The Carbon Tax Offset Allowance Regulations were published in November 2019. As per the Carbon Tax Act, the taxpayer may reduce their tax payable by utilising carbon offsets as prescribed by the Minister. The taxpayer can receive an allowance of up to 10% of the total tax burden. Offsets registered with the CDM, Gold Standard or VCS standards are eligible under the regulation. The regulation outlines the limitations on the types of offsets eligible, specifically regarding renewable energy projects. It further describes the administrative process which must be followed to claim the offset allowance.
Download PDF or view below.Carbon Tax Offset Regulations Nov19