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Safeguard Mechanism (Crediting) Amendment Bill 2022

Climate Change, Energy, the Environment and Water
Originating house
House of Representatives
Before Reps
Parliament no

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Amends the: National Greenhouse and Energy Reporting Act 2007 to create safeguard mechanism credit units (SMCs) and provide for related registration, transfer and compliance arrangements consistent with the treatment of Australian Carbon Credit Units (ACCUs); Income Tax Assessment Act 1997 to provide that SMCs receive the same tax treatment as other specified units; Australian National Registry of Emissions Units Act 2011 to: provide ownership and transfer arrangements for SMCs; require the publication of information about holdings and cancellations of SMCs; and provide for the making of legislative rules to increase transparency of information on unit holdings or allow for the voluntary surrender of units; Clean Energy (Consequential Amendments) Act 2011, Clean Energy Regulator Act 2011 and National Greenhouse and Energy Reporting Act 2007 to: provide that protected information includes all information held by the Clean Energy Regulator regardless of when it was obtained; and make consequential amendments; and Carbon Credits (Carbon Farming Initiative) Act 2011 to: enable legislative rules to prevent the regulator from entering into carbon abatement contracts that reduce covered emissions of facilities covered by the safeguard mechanism; require the regulator to consider the safeguard mechanism when assessing the regulatory additionality of proposed offsets projects; and make a consequential amendment.


House of Representatives
Introduced and read a first time 30 Nov 2022
Second reading moved 30 Nov 2022
Second reading debate 08 Mar 2023
Second reading debate 09 Mar 2023
Second reading debate 20 Mar 2023
Second reading debate 22 Mar 2023

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

House of representatives

Schedules of amendments

No documents at present

Bills digest


Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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