Commonwealth Numbered Acts

PRODUCT STEWARDSHIP (OIL) (CONSEQUENTIAL AMENDMENTS) ACT 2000 NO. 105, 2000 - SCHEDULE 1

Excise Act 1901

1 Section 77G (definition of petroleum product )

Product Grants and Benefits Administration Act 2000

2 After section 3

3A Extension to external Territories

This Act, to the extent that it applies in relation to product stewardship (oil) benefits, extends to all the external Territories.

3 Section 8 (after table item 1)

4 Subsection 9(1)

5 After subsection 9(3)

Specific requirement for product stewardship (oil) benefits

(3A) The specific requirement in relation to registration for the product stewardship (oil) benefits is that the Commissioner is satisfied that you:

(a)

are licensed under section 34 of the Excise Act 1901 ; and

(b)

satisfy any regulations made under this paragraph in relation to:

(i)

compliance with relevant Commonwealth, State or Territory legislation relating to recycling operations or enterprises; and

(ii)

the signing of any prescribed Code of Practice relating to recycled oils; and

(iii)

compliance with any such prescribed Code of Practice; and

(c)

satisfy any prescribed conditions.

6 After section 24

24A Interest on underpaid grants or benefits

(1) Interest is payable by the Commissioner to a person in respect of an amount of grant or benefit that becomes payable to the person if:

(a)

the amount relates to a grant or benefit for a claim period; and

(b)

the amount is payable as a result of a decision to which this section applies (the review decision ).

(2) The interest is to be calculated for the period (the interest period ):

(a)

starting on the day on which the original assessment in relation to the grant or benefit was made; and

(b)

ending on the day on which the amount is paid or applied by the Commissioner.

(3) The following method statement shows how to work out the interest (which is calculated on a daily basis):

Calculating the interest payable

Step 1. Work out the amount that is determined by the review decision to be the amount of the grant or benefit payable in relation to the claim period.
Step 2. For each day in the interest period, work out the amount of the grant or benefit that had been paid or applied by the Commissioner on or before that day (reduced by any amounts repaid before that day by the person).
Step 3. For each day in the interest period, subtract the amount worked out in step 2 from the amount worked out in step 1. If the result is negative, it is taken to be nil.
Step 4. For each day in the interest period, multiply the amount worked out in step 3 by Treasury Note yield rate for the day (expressed as a daily rate).
Step 5. Add all of the amounts worked out under step 4.

(4) In this section: