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Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2012

Introduced into the Senate on 12 September 2012
By: Senator Milne

Purpose of the bill

1.2        This bill amends the Mineral Resource Rent Tax Act 2012 to:

• clarify that the intention of the Act is that mining profits may be reduced by a miner’s Commonwealth, State and Territory mining royalty amounts in force on 1 July 2011;
• provide that any increases in royalties after 1 July 2011 should be disregarded when calculating royalty credits for the Minerals Resource Rent Tax (MRRT); and
• provides that the bill will apply to MRRT assessments from its first year of operation, namely 2012-13.

1.3        The explanatory statement states that the purpose of the bill is to protect the revenue generated from the Minerals Resource Rent Tax from being eroded by state governments increasing royalties.

1.4        The statement states that the bill does not engage any human rights as it concerned only with the tax arrangements of mining companies.

1.5        The committee has no substantive comments in relation to this bill or the statement of compatibility.

1.6        The committee has no substantive comments in relation to this bill as it does not appear to raise any human rights concerns and the statement of compatibility appears adequate.

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