The Parliament of the

Commonwealth of Australia

THE SENATE

Presented and read a first time

Excise Tariff Amendment (Petrol Tax Cut) Bill 2001

No. , 2001

(Senator Cook)

A Bill for an Act to amend the Excise Tariff Act 1921 to provide relief from the 1 February 2001 indexation of rates of excise duty applying to petroleum

ISBN: 0642 465665

Contents

Excise Tariff Act 1921 3

A Bill for an Act to amend the Excise Tariff Act 1921 to provide relief from the 1 February 2001 indexation of rates of excise duty applying to petroleum

The Parliament of Australia enacts:

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

2 Commencement This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s) Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 excise on petroleum Excise Tariff Act 1921

1 After section 6AAA

Insert:

6AAB Limited application of indexation to rates of duty for particular goods for indexation period starting on 1 February 2001 (1) If the application of section 6A, whether or not modified by section 6AAA, will result in an increase in the rate of duty for an item of the Schedule mentioned in Table 1 for the indexation period starting on 1 February 2001 (the February 2001 adjustment), the rate of duty is decreased by the amount of the February 2001 adjustment on and from the day on which the Excise Tariff Amendment (Petrol Tax Cut) Act 2001 commences.