Alternative fuels taxation: exposure draft legislation

Mr Shorten has released exposure draft legislation on the government's reform of the taxation of alternative fuels. The draft legislation proposes to remove the need for offsetting grants for gaseous fuels and biodiesel producers, and encourages innovation by ensuring eligible second generation production processes can be used to produce domestic ethanol and qualify for a grant.

The changes are proposed to be phased in over the period beginning Thursday 1 December and ending 30 June 2015. Comments are due by Friday 18 February.

Tax Breaks for Green Buildings

The government has released a consultation paper providing details of its proposed Tax Breaks for Green Buildings scheme. The scheme proposes to offer businesses, that invest in eligible assets or capital works to improve the energy efficiency of their existing buildings, a one-off bonus tax deduction of 50 per cent for the cost of those improvements.