Delayed‑entry oil rate
6E Delayed‑entry oil rate
In this section:
applicable petroleum price has the same meaning as it has for the purposes of section 6AB.
For the purposes of this Act, the delayed‑entry oil rate that applies to delayed‑entry oil from a particular prescribed source is the amount per kilolitre ascertained in accordance with the formula:
Start formula start fraction T times U over W end fraction end formula
where:
T is the applicable petroleum price in relation to the month in which the operative day for that delayed‑entry oil occurs and to the production area constituting that prescribed source if the oil had continued to be covered by section 6B, 6C, 6CA or 6D, whichever is applicable, on and after the operative day.
U is the number of dollars, calculated to 2 decimal places, in the amount of the duties of Excise paid in respect of the crude petroleum oil produced from that source that was entered for home consumption during the pre‑operative year for that source.
W is:
if the applicable petroleum price was the same in relation to all months of the pre‑operative year and to the production area that is the prescribed source from which the oil was produced—the product of the number of kilolitres of the stabilised crude petroleum oil produced from that source that was entered for home consumption during that pre‑operative year and the number of dollars, calculated to 2 decimal places, in the amount specified in the applicable petroleum price; or
if the applicable petroleum price was not the same in relation to all months of the pre‑operative year and to that production area—the number ascertained by:
working out, in respect of each applicable petroleum price in operation in relation to a month or months of that pre‑operative year and to that production area, the product of the number of dollars, calculated to 2 decimal places, in the amount specified in the applicable petroleum price and the number of kilolitres of the crude petroleum oil produced from that prescribed source that was entered for home consumption during that month or those months; and
adding the products calculated under subparagraph (i).
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