The Federal Government has fulfilled its election promise when the Senate passed the carbon tax repeal legislation on 17 July 2014. The Government achieved the repeal of the carbon tax after 2 weeks of negotiations with the Palmer United Party and other crossbench senators. The repeal legislation awaits Royal Assent and will be effective from 1 July 2014.
The Government's preferred method to reduce pollution, the Direct Action Plan, was not debated in Parliament due to a lack of time.
In this Tax Update we outline the associated income tax, GST, fuel tax and other implications that will stem from the repeal of the carbon tax.
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