On 10 March 2009, the Government released the exposure draft of the Carbon Pollution Reduction Scheme legislation. The draft legislation follows on from the July 2008 Green Paper which canvassed options for the design of the Scheme. Amongst the draft Bills released is the Carbon Pollution Reduction Scheme (Consequential Amendments) Bill 2009, which contains amendments to the GST Act, the Taxation Administration Act 1953, the ITAA 1936 and the ITAA 1997.
To access all drafts, commentary on the drafts and more information, go here.
For a factsheet on the taxation implications, go here.
Treasury has invited interested parties to comment on the exposure draft legislation and submit a written submission that discusses the technical tax details of the treatment of emissions units, set out in the draft Carbon Pollution Reduction Scheme (Consequential Amendments) Bill of 2009. The closing date for submissions is 5pm (AEST) on 14 April 2009. For more information, go here.For a copy of the Taxation Institute's media release, 10 March 2009, go here.