The Minerals Resource Rent Tax Bill 2011 and package of 10 related bills have now passed all stages of Parliament and await Royal Assent. The Bills passed the Senate on Mon 19.3.2012, without amendment. The Bills will introduce the Minerals Resource Rent Tax (MRRT) and extend the coverage of the existing Petroleum Resource Rent Tax (PRRT). The changes concerning the MRRT and PRRT will apply from 1 July 2012.
The Bills also make a number of changes to the superannuation and business tax systems, which will commence after the MRRT and PRRT changes, including:
- superannuation – increasing the superannuation guarantee charge rate from 9% to 12% phasing in from 1 July 2013, abolishing the SG age limit, and introducing a government superannuation contribution for low income earners; and
- small business taxation – abolishing the entrepreneurs’ tax offset, increasing the small business instant asset write-off threshold, simplifying asset depreciation, and introducing accelerated initial deductions for purchases of motor vehicles by small businesses.
[LTN 54, 20/3]
Mining tax and related Bills receive Royal Assent
The following Bills received Royal Assent on Thur 29.3.2012:
- Minerals Resource Rent Tax Bill 2011 – Assent as Minerals Resource Rent Tax Act 2012, Act No 13 of 2012;
- Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011 – Assent as Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012, Act No 14 of 2012;
- Minerals Resource Rent Tax (Imposition – Customs) Bill 2011 – Assent as Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Act No 15 of 2012;
- Minerals Resource Rent Tax (Imposition – Excise) Bill 2011 – Assent as Minerals Resource Rent Tax (Imposition – Excise) Act 2012, Act No 16 of 2012;
- Minerals Resource Rent Tax (Imposition – General) Bill 2011 – Assent as Minerals Resource Rent Tax (Imposition – General) Act 2012, Act No 17 of 2012;
- Petroleum Resource Rent Tax Assessment Amendment Bill 2011 – Assent as Petroleum Resource Rent Tax Assessment Amendment Act 2012, Act No 18 of 2012;
- Petroleum Resource Rent Tax (Imposition – Customs) Bill 2011 – Assent as Petroleum Resource Rent Tax (Imposition – Customs) Act 2012, Act No 19 of 2012;
- Petroleum Resource Rent Tax (Imposition – Excise) Bill 2011 – Assent as Petroleum Resource Rent Tax (Imposition – Excise) Act 2012, Act No 20 of 2012;
- Petroleum Resource Rent Tax (Imposition – General) Bill 2011 – Assent as Petroleum Resource Rent Tax (Imposition – General) Act 2012, Act No 21 of 2012;
- Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011 – Assent as Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012, Act No 22 of 2012; and
- Superannuation Guarantee (Administration) Amendment Bill 2011 – Assent as Superannuation Guarantee (Administration) Amendment Act 2012, Act No 23 of 2012.
[LTN 61, 29/3]