The Parliament of the

Commonwealth of Australia

THE SENATE

Presented and read a first time

Customs Tariff Amendment (Petrol Tax Cut) Bill 2001

No. , 2001

(Senator Cook)

A Bill for an Act to amend the Customs Tariff Act 1995 to provide relief from the 1 February 2001 indexation of rates of customs duty applying to petroleum

ISBN: 0642 465657

Contents

Customs Tariff Act 1995 3

A Bill for an Act to amend the Customs Tariff Act 1995 to provide relief from the 1 February 2001 indexation of rates of customs duty applying to petroleum

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Customs Tariff Amendment (Petrol Tax Cut) Act 2001.

2 Commencement This Act commences immediately after the commencement of the Excise Tariff Amendment (Petrol Tax Cut) Act 2001.

3 Schedule(s) Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1--Indexation of customs duty on petroleum Customs Tariff Act 1995

1 After subsection 19(1)

Insert:

(1A) If section 6AAB of the Excise Tariff Act 1921 has the effect of decreasing the rate of duty of an excise item set out in column 2 of the Table in subsection (1) in respect of the indexation period beginning on 1 February 2001, the rates of duty set out in the rate column of the subheading in column 1 opposite that item are decreased by the same amount on and from that day.

2 Subsection 19(2)

After "subsection (1)", insert "or (1A)".

3 Subsection 19(2)

After "increased", insert "or decreased".

4 Subsection 19(3)

After "subsection (1)", insert "or (1A)".

5 Subsection 19(3)

After "increased" (wherever occurring), insert "or decreased".