Federal Register of Legislation - Australian Government

Primary content

Act No. 18 of 1986 as made
An Act to reimburse oil companies for losses incurred as a result of those companies having purchased indigenous crude oil at import parity prices during February 1986
Date of Assent 13 May 1986
Date of repeal 17 Jan 1990
Repealed by Primary Industries and Energy Legislation Amendment Act (No. 2) 1989
 

OIL COMPANIES (STOCK LOSS REIMBURSEMENT) ACT 1986 No. 18, 1986

OIL COMPANIES (STOCK LOSS REIMBURSEMENT) ACT 1986 No. 18, 1986 - LONG TITLE

An Act to reimburse oil companies for losses incurred as a result of those companies having purchased indigenous crude oil at import parity prices during
February 1986

OIL COMPANIES (STOCK LOSS REIMBURSEMENT) ACT 1986 No. 18, 1986 - SECT 1
Short title

(Assented to 13 May 1986)
1. This Act may be cited as the Oil Companies (Stock Loss Reimbursement) Act 1986.

(Minister's second reading speech made in-
House of Representatives on 30 April 1986
Senate on 6 May 1986)

OIL COMPANIES (STOCK LOSS REIMBURSEMENT) ACT 1986 No. 18, 1986 - SECT 2
Commencement

2. This Act shall come into operation on the day on which it receives the Royal Assent.

OIL COMPANIES (STOCK LOSS REIMBURSEMENT) ACT 1986 No. 18, 1986 - SECT 3
Payments to oil companies

3. Each company named in column 1 of the following table is entitled to receive a payment of the amount specified in column 2 of that table opposite to the name of that company: ------------------------------------------------------------------------------ -- Column 1 Column 2 ------------------------------------------------------------------------------ --
$ Ampol Refineries Limited ........................................ 14,242,866 Australian Oil Refining Pty Limited ............................. 21,857,369 BP Australia Limited ............................................ 26,525,933 Esso Australia Ltd .............................................. 10,223,407 Mobil Oil Australia Limited ..................................... 18,374,670 The Shell Company of Australia Limited .......................... 33,603,676 ------------------------------------------------------------------------------ --

OIL COMPANIES (STOCK LOSS REIMBURSEMENT) ACT 1986 No. 18, 1986 - SECT 4
Appropriation

4. Payments under section 3 shall be made out of the Consolidated Revenue Fund, which is appropriated accordingly.

OIL COMPANIES (STOCK LOSS REIMBURSEMENT) ACT 1986 No. 18, 1986 - SECT 5
Application of Income Tax Assessment Act

5. (1) Where a payment is made to a company under section 3-
(a) the payment shall be deemed not to be assessable income or exempt income for the purposes of the Income Tax Assessment Act 1936; and
(b) the amount that would, apart from this section, be allowable under that Act as a deduction from the assessable income of the company of the year of income of the company in which the payment is made in respect of losses or outgoings incurred in the purchase by the company of crude oil shall be reduced by an amount equal to the amount of the payment.

(2) In sub-section (1), "year of income" has the same meaning as in section 6 of the Income Tax Assessment Act 1936.