Date
Natural resource taxes
Petroleum
G1 Condensate excise-free status
| 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.