The Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2013 was introduced into the House of Reps, on Mon 11.2.2013.
Introduced by the Australian Greens, the purpose of the Bill is to protect the revenue generated from the Minerals Resource Rent Tax (MRRT) from being eroded by state governments increasing royalties. The Bill proposes to amend s 60-25 of the Minerals Resource Rent Tax Act 2012 to provide that any increases in royalties after 1 July 2011 should be disregarded when calculating royalty credits for the MRRT. The amendments are proposed to apply to MRRT assessments from its first year of operation ie from 2012-13.
[LTN 28, 11/2/13]
MRRT and State royalties: committee recommends Bill not be passed
The report of the Senate Economics Legislation Committee on the Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2012 (a Private Senator’s Bill introduced by Greens Leader Senator Milne on 12 September 2012) was tabled in the Senate on Wed 27.2.2013. The report recommended that the Senate not pass the Bill. The Bill proposed amendments to the MRRT Act so that any increases in state royalties since 1 July 2011 would be disregarded when calculating royalty credits for the MRRT. The Greens issued a dissenting report, while the Coalition said the original MRRT Bills should be repealed.
[LTN 40, 28/2/13]