600m Australian Oil Production Tax Loophole Exposed
600m Australian Oil Production Tax Loophole Exposed
There has never been a better time for residential solar power. Prime Minister Julia Gillard is considering slashing residential solar power funding to help pay for flood damage recovery, so it's best to jump in quick in case her proposal is accepted.
Electricity rates are on the rise and many Australians are discovering that residential solar power can lower those rates down again. Currently the Government supports those who buy into residential solar power with rebates on purchasing and continual payments to owners for any of their excess electricity they feed back into the grid. Though the Government will continue to pay those who pump power back from their residential solar power systems, the initial rebate of a residential solar power purchase system may not last.
There are a number of political activist groups apposed to this move- one of which is "GetUp!". According to them there is $600m subsidy for gas companies which should be tapped to fund flood recovery damage instead of taking the required cash out of environmentally friendly endeavours like residential solar power.
According to GetUp! (GU) this $600m is a tax break given to gas companies if their facilities were built before 18th September 1975. Theoretically this tax break allows the companies to sell cheaper crude oil (also known as condensate). The Treasury, at the end of January, estimated this tax break to be worth $600m to the big polluters.
The Australian Conservation Foundation (ACF) says the Government should subsidise residential solar power more and stop a $5b yearly fossil fuel subsidy. The ACF says inadequately supporting clean energy initiatives, like residential solar power, is sending the wrong message to their electorate.
Residential solar power installation and operation is rewarded and if more people utilise cleaner energy systems (like residential solar power) then the Government will be forced to take notice of the benefits and will increase such rewards. So hurry to install your residential solar power system before subsidies dry up.
For more information on solar power panels, how you can beat rising utility prices, and how to put money back into your pocket call the solar power panel experts- Cleaner Energy. Having solar power panels rewards your wallet, your image, and the environment to boot.
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