The Government on Thur 24.10.2013, released for comment draft legislation – the Exposure Draft Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 – to repeal the Minerals Resource Rent Tax (MRRT) and related tax measures.
The Draft Bill proposes to remove the MRRT with effect from 1 July 2014. The Bill would also discontinue or re-phase the measures that were intended to be funded by the MRRT. The Draft Bill includes the:
- repeal of loss carry back;
- reduction in the small business instant asset write off threshold [Under this draft, the ‘instant asset write-off’ would revert to id=”mce_marker”,000 – from $6,500.];
- repeal of accelerated depreciation for motor vehicles;
- repeal of the geothermal exploration provisions;
- re-phasing of the change in rate of the superannuation guarantee charge percentage;
- repeal of the low income superannuation contribution;
- repeal of the income support bonus; and
- repeal of the schoolkids bonus.
COMMENTS are due by 31 October 2013.
[LTN 206, 24/10/13]