Finance Minister Senator Mathias Cormann has announced that the Government has decided to give practical effect to the fuel excise indexation Budget 2014 measure by way of tariff proposals to be validated by Parliament within 12 months. He said these tariff proposals [understood to be Excise Tariff Proposal (No 1) 2014 and Customs Tariff Proposal (No 1) 2014] will be tabled in the House of Representatives this week and will take effect from 10 November 2014. Senator Cormann said as per the “alcopops” precedent used by the previous government, these excise and customs tariff proposals will allow the ATO and Australian Customs to collect the adjusted rate of fuel duty from that date.
From 10 November 2014, the rate of fuel duty will increase from 38.143 cents per litre to 38.6 cents per litre, the rate which would have applied if relevant legislation had been passed by Parliament prior to 1 August 2014. Indexation of fuel duty will then return to biannual CPI indexation from 1 February 2015.
[LTN 208, 28/10/14]