The Senate Economics Legislation Committee has recommended that the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 be passed by the Senate. The Committee also recommended that:
(i) the Government revisit certain measures in the Bill, in particular incentives in superannuation for low income earners and taxation issues affecting small business, “once the Budget returns to strong surplus”; and
(ii) the Government consider revisiting the question of incentives in superannuation for low income earners as part of its tax review. The Committee’s report was tabled on Mon 2.12.2013, in the Senate.
The Labor Senators on the Committee issued a dissenting report recommending that the Bill not be passed, as did the Greens.
The Bill contains measures to repeal the mining tax, abolish company loss carry-back, wind back capital allowance deductions for small business, delay by 2 years the phasing-in of the increase in the SGC to 12%, repeal the low income superannuation contribution, repeal the geothermal expenditure deduction, and repeal the income support bonus and schoolkids bonus.
[LTN 234, 3/12/13]