Greg Combet (Charlton, Australian Labor Party, Minister Assisting the Minister for Climate Change) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

The Carbon Pollution Reduction Scheme (CPRS Fuel Credits) (Consequential Amendments) Bill 2010 will legislate amendments to the Fuel Tax Act 2006, the Income Tax Assessment Act 1997 and the Taxation Administration Act 1953 necessitated by the introduction of the Carbon Pollution Reduction Scheme (CPRS Fuel Credits) Bill and the administrative arrangements announced by the government.

The measures in the Carbon Pollution Reduction Scheme (CPRS Fuel Credits) (Consequential Amendments) Bill are mechanical in nature. For example the existing formula in the Fuel Tax Act for determining the net fuel amount, which is the amount either owed to the Commissioner of Taxation or that the commissioner owes, is being replaced. The new formula includes the CPRS fuel credit and increasing or decreasing adjustments for CPRS fuel credits.

Full details of the Carbon Pollution Reduction Scheme (CPRS Fuel Credits) (Consequential Amendments) Bill 2010 are contained in the explanatory memorandum. I commend the bill to the House.

Debate (on motion by Dr Southcott) adjourned.