The Commonwealth Treasury


TAX EXPENDITURES STATEMENT 2004

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Chapter 6: Tax expenditures
(continued)

Natural resource taxes

Petroleum

G1 Condensate excise-free status

Fuel and energy ($m)
2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
* * * * * * * *
Tax expenditure type:
Exemption
2003 TES code:
F18
Commencement date:
1977
Expiry date:
 
Legislative reference:
Schedule 17(B) of the Excise Tariff Act 1921

Condensate produced in a State or Territory or inside the outer limits of the territorial sea of Australia or marketed separately from a crude oil stream is exempt from the crude oil excise. Condensate is a light oil extracted from ‘wet’ gas and primarily processed for use in motor vehicles (commonly known as petrol). This concession was granted as a concession to the petroleum industry in 1977 to encourage the exploration and development of Australia’s petroleum resources, specifically gas.

 

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Commonwealth of Australia 2005
ISBN 0 642 74280 4