The Government’s first attempt to repeal the Mining Tax along with a bunch of related tax measures was contained in the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 which was defeated in the Senate on 25 March 2014.
The Government’s second attempt, presumably with hopes of a more sympathetic reception from the composition of the new Senate from 1 July 2014, was introduced to parliament on 23 June 2014 as the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 (No. 2).
The key components and operative timetable for the tax measures affected by the new repeal bill are essentially unchanged:
|Bill repeal measure||Intended date of effect||Content ref|
|Repeal of mining tax (MRRT)||1 July 2014|
|Repeal of loss carry-back||1 July 2013||Company tax|
|Removal of small business instant asset accelerated depreciation||1 January 2014||Depreciation|
|Repeal of the geothermal expenditure deduction||1 July 2014|
|Re-scheduling (deferral) of super guarantee increases||1 July 2014||Super guarantee|
|Removal of low income super contribution (LISC)||1 July 2013||LISC|
|Removal of pensioners’ income support bonus (next due Sept 2014)||date of Royal Assent *|
|Removal of School Kids’ Bonus (next due July 2014)||date of Royal Assent *||School kids bonus|
* Measures taking effect from the date of Assent will continue until that time. In practical terms this means that if the legislation is not in place before 1 July 2014, the July 2014 School Kids Bonus payment will proceed, or in the case of Income support bonus, September 2014.
For further detail see Explanatory Memorandum
To track progress of the new Bill through parliament – see MRRT Repeal Bill (No. 2)
This page was last modified on 24 June 2014