The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 [No 2], also re-introduced on Mon 23.6.2014, proposes to repeal the mining tax and make consequential amendments to other legislation, including the ITAA 1997 and the Taxation Administration Act 1953, required as a result of the repeal of the MRRT.
These include repeal of:
- company loss-carry back;
- low income superannuation contribution;
- the income support bonus;
- geothermal expenditure deduction; and
- schoolkids bonus.
- The instant asset write-off threshold would be reduced from $6,500 to id=”mce_marker”,000, and the
- accelerated depreciation arrangements for motor vehicles would be discontinued.
[LTN 118, 23/6/14]
The Mining Tax Repeal Bills pass House of Reps
The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 [No 2] passed by the House of Reps on Thur 26.6.2014, without amendment and now proceeds to the Senate (along with the Bills to repeal the Carbon Tax).
[LTN 122, 27/6/14]