Tax Law: 23 March 2019
On 17 July 2014, as promised by the Coalition prior to winning the last Federal election, the Senate passed carbon pricing repeal legislation with effect as from 1 July 2014. The legislation passed by the Senate is as follows:
The Coalition has claimed it will result in 'lower costs for Australian businesses and ease cost of living pressures for households' (see, http://www.environment.gov.au/climate-change/repealing-carbon-tax).
When we talk about the carbon tax we are really referring to a suite of legislation passed with a view to implementing a emissions trading scheme that puts a price on Australia's carbon emissions. As a first step in this process, the carbon price was to be fixed for a period (the so-called 'carbon tax') with a flexible price to then be set by the market in the future.
In place of the emissions trading scheme, the Coalition government has announced its alternative policy is one of direct action involving an emissions reduction fund where businesses will be able to seek funding for certain projects that will either lower or offset emissions. The detail of this scheme remains to be seen.
It will be a case of watch this space into the future as to what climate change policies will be implemented by the present Coalition government.