The Treasurer on Wed 13.11.2013, introduced into the House of Reps the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013.
It proposes to repeal the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Minerals Resource Rent Tax (Imposition – Excise) Act 2012, and the Minerals Resource Rent Tax (Imposition – General) Act 2012. As a result of the repeal, taxpayers would not incur liabilities for MRRT on or after 1 July 2014.
The Bill also proposes to repeal or revise MRRT-related measures. The Bill would repeal the following measures:
- company loss-carry back;
- low income superannuation contribution;
- geothermal expenditure deduction;
- the income support bonus; and
- schoolkids bonus.
The Bill would also revise the following MRRT-related measures:
- capital allowances for small business entities – proposes to reduce the instant asset write-off threshold to id=”mce_marker”,000 and discontinue the accelerated depreciation arrangements for motor vehicles; and
- the superannuation guarantee (SG) charge percentage increase – proposes to delay by 2 years till 2021 the phase-in of the increase in the SGC to 12%.
[LTN 220, 13/11/13]
Bill Referred to Senate Committee (for report by 2 December 2013)
The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 has been referred to the Senate Economics Legislation Committee for inquiry and report by 2 December 2013.
[LTN 221, 14/11/13]
Bills pass Lower House and pass to the Senate
The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 was passed late on Wed 20.11.2013, by the House of Reps without amendment and now moves to the Senate. The Bill proposes to repeal the mining tax from 1 July 2014 and make several tax-related consequential amendments (referred to above).
[LTN 226, 21/11/13]