House of Representatives

Clean Energy (Consequential Amendments) Bill 2011

Explanatory Memorandum

Circulated By the Authority of the Minister for Climate Change and Energy Efficiency, the Honourable Greg Combet Am MP

Glossary

The following abbreviations and acronyms are used in this explanatory memorandum.

Abbreviation Definition
ACCC Australian Competition and Consumer Commission
ACCU Australian Carbon Credit Unit
ASIC Australian Securities and Investments Commission
Authority Climate Change Authority
Carbon pricing mechanism The carbon pricing mechanism set up by the Clean Energy Bill 2011
CFI Carbon Farming Initiative
CGT Capital Gains Tax
Clean Energy Legislative Package The Clean Energy Bill 2011 and related legislation
CO2-e Carbon dioxide equivalence
Consequential amendments bill Clean Energy (Consequential Amendments) Bill 2011
CPRS Carbon Pollution Reduction Scheme
DCCEE Department of Climate Change and Energy Efficiency
EITE Emissions-intensive, trade-exposed
Eligible emissions unit A carbon unit, an eligible international emissions unit, or an eligible Australian carbon credit unit
Eligible international emissions unit A certified emission reduction (other than a temporary certified emission reduction or a long-term certified emission reduction), an emission reduction unit, a removal unit, a prescribed unit issued in accordance with the Kyoto rules
FIFO First-In, First-Out
Fixed charge period The financial years 2012-13, 2013-14 and 2014-15, being 'fixed charge years' as defined in clause 5 of the Clean Energy Bill 2011
GEDO Greenhouse and Energy Data Officer
GST Goods and Services Tax
HCFCs Hydrochlorofluorocarbons
HFCs Hydrofluorocarbons
IPCC Intergovernmental Panel on Climate Change
ITAA 1936 Income Tax Assessment Act 1936
ITAA 1997 Income Tax Assessment Act 1997
Kyoto units An assigned amount unit, a certified emission reduction, an emission reduction unit, a removal unit or a prescribed unit issued in accordance with the Kyoto rules
Import Levy Act Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Act 1995
Main bill Clean Energy Bill 2011
Manufacturing Levy Act Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Act 1995
NGER Act National Greenhouse and Energy Reporting Act 2007
NGERS National Greenhouse and Energy Reporting System
Non-Kyoto international emissions units A prescribed unit issued in accordance with an international agreement (other than the Kyoto Protocol) or a prescribed unit issued outside Australia under a law of a foreign country
ODS Ozone-depleting substance
ORER Office of the Renewable Energy Regulator
OTN Obligation transfer number
Ozone Act Ozone Protection and Synthetic Greenhouse Gas Management Act 1989
PFCs Perfluorocarbons
Registry Australian National Registry of Emissions Units
Registry Act Australian National Registry of Emissions Units Act 2011
Regulator Clean Energy Regulator
RTC Reporting Transfer Certificate
RTO Refundable Tax Offset
SES Senior Executive Service
SGG Synthetic Greenhouse Gas
TAA 1953 Taxation Administration Act 1953
UNFCCC United Nations Framework on Climate Change
VIPP Vertically-integrated production process


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