EXPLANATORY STATEMENT
1986 No. 338
Issued by the authority of the Minister for State of Industry, Technology and Commerce
Statutory Rules 1984 No. 126 amended the Excise Regulations (“the Regulations”) to:
(i) insert a new circumstance into regulation 50, as paragraph 50(1)(n), to allow rebates of excise duty to be paid on stabilized crude petroleum oil exported after 30 June 1983; and
(ii) insert a new regulation 52B to prescribe the rates of rebate to be so paid.
Statutory Rules 1986 No. 173 amended the Regulations to;
(i) provide for new rates of rebate in respect of eligible stabilized crude petroleum oil exported after 1 January 1985; and
(ii) at the request of the Minister for Resources and Energy, provide for the rebates to be also payable on domestic free market sales of eligible stabilized crude petroleum oil sold after 1 January 1985.
The purpose of the proposed Statutory Rule is to effect the excise rebate rates advised by the Department of Resources and Energy for exports and domestic free market sales of Bass Strait produced crude oil for the period 1 October 1986 to 31 October 1986.
The proposed Regulation adds a new item 6 to the table to Regulation 52B and specifies the rates of rebate on oil exported or sold as a domestic free market sale for that period as follows -
(a) For quantities that do not exceed 366,793.10 kilolitres - $31.996111214 per kilolitre;
(b) For quantities that exceeds 336,793.10 kilolitres but does not exceed 562,311.0 kilolitres - $40.51407996 per kilolitre;
(c) For any portion of a quantity that exceeds 562,311.0 kilolitres - Nil.