Minerals Resource Rent Tax Repeal and Other Measures Bill 2014

The majority voted in favour of a motion to agree to the amendments made in the Senate,(Read more about the amendments here. ) which means that the bill will now become law. This is because the Senate had agreed to the bill, subject to their amendments being accepted by the House of Representatives, which had previously agreed to the bill.(Read more about the stages that a bill must pass through to become law here. )

Background to the bill

This bill was introduced following the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 (No. 2) being laid aside because it could not "be progressed in its current form".(Read more about this bill being set aside here. The division which resulted in that bill being laid aside is available here. )

This bill repeals the Minerals Resource Rent Tax as well as related measures such as the low income superannuation contribution, the income support bonus and the schoolkids bonus. The bill also revises the capital allowances for small business entities and the superannuation guarantee charge percentage increase.(Read more about the changes made in the bill in the explanatory memorandum. ) Under the previous Labor government, the superannuation was set to increase to 12 per cent by 2019 (as of 1 July 2014, it is at 9.5 per cent).(Read more about superannuation in Australia here.) However, this bill will push that rise up until 1 July 2025.