2013‑2014

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Bill 2014

No.      , 2014

(Environment)

A Bill for an Act to impose a levy on true‑up shortfalls under the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, so far as that levy is a duty of excise

Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Definitions.......................................................................................... 2

4............ Crown to be bound............................................................................. 3

5............ Extension to external Territories.......................................................... 3

6............ Extension to exclusive economic zone and continental shelf............... 3

7............ Extension to Joint Petroleum Development Area................................ 3

8............ Imposition of levy............................................................................... 3

9............ Act does not impose a tax on property of a State................................ 4

A Bill for an Act to impose a levy on true‑up shortfalls under the Clean Energy Legislation (Carbon Tax Repeal) Act 2014, so far as that levy is a duty of excise

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the True‑up Shortfall Levy (Excise) (Carbon Tax Repeal) Act 2014.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Definitions

                   In this Act:

Joint Petroleum Development Area has the same meaning as in the Petroleum (Timor Sea Treaty) Act 2003.

person has the same meaning as in the Clean Energy Act 2011.

true‑up shortfall has the same meaning as in Part 4 of Schedule 1 to the Clean Energy Legislation (Carbon Tax Repeal) Act 2014.

4  Crown to be bound

                   This Act binds the Crown in right of each of the States, of the Australian Capital Territory, of the Northern Territory and of Norfolk Island. However, it does not bind the Crown in right of the Commonwealth.

5  Extension to external Territories

                   This Act extends to every external Territory.

6  Extension to exclusive economic zone and continental shelf

                   This Act extends to Australia’s exclusive economic zone and continental shelf.

7  Extension to Joint Petroleum Development Area

                   This Act extends to the Joint Petroleum Development Area.

8  Imposition of levy

             (1)  If a person has a true‑up shortfall, levy is imposed on the true‑up shortfall.

             (2)  Levy imposed by subsection (1) is payable by the person.

Amount of levy

             (3)  The amount of levy imposed by subsection (1) on a true‑up shortfall is the amount worked out using the formula:

General

             (4)  This section imposes levy only so far as that levy is a duty of excise within the meaning of section 55 of the Constitution.

9  Act does not impose a tax on property of a State

             (1)  This Act has no effect to the extent (if any) to which it imposes a tax on property of any kind belonging to a State.

             (2)  In this section, property of any kind belonging to a State has the same meaning as in section 114 of the Constitution.