Minerals Resource Rent Tax Bill 2011

The majority voted against an amendment introduced by Nationals MP Tony Crook.

The amendment ensures that smaller miners will not have minerals resources rent tax('MRRT') liability until one of the mature miners pays the tax. MP Crook explains that "due to large starting-base allowances, the three mature miners who negotiated this tax may not actually pay the MRRT for several years"

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