuel tax adjustment.

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(5)     Schedule 3, Part 8, page 23 (before line 4), before Division 1, insert:

Division 1AA—Amendments commencing on 1 July 2006

Fuel Tax Act 2006

23A  Subsection 65-10(1) (note)

Omit “item 9”, substitute “items 9 and 12A”.

23B  Section 110-5 (at the end of the definition of increasing fuel tax adjustment )

Add “of this Act and item 12A of Schedule 3 to the Fuel Tax (Consequential and Transitional Provisions) Act 2006 ”.

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(6)     Schedule 3, Part 8, page 24 (after line 6), after Division 1, insert:

Division 1A—Amendments commencing on 1 July 2008

Fuel Tax Act 2006

34A  Subsection 65-10(1) (note)

Omit “items 9 and 12A”, substitute “item 9”.

34B  Section 110-5 (definition of increasing fuel tax adjustment )

Omit “of this Act and item 12A of Schedule 3 to the Fuel Tax (Consequential and Transitional Provisions) Act 2006 ”.

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