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Consultation - Clean Energy Legislative Package


Thursday, 28 July 2011

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On 28 July 2011, the Government released the Clean Energy Legislative Package for public consultation. Draft legislation and explanatory material can be found on the Department of Climate Change and Energy Efficiency website, along with instructions about how to make a submission.

The Clean Energy Legislative Package includes legislation on the income tax and goods and services tax (GST) treatment of units under the carbon pricing mechanism and legislation to give effect to the fuel tax arrangements announced as part of the Government’s Climate Change Plan.

The Clean Energy (Consequential Amendments) Bill 2011 does the following:

  • Amends the Income Tax Assessment Act 1997, and related parts of the tax law, to give effect to the income tax treatment of emissions units and the conservation tillage refundable tax offset.
    • The income tax treatment of emissions units will be provided in specific provisions in the tax law to provide certainty to taxpayers as to their income tax treatment. The treatment provided is broadly similar to the current trading stock rules in the current tax law.
  • Amends the A New Tax System (Goods and Services Tax) Act 1999 to deem supplies of eligible emissions units to be GST-free.

The fuel tax amendments can be found in the following exposure draft legislation:

  • The Fuel Tax Legislation Amendment (Clean Energy) Bill 2011;
  • The Excise Tariff Legislation Amendment (Clean Energy) Bill 2011; and
  • The Customs Tariff Amendment (Clean Energy) Bill 2011.

Households, commercial on-road light vehicles, the agriculture, forestry and fishery industries and, for two years, the heavy on-road transport industry, will not face a carbon price on their transport fuel.

Under the legislation, the Government will achieve a 'cent-for-cent' impact on other businesses equivalent to the cost of their liquid and gaseous fuel carbon emissions, providing an effective carbon price on business liquid and gaseous fuel carbon emissions.

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This document is an external resource and can be viewed in a new browser window by following the link to http://climatechange.gov.au/government/submissions/clean-energy-legislative-package.aspx.

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