Minerals resource rent tax |
On 2 May 2010, the Federal Government announced significant changes to the taxation of the Australian resources sector in the form of the Resource Super Profits Tax.
On 2 July 2010 this was refined and became the MRRT applying mainly to Australian iron ore and coal projects. The preliminary exposure draft legislation establishing the framework for the operation of the MRRT was released on 10 June 2011 and on 18 September 2011 the Federal Government released the second and final exposure draft of the proposed MRRT legislation and explanatory material.
On the 2 November 2011 a MRRT Bill was introduced into the House of Representatives and was subsequently passed on 23 November 2011. The MRRT Bill has now been referred to the Senate Economics Legislation Committee with their report due on 14 March 2012 coinciding with the Autumn sitting of Parliament.
Time is of the essence for affected taxpayers to consider the implications of the MRRT for their bottom lines and the impact it might have on their investment decisions. Deloitte can help affected taxpayers to determine their potential exposure to the MRRT and how it will affect their business, and assist them to achieve a smooth and successful transition.
