Posted by: Glenn Ferguson | Date: 18 July 2014
On 17 July 2014, the Parliament passed the Clean Energy Legislation (Carbon Tax Repeal) Bill 2014.
Not only will this new legislation repeal the carbon tax instated by the previous government, but it will also provide the Australian Competition and Consumer Commission (ACCC) with new enforcement powers.
The ACCC will now be monitoring businesses that supply regulated goods, to ensure that all cost savings resulting from the carbon tax repeal are passed through to consumers.
Businesses that supply regulated goods will be prohibited from making false and misleading statements in relation to the carbon tax repeal and the consequent effect on the price for goods and services.
Businesses that supply regulated goods, are businesses supplying electricity, natural gas, synthetic greenhouse gases (typically refrigerant gases) or synthetic greenhouse gas equipment (such as refrigerators and air-conditioners).
These businesses will be required to ensure that all cost savings attributable to the carbon tax repeal are passed to consumers.
If a supplier of regulated goods fails to pass through all cost savings from the carbon tax repeal to consumers that business will face significant penalties.
The ACCC can impose a penalty of up to:
Other significant powers include an injunction, declaration or compensation order in favour of consumers.
If you or your company is conducting business with another business who supplies regulated goods:
If your business is a supplier of regulated goods, and you have any questions in relation to the carbon tax repeal, please do not hesitate to contact me.