25 August 2011
The Treasurer has released the details of the proposed carbon tax regime that will place a market-based tax on pollution. The regime will require the top 500 polluters to purchase carbon permits.
As part of the carbon tax proposals, the Treasurer has announced two specific tax concessions:
- An increase in the tax-free threshold for individuals to $18,200 from 1 July 2012 and $19,400 from 1 July 2015.
- An increase in the small business immediate asset write-off threshold to $6,500 from July 2012 (originally this threshold was to increase to $5,000).
The carbon price will commence from 1 July 2012 and is fixed at $23 per tonne for the first 3 years. From 1 July 2015, the price will move to an emissions trading scheme
Follow Bates Cosgrave News on Twitter @batescosgraveCA
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.