Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 – STATUS

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 measureIntended date of effectContent ref
Repeal of mining tax (MRRT)1 July 2014
Repeal of loss carry-back1 July 2013Company tax
Removal of small business instant asset accelerated depreciation1 January 2014Depreciation
Repeal of the geothermal expenditure deduction1 July 2014
Re-scheduling (deferral) of super guarantee increases1 July 2014Super guarantee
Removal of low income super contribution (LISC)1 July 2013LISC
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)

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This page was last modified on 24 June 2014