What do you need to know about the ‘environment protection’ surcharge
TechRadars article What are the environmental protection surcharges?
In a nutshell, the Environment Protection surcharge was introduced in December 2014 to help fund projects to protect the environment.
The Environmental Protection surcharges are intended to be paid on a per capita basis, which means a higher tax is applied on higher-income households.
In 2017, the government introduced a tax of 3.75 per cent on income of more than R1 million ($7,900) in Australia.
According to the government, the Government has already spent R2.5 billion on environmental protection projects.
This is the first time the Government will introduce a surcharge for environmental protection in the Australian Budget.
What is the Environmental Protection Protection Authority?
The Environment Protection Authority (EPPA) is an independent entity created by the Australian Taxation Office (ATO) to advise the Government on environmental tax policy.
EPPA was established in 2014 by the Commonwealth Government to ensure environmental tax compliance in Australia and to advise on the development and implementation of environmental tax policies.
It was established by the Prime Minister in the Budget Honours Speech in 2014.
As of January 2021, the EPPA is the only body of federal agencies that is able to review the tax policy and ensure it is fair, equitable and equitable in its application to environmental tax issues.
Read more about the Environment Taxation Authority here: What are EPPA’s tax policy priorities?
EPPAs tax priorities are based on the following criteria: