Legislation to repeal the carbon tax passed through the Senate on 17 July 2014, with an effective date of 1 July 2014. The legislation includes the amendments negotiated by the Palmer United Party relating to price exploitation. Price exploitation will occur if a retailer (or other relevant entity) fails to pass through all of its cost savings that are directly or indirectly attributable to the repeal of the carbon tax. Failure to pass through savings could result in significant penalties.
The impact of the repeal of the carbon tax on business customers depends upon the nature of their energy supply contract. Click here for further information on the implications for your business.