Second Exposure Draft - Minerals Resource Rent Tax Bill 2011

Date:

Sunday, 18 September 2011

Content ID:

2157

Abstract:

On 2 July 2010, the Government announced new taxation arrangements for the resources sector. As part of these arrangements, a Minerals Resource Rent Tax (MRRT) will apply to coal and iron ore projects from 1 July 2012.

On 24 March 2011, the Government accepted all the 94 recommendations of the Policy Transition Group (PTG), led by Resources Minister Martin Ferguson and Mr Don Argus AC, relating to the new resource tax arrangements. The PTG recommendations form the basis of the draft MRRT legislation.

On 10 June 2011, the Government released a draft MRRT Bill and Explanatory Memorandum (EM) for an initial round of public consultation. Since then, more provisions have been prepared, and others have been revised to reflect the feedback received through submissions.

The second exposure drafts of the Bill and EM have been released as part of the public consultation process to provide interested parties with an opportunity to comment.

The draft Bill provides the legislative framework for the MRRT. The EM explains, in broad terms, how the MRRT will be implemented.

Making a submission

Interested parties are invited to comment on the draft Bill and EM. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Wednesday, 5 October 2011

Address written submissions to:
The Manager
Resource Tax Unit
Business Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: resourcetax@treasury.gov.au

For enquiries, please call Victoria Henry on (02) 6263 2922.

Documents Available:

Related Items:

Submissions: Second Exposure Draft - Minerals Resource Rent Tax Bill 2011 - 19/10/2011

Treasury has received 18 submissions in response to public consultation on the Minerals Resource Rent Tax (MRRT) Bill 2011. There were twelve public submissions and six confidential submissions. The submissions that do not contain confidential material are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.