The Governor-General on Mon 22.9.2014, proclaimed 30 September 2014 as the start date for Schedules 1 to 5 of the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 (which received Royal Assent on 5 September 2014 as Act No 96 of 2014). As a result, the Schedules will have the following dates of effect for most taxpayers:
Schedule 1 – Abolition of the mining tax from 1 October 2014 (with taxpayers final MRRT year (even if it is a part year) ending on 30 September 2014);
Schedule 2 – Abolition of the company loss carry-back from 1 July 2013;
Schedule 3 – Reduction of the instant asset write-off from 1 January 2014;
Schedule 4 – Abolition of accelerated depreciation for motor vehicles from 1 January 2014; and
Schedule 5 – Abolition of geothermal energy concessions from 1 July 2014.
Taxpayers with a substituted accounting period may have a different date of effect.
[LTN 183, 22/9/14]