Commonwealth Consolidated Regulations

PETROLEUM EXCISE (PRICES) REGULATIONS 1988 - REG 2

         (1)   In these regulations, unless the contrary intention appears:

"acquisition" , in relation to an amount of input tax credit, has the meaning given by section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 .

"condensate producer" means an oil producer as defined in subsection 4 (1) of the Act, as modified in accordance with subsection 5A (3) of the Act.

"due date" , in relation to payment of the sale price under a contract:

                (a)    where a period is provided under the contract within which that payment is to be made -- means the date of the last day of that period; or

               (b)    in any other case -- means the date identified under the contract for that payment.

"effective credit day" , in relation to a transaction comprising the sale under a contract of a quantity of crude petroleum oil or condensate, means the day immediately preceding any period allowed under the contract for payment of the sale price.

f.o.b. contract means a contract for the sale of a quantity of crude petroleum oil by the oil producer, or condensate by the condensate producer, under which:

                (a)    the oil or condensate is to be loaded on a ship or ships; and

               (b)    the producer bears none of the costs of the following:

                          (i)    freight;

                         (ii)    insurance;

                         (iii)    demurrage at the port of destination;

                        (iv)    lighterage at the port of destination;

                         (v)    wharfage at the port of destination;

                        (vi)    heating of the oil or condensate;

                        (vii)    bunkers;

                        in relation to the transport of that oil or condensate to the purchaser after the oil or condensate is loaded.

"GST " has the meaning given by section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 .

"input tax credit" has the meaning given by section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 .

"maximum indicator interest rate" , in relation to a day, means the higher or the highest, as the case may be, of the range of rates of interest per annum current on that day quoted by the Reserve Bank, on the basis of reports by each bank regarded by the Reserve Bank as a major trading bank operating in Australia in respect of overdrafts of $100,000 or more.

"Reserve Bank mid-rate" , in relation to a foreign currency on a day, is the rate, expressed as an amount in that currency that is equivalent to the Australian dollar, quoted by the Reserve Bank as at 4 p.m. Eastern Standard Time, or Eastern Summer Time, as the case may be, on that day.

sale price :

                (a)    in relation to a contract for the sale of a quantity of crude petroleum oil by an oil producer, means the total amount payable to the producer under that contract for that quantity of oil; and

               (b)    in relation to a contract for the sale of a quantity of condensate by a condensate producer, means the total amount payable to the producer under that contract for that quantity of condensate.

"supply" , in relation to an amount of GST payable, has the meaning given by section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 .

"the Act" means the Petroleum Excise (Prices) Act 1987 .

         (2)   For the purposes of these regulations, 2 or more persons shall be regarded as associates of each other if they would be deemed to be associates of each other in accordance with paragraph 1 (k) of Schedule 1 to the Petroleum Revenue Act 1985 if that paragraph applied to them.

         (3)   In these regulations, unless the contrary intention appears:

                (a)    a reference to the number of credit days allowed under a contract for the sale of crude petroleum oil, or for the sale of condensate, oil is a reference to the duration, expressed as a number of days, of any period within which payment of the sale price is to be made under the contract;

               (b)    a reference to credit days allowed under such a contract that exceed or do not exceed a specified number is a reference to such a period the duration of which exceeds or does not exceed the specified number of days;

whether or not the duration of that period is expressed in the contract in terms of days.

         (4)   In these regulations, unless the contrary intention appears, a reference to the delivery of oil or condensate by pipeline is a reference to the loading of oil or condensate into a pipeline otherwise than for the purpose of loading on a ship.