Second Reading Speeches

Minerals Resource Rent Tax Repeal and Other Measures Bill 2013

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Not Proceeding
Parliament no
44

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Summary

The bill: repeals the

Minerals Resource Rent Tax Act 2012
,
Minerals Resource Rent Tax (Imposition—Customs) Act 2012
,
Minerals Resource Rent Tax (Imposition—Excise) Act 2012
and
Minerals Resource Rent Tax (Imposition—General) Act 2012
; amends the:
Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
to provide that companies can carry tax losses forward to use as a deduction for a future year;
Income Tax Assessment Act 1997
to: amend the instant asset write-off threshold provisions for small business entities; provide that motor vehicle purchases made by small business entities will be treated as normal business assets for depreciation purposes; and provide that geothermal energy exploration and prospecting expenditure are no longer immediately deductible;
Superannuation Guarantee (Administration) Act 1992
to delay increases in the superannuation guarantee rate for a two-year period;
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
to abolish the low income superannuation contribution;
Social Security Act 1991
and
Social Security (Administration) Act 1999
to abolish the income support bonus payment; and
A New Tax System (Family Assistance) Act 1999
,
A New Tax System (Family Assistance) (Administration) Act 1999
,
Income Tax Assessment Act 1997
and
Social Security (Administration) Act 1999
to abolish the schoolkids bonus payment; and makes consequential amendments to 13 Acts.