A Bill for an Act about Commonwealth revenue on certain petroleum products, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the States’Contribution to Lower Petrol Prices Act 2001

2 Commencement

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

3 Schedule

Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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—Amendment of the A New Tax System (Commonwealth-State Financial Arrangements) Act 1999

1 In Part 2 - Intergovernmental Agreement on the Reform of Commonwealth-State Financial Relations, after section 10

Insert:

10A States’ contribution to lower petrol prices

(1) If the House of Representatives passes a motion of which notice has been given, requiring that:

(a) at the next meeting of the Ministerial Council the Commonwealth propose as an adjustment measure to retain an amount of revenue equal to the total duty foregone because of a 1.5 cents per litre reduction in the rates of excise and customs duty for certain petroleum products; and that

(b) any revenue be retained in the Consolidated Revenue Fund;

the adjustment will take effect from the day on which the Ministerial Council agrees to a Commonwealth proposal.

(2) Following the agreement of the Ministerial Council, the amount of revenue retained by the Commonwealth and paid into the Consolidated Revenue Fund will be the total of the amounts determined by:

(a) Following the agreement of the Ministerial Council, the amount of revenue retained by the Commonwealth and paid into the Consolidated Revenue Fund will be the total of the amounts determined by:

(b) the Commissioner of Taxation to be the amount of excise on certain petroleum products falling to the subitems and as provided in section 6H of the Excise Tariff Act 1921.