Clean Energy Legislation (Carbon Tax Repeal) Act 2014 (83 of 2014)

Schedule 1   Repeal of the carbon tax

Part 3   Application and transitional provisions

Division 1   Preliminary

320   Objects

(1) The main objects of this Part are:

(a) to provide for the winding-up of the carbon tax scheme; and

(b) to ensure that carbon tax liabilities relating to:

(i) the financial year beginning on 1 July 2012; or

(ii) the financial year beginning on 1 July 2013;

can be administered, collected and recovered after the start of 1 July 2014; and

(c) to ensure that liable entities can take steps, after the start of 1 July 2014, to avoid being liable to pay unit shortfall charge in relation to the financial year beginning on 1 July 2013; and

(d) to ensure that, after the start of 1 July 2014, the Regulator can issue carbon units that are required for the financial year beginning on 1 July 2013; and

(e) to continue, after the start of 1 July 2014, the carbon tax related rights and obligations of liable entities, so far as those rights and obligations relate to:

(i) the financial year beginning on 1 July 2012; or

(ii) the financial year beginning on 1 July 2013.

(2) The other objects of this Part are:

(a) to ensure the validity of any carbon units issued as the result of an auction conducted before 1 July 2014; and

(b) to cancel any carbon units that are not required for the financial year beginning on 1 July 2013; and

(c) to ensure that, while carbon units remain in existence, the units remain subject to other Commonwealth laws.