Excise Tariff Act 1921

Here is a brief overview of the Excise Tariff Act 1921:

The Excise Tariff Act 1921 is an Australian law that regulates duties of excise, which are taxes on certain goods such as petroleum products, tobacco, and fuel. The Act defines various terms and concepts related to these goods, including "petroleum" and "excise duty".

The Act also provides for the imposition of duties of excise on these goods, with different rates applying depending on the type of good and its origin. For example, excise duty is imposed on petroleum products produced in certain regions, while other goods are exempt from duty.

The Act also contains provisions related to the indexation of CPI indexed rates, which means that the rates of excise duty will be adjusted periodically based on changes in inflation. This ensures that the duties of excise remain aligned with changes in the cost of living.

Additionally, the Act provides for regulations and guidelines to be followed by the Commissioner of Taxation (CEO) in administering the law, including making By-laws prescribing fields for the purposes of the definition of "onshore field" or "exempt offshore field".

The Act also includes various definitions, such as "old accumulation", "new oil", and "intermediate area", which are used to determine whether a particular field or production area is subject to excise duty.

Overall, the Excise Tariff Act 1921 plays an important role in regulating the taxation of certain goods in Australia.