The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 was negatived at Second Reading stage in the Senate Tue 25.3.2014 – the vote was 47:8 against. The Bill will therefore not proceed. The Bill contained measures to

  • repeal the mining tax,
  • abolish company loss carry-back,
  • wind back capital allowance deductions for small business,
  • delay by 2 years the phasing-in of the increase in the SGC to 12%,
  • repeal the low income superannuation contribution,
  • repeal the geothermal expenditure deduction, and
  • repeal the income support bonus and schoolkids bonus.

[LTN 57, 25/3/14]