Excise Tariff Amendment (Cost of Living Support) Act 2022 (Cth)

Excise Tariff Amendment (Cost of Living Support) Act 2022

No. 15, 2022

An Act to amend the Excise Tariff Act 1921, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Amendments Excise Tariff Act 1921

Excise Tariff Amendment (Cost of Living Support) Act 2022 No. 15, 2022

An Act to amend the Excise Tariff Act 1921, and for related purposes

[Assented to 31 March 2022]

The Parliament of Australia enacts:

1 Short title This Act is the Excise Tariff Amendment (Cost of Living Support) Act 2022.

2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of this Act The day this Act receives the Royal Assent. 31 March 2022

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3 Schedules Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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—Amendments

Excise Tariff Act 1921

1 After section 6J Insert:

6K Temporary reduction—CPI indexed fuel rates

Temporary rate reduction (1) Despite any other provision of this Act, each CPI indexed fuel rate is, during a rate reduction period, a rate equal to 50% of the rate that it would have been during that period apart from this section (including because of the operation of section 6A). Note: For CPI indexed fuel rate and rate reduction period, see subsection (8). (2) An amount worked out under subsection (1) is to be rounded to 3 decimal places (rounding up if the next decimal place is 5 or more). (3) A CPI indexed fuel rate that applies under subsection (1) during a rate reduction period applies to: (a) goods manufactured or produced in Australia during that period; and (b) goods manufactured or produced in Australia before the start of that period if: (i) at the start of the period, the goods were either subject to the CEO's control, or were in the stock, custody or possession of, or belonged to, a manufacturer or producer of the goods; and (ii) no duty of excise had been paid on the goods before the start of the period. (4) Subsection (3) has effect despite subsection 5(2).