COMPETITION AND CONSUMER ACT 2010 - SECT 60FD Carbon tax removal substantiation statements
COMPETITION AND CONSUMER ACT 2010 - SECT 60FD
Carbon tax removal substantiation statements(1) This section applies to an entity if the entity:
(a) is an electricity retailer that sells electricity to electricity customers; or
(b) is a natural gas retailer that sells natural gas to natural gas customers; or
(c) is a bulk SGG importer that sells synthetic greenhouse gas to SGG customers.
Carbon tax removal substantiation statement
(2) Within 30 days after the Royal Assent day, the entity must give to the Commission:
(a) a written statement that sets out:
(i) if the entity has electricity customers--the entity's estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity's cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of electricity customers during the financial year that began on 1 July 2014; and
(ii) if the entity has natural gas customers--the entity's estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity's cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of natural gas customers during the financial year that began on 1 July 2014; and
(iii) if the entity has SGG customers--the entity's estimate, on an average annual percentage price basis, or an average annual dollar price basis, of the entity's cost savings that have been, are, or will be, directly or indirectly attributable to the carbon tax repeal and that have been, are being, or will be, passed on to each class of SGG customers during the financial year that began on 1 July 2014; and
(b) information that substantiates the estimate or estimates set out in the statement.
Note: Section 137.1 of the Criminal Code creates an offence of providing false or misleading information.
(3) A statement under paragraph (2)(a) is to be known as a carbon tax removal substantiation statement .
(4) If the entity has given a carbon tax removal substantiation statement to the Commission, the entity must ensure that a copy of the statement is available on the entity's website, in a way that is readily accessible by the public, until the end of 30 June 2015.
(5) An entity commits an offence if:
(a) the entity is subject to a requirement under subsection (2) or (4); and
(b) the entity is capable of complying with the requirement; and
(c) the entity omits to do an act; and
(d) the omission breaches the requirement.
(6) Subsection (5) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code .
(7) If subsection (5) of this section applies to an individual (whether or not because of subsection 6(2)), subsection (5) of this section has effect, in relation to the individual, as if the reference to 500 penalty units were a reference to 40 penalty units.
(8) If subsection (2) of this section applies to an individual (whether or not because of subsection 6(2)), the individual is excused from giving an estimate or information under subsection (2) of this section on the ground that the estimate or information might tend to incriminate the individual or expose the individual to a penalty.
Section does not limit section 60H
(9) This section does not limit section 60H (which is about the price - related information - gathering powers of the Commission).
Section does not limit section 155
(10) This section does not limit section 155 (which is about the general information - gathering powers of the Commission).
(11) Within 13 months after the Royal Assent day, the Commission
must report to Parliament in respect of compliance by all entities.