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]