Bass Strait Freight Adjustment Levy Act 1984
No. 25 of 1984
An Act to impose a levy upon certain crude oil
[Assented to 26 April 1984]
BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:
Short title
1. This Act may be cited as the Bass Strait Freight Adjustment Levy Act 1984.
Commencement
2. This Act shall be deemed to have come into operation on 1 January 1984.
Collection Act to be read with this Act
3. The Bass Strait Freight Adjustment Levy Collection Act 1984 shall be incorporated and read as one with this Act.
Interpretation
4. In this Act, unless the contrary intention appears—
“adjustment levy” means the levy imposed by this Act;
“Australian installation” means an installation (within the meaning of the Customs Act 1901) that is deemed to be part of Australia by virtue of the operation of section 5 of the Customs Tariff Act 1982.
Imposition of levy
5. A levy is imposed on unstabilized crude petroleum oil produced at an Australian installation in the Gippsland Basin in Bass Strait.
Rate of levy
6. The rate of adjustment levy is $1.26 per kilolitre.
By whom levy is payable
7. Adjustment levy in respect of unstabilized crude petroleum oil is payable by the producer of the oil.
Overview
The Bass Strait Freight Adjustment Levy Act 1984 was enacted by the Commonwealth Parliament to address the need for revenue generation from crude oil production in the Bass Strait, specifically within the Gippsland Basin. This Act was introduced to impose a levy on the production of unstabilized crude petroleum oil at installations deemed part of Australia under the Customs Tariff Act 1982. The policy objective of this Act, as evidenced by the imposition of the levy, is to collect a specific amount of $1.26 per kilolitre from producers of crude oil to contribute to financial resources. This levy is payable by the oil producers and is intended to be read in conjunction with the Bass Strait Freight Adjustment Levy Collection Act 1984.
Scope and Application
The Bass Strait Freight Adjustment Levy Act 1984 applies to the producers of unstabilized crude petroleum oil produced at an Australian installation in the Gippsland Basin in Bass Strait. The Act imposes a levy on this oil, which is payable by the producer, and specifies the rate of the levy as $1.26 per kilolitre. The geographic and jurisdictional reach of the Act is confined to the Commonwealth of Australia, specifically targeting the producers within the Bass Strait region. The Act does not explicitly state any exclusions or exemptions, but it is read in conjunction with the Bass Strait Freight Adjustment Levy Collection Act 1984, which may provide further details on the collection and administration of the levy. The Act extends its application through the mentioned subordinate instrument, ensuring comprehensive enforcement and compliance within its defined scope.
Key Provisions
The Bass Strait Freight Adjustment Levy Act 1984 (sections 5-7) imposes a levy on unstabilized crude petroleum oil produced at an Australian installation in the Gippsland Basin in Bass Strait. The levy, referred to as the adjustment levy, is applied at a rate of $1.26 per kilolitre (section 6). The party responsible for the payment of this levy is the producer of the crude oil (section 7). This levy is an additional financial requirement placed upon oil producers operating in the specified geographic and operational parameters.
Entities and individuals falling under the purview of this Act must ensure compliance with the stipulated levy obligations. Producers of unstabilized crude petroleum oil must account for the levy in their financial and operational planning, ensuring that the specified amount is paid for each kilolitre of oil produced at the designated installations. This requirement is critical for producers to avoid any non-compliance issues under the Act.
Failure to comply with the provisions of this Act could result in various consequences. While the specific details of offences, penalties, or civil/criminal consequences are not extensively detailed within the provided excerpt of the Act, it is reasonable to infer that non-compliance with financial obligations as mandated by the Act could lead to legal repercussions. Typically, such consequences might include fines, legal action, or other penalties as prescribed by the relevant authorities or additional legislation, although the exact penalties are not specified in the given text.