The Australian Competition and Consumer Commission (ACCC) this week issued over 250 carbon tax removal substantiation notices to synthetic greenhouse gas (SGG) importers following the repeal of the carbon tax.
The notices have been issued to retail electricity suppliers and other businesses in addition to SGG importers.
These businesses are required to respond to the notice within 21 days after receipt by providing a written statement which explains how the repeal is affecting their prices (unless an extension is requested).
Businesses must ensure the statement they provide to the ACCC is published on their web site until June 30, 2015. The ACCC said customers should report companies that do not publish these details on their web sites.
To help businesses comply with their obligations, the ACCC issued guidance on both the carbon tax removal substantiation notices and carbon tax removal substantiation statements. These are the first of the public statements by suppliers of regulated goods required under the Competition and Consumer Act 2010 (CCA).
"The ACCC will actively ensure compliance with these obligations and encourages consumers to contact it if relevant businesses are not making these statements," the consumer watchdog said in a statement.
If a recipient does not respond to a substantiation notice it could face a penalty of up to $34,000.
If a regulated supplier does not publish its substantiation statement the penalty for a breach is up to $85,000. Failure to issue a customer statement may incur a penalty of up to $68,000.