Minerals Resource Rent Tax Bill 2011

The majority voted against an amendment introduced by Liberal Senator Mathias Cormann.

Senator Cormann explained that the amendment was "to the effect that we should not as a Senate continue to consider this bad piece of legislation until such time as the government have complied with all of the outstanding orders for information".(Read Senator Cormann's whole explanation here. )

Background to the bill

The Minerals Resource Rent Tax Bill 2011 is one of eleven bills that were introduced as a package to introduce a minerals resource rent tax ('MRRT').(Read more about the MRRT here.) The tax is set to begin on 1 July 2012 and apply to profits earned from the extraction of mineral resources such as coal and iron ore.

The eleven bills are:

• Minerals Resource Rent Tax Bill 2011
• Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011
• Minerals Resource Rent Tax (Imposition—General) Bill 2011
• Minerals Resource Rent Tax (Imposition—Customs) Bill 2011
• Minerals Resource Rent Tax (Imposition—Excise) Bill 2011
• Petroleum Resource Rent Tax Assessment Amendment Bill 2011
• Petroleum Resource Rent Tax (Imposition—General) Bill 2011
• Petroleum Resource Rent Tax (Imposition—Customs) Bill 2011
• Petroleum Resource Rent Tax (Imposition—Excise) Bill 2011
• Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011
• Superannuation Guarantee (Administration) Amendment Bill 2011

References