The House of Reps late on Tue 2.9.2014 agreed to the amendments made by the Senate to the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 and the Bill now awaits Royal Assent.
The Senate amendments mean:
- the Income Support Bonus will continue until 31 December 2016;
- the current Schoolkids Bonus will continue until 31 December 2016, but a means test will be applied, so that only families on incomes of up to id=”mce_marker”00,000 per annum would qualify;
- the Low Income Super Contribution in its existing form will apply until 30 June 2017;
- the compulsory superannuation rate will increase from its current 9.5% to 10% from 1 July 2021 [ie. it’s frozen for 7 years] and by 0.5% per year from 1 July 2022 until it reaches 12% for the year beginning 1 July 2025
[LTN 170, 2/9/14]
Mining tax repeal Bill receives Assent
The Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 to repeal the mining tax received Royal Assent on 5 September 2014 as Act No 96 of 2014.
The Bill also defers the abolition of some associated measures eg Income Support Bonus, Schoolkids Bonus, Low Income Super Contribution, and the compulsory super rate increase. Under the changes, the compulsory superannuation rate will increase to 10% from 1 July 2021 and by 0.5% per year from 1 July 2022 until it reaches 12% for the year beginning1 July 2025.
[LTN 173, 8/9/14]