Draft Legislation Released For The Carbon Pollution Reduction Scheme.
Mondaq Business Briefing › Nbr. 2009, January 2009
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Draft Legislation Released For The Carbon Pollution Reduction Scheme.
On 10 March 2009, the Federal Government released the exposure draft of the legislation for the Carbon Pollution Reduction Scheme. The draft legislation follows the release of the White Paper in December 2008. The key aspects of the scheme have not changed but the draft legislation, comprising six separate Bills, provides greater detail on a number of elements of the scheme.
The draft legislation further outlines: The design of the Carbon Pollution Reduction Scheme (CPRS), including the establishment of the Australian Climate Change Regulatory Authority (Authority) and consequential amendments to the Corporations Act 2001 (Cth) (Corporations Act) to make Australian Emissions Units (AEUs) and eligible international emissions units financial products. Obligations for liable entities, including the operation of liability transfer certificates and netting out arrangements (using Obligation Transfer Numbers). Tax issues, including income tax and GST considerations. Assistance for emissions-intensive trade-exposed (EITE) and strongly affected industries (coal-fired electricity generators). International linkages, including restrictions on which Kyoto units can be surrendered ...See the full content of this document
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