Published on 02 Nov 07
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
Earlier this year on 17 July 2007, the Federal Government announced the introduction of the Australian Emissions Trading System which may impact as many as 900 large emitters as well as upstream fuel suppliers. While the goal is for trading to commence in 2011, detailed design elements are to be completed next year with a view for enabling legislation to be passed in 2009. On 15 August this year the first steps were taken with the introduction of the National Greenhouse and Energy Reporting Bill. Currently, the government is undertaking consultation on early abatement activities with decisions on early action and consultation taxation treatment of permits to occur in the first half of next year. Now is the time for industry and the profession to be engaging with the government. This presentation covers:
- the Australian Emissions Trading System: where are we now?
- flow-on tax consequences on such issues as permit issuance, trading, abatement activities and incentives
- next steps.
Judy is a Corporate Tax Partner with KPMG with over 20 years experience working in major law firms and listed corporate groups. Prior to joining KPMG Judy worked with Caltex Australia in a range of roles including the head of tax role during an active period of acquisitions and divestments, including a major merger. Judy has a keen interest in the interaction of current taxation rules and the recent developments in response to climate change, linking into the resources of KPMG’s Sustainability Advisory Services group. Judy chairs a Taxation Institute sub-committee focusing on carbon trading and taxes.
Current at August 2008 Current at 26 August 2008
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