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29 Aug 08 Carbon Pollution Reduction Scheme consultation

The Treasury conducted two climate change workshops on Tuesday 26 and Wednesday 27 August 2008. The Taxation Institute was represented at the GST workshop by the Taxation Institute’s Climate Change Subcommittee’s member Amrit Macintyre FTIA (Baker & McKenzie) and Michael Dirkis FTIA and at the income tax workshop by the Climate Change Subcommittee’s chair Judy Morris FTIA (KPMG, Sydney) and Michael Dirkis FTIA. At the meeting the Taxation Institute’s representatives put forward their views on a number of taxation proposal contained in the Government’s Carbon Pollution Reduction Scheme Green Paper. These concerns included:

  • Income Tax timing issues: mismatch between expenditure on a permit, the surrender of a permit and the end of an income year;
  • Valuation methods under the rolling balance system;
  • Applicability of GST;
  • “Penalties” and make good;
  • Interactions with other parts of the income tax law;
  • Taxation treatment of free permits;
  • Stamp Duty;
  • Fuel tax proposals; and
  • Tax incentives and abatement issues.
The Taxation Institute is in the process of formalising these concerns in a submission. Comments for incorporation in the submission are due by 3 September 2008. They can be sent to

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