(i) the amount of compressed natural gas per hour prescribed by the regulations or (b) the rate at which natural gas can be compressed at those premises is not more than: (a) the gas was compressed at residential premises (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999) and (2) Compressed natural gas is exempt from excise duty if: (d) the gas is exempt from excise duty under subsection (2). Schedule 4- Consequential amendments for taxation of gaseous fuelsīefore “Compressed natural gas”, insert “(1)”.
The amendments made by this Schedule apply in relation to the year of tax commencing on 1 July 1990 and each later year of tax. (3) However, a product cannot be a marketable petroleum commodity if it has been produced wholly or partly from a product that was a marketable petroleum commodity.
(f) any other product specified in regulations made for the purposes of this paragraph. (b) is in its final form for that purpose. (ii) use as a feedstock for conversion to another product (whether a product listed in subsection (2) or not) or (a) is produced from petroleum for the purpose of: (1) A marketable petroleum commodity is a product listed in subsection (2) that: Marketable petroleum commodity has the meaning given by section 2E. Petroleum Resource Rent Tax Assessment Act 1987ġ Section 2 (definition of marketable petroleum commodity) Schedule 2- Clarifying taxing point for Petroleum Resource Rent Tax The amendments made by this Schedule apply to assessments for the 2005‑06 income year and later income years. (7) The Commissioner must give the trustee of the trust a copy of the determination. (6) A determination made under subsection (5) must be made in writing. (d) any other matters the Commissioner considers relevant. (c) any other relevant circumstances relating to the trust and (b) any relevant circumstances relating to the beneficiary mentioned in paragraph (3)(c) or (d) and (a) the nature of the *disentitling event to which subsection (3) applies and (5) The Commissioner may make a determination for the purpose of subsection (4) if it is fair and reasonable to do so having regard to: (b) the Commissioner makes a determination under subsection (5). (ii) the disentitling event is covered by paragraph 3(d) and a beneficiary leaves Australia permanently, or it appears to the Commissioner that a beneficiary is about to do so and (i) the disentitling event is covered by paragraph 3(c) or (4) However, in the case of a trust, a disentitling event does not happen if: Schedule 1- Commissioner’s discretion for primary production concessions (c) the amendment is made within 2 years after the day on which this section commences. (b) the amendment is made for the purpose of giving effect to item 1, 2 or 3 of that Schedule and (a) the assessment was made before the commencement of Schedule 1 to this Act and Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment if: Information may be inserted in this column, or information in it may be edited, in any published version of this Act.Įach Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. (2) Any information in column 3 of the table is not part of this Act. It will not be amended to deal with any later amendments of this Act. Note: This table relates only to the provisions of this Act as originally enacted. Immediately after the commencement of Schedule 1 to the Taxation of Alternative Fuels Legislation Amendment Act 2011.
The day this Act receives the Royal Assent. Sections 1 to 4 and anything in this Act not elsewhere covered by this table Any other statement in column 2 has effect according to its terms.ġ. (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. This Act may be cited as the Tax Laws Amendment (2011 Measures No. 8) Act 2011. An Act to amend the law relating to taxation, and for related purposes
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