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An inconvenient tax system.

Australia must develop a 'climate-change friendly' tax system to kick-start emissions-abatement initiatives ahead of the 2010 national Emissions Trading Scheme (ETS), according to a recent KPMG white paper, 'Climate Change: current accounting and tax issues for Australian business leaders'.

KPMG says businesses already taking steps to reduce their carbon footprint are finding that, unless they can clearly link their activities to generation of taxable income, the costs may not be tax-deductible under current rules. It recommends a raft of measures to kick-start development of low-emissions technologies, such as accelerated tax depreciation and an expanded R&D tax concession. It also advises companies to investigate existing accounting tools for managing their greenhouse emissions including the Greenhouse Gas Protocol (www.ghgprotocol.org) and the Carbon Disclosure Project (www.cdproject.net).

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Publication:Ecos
Article Type:Brief article
Geographic Code:8AUST
Date:Apr 1, 2008
Words:130
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