Bill
Customs Tariff Amendment (Carbon Tax Repeal) Bill 2014
passed, as at 2014-07-17. Immigration and Border Protection portfolio.
- Sponsor
- Not recorded
- Portfolio
- Immigration and Border Protection
Recorded stages
- introduced — 2014-07-14
- second reading — 2014-07-14
- second reading — 2014-07-14
- second reading — 2014-07-14
- third reading — 2014-07-14
- introduced — 2014-07-15
- second reading — 2014-07-15
- second reading — 2014-07-15
- second reading — 2014-07-15
- committee — 2014-07-15
- committee — 2014-07-16
- committee — 2014-07-17
- third reading — 2014-07-17
- passed — 2014-07-17
- royal assent — 2014-07-17
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2014-07-14.
This bill is part of a package that repeals the carbon tax and introduces measures to prevent price exploitation and false representations about the repeal's effect on prices.
The amendments would prohibit suppliers of key goods like electricity and gas from failing to pass on cost savings from the carbon tax repeal, with penalties of up to 6,471 penalty units for corporations and 1,295 penalty units for individuals.
Electricity and natural gas retailers and bulk synthetic greenhouse gas importers would have to give the ACCC a substantiation statement estimating cost savings passed on to customers, and retailers must also prepare a customer statement within 30 days after Royal Assent for the 2014-15 financial year.
- Creates a new prohibition on carbon-specific price exploitation for certain key goods.
- Gives the ACCC monitoring powers to assess the effect of the carbon tax repeal on prices.
- Requires electricity and natural gas retailers and bulk synthetic greenhouse gas importers to provide substantiation notices and statements to the ACCC.
- Requires electricity and natural gas retailers to provide a statement to customers about estimated cost savings passed on.
- Imposes penalties of 6,471 penalty units for corporations and 1,295 penalty units for individuals who engage in price exploitation.
- Requires entities that fail to pass through all cost savings to pay the Commonwealth a penalty equal to 250 per cent of the savings not passed through.
Electricity and natural gas retailers, bulk synthetic greenhouse gas importers, and their customers, as well as corporations and individuals who may engage in price exploitation.
Sources
em
em revised
billhome
frl act