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16 May 13 Immediate deduction for mining rights and information first used for exploration - proposals paper released

On 14 May 2013, in conjunction with the delivery of the 2013-14 Budget, the Treasurer announced a package of changes to the law to protect the corporate tax base from "erosion and loopholes".

One area of change relates to a tax concession that is meant to support genuine exploration but is instead being claimed for the costs of acquiring mining rights and information, where the price paid reflects the value of natural resources that have already been discovered.

Treasury has now released, for  public consulation, a proposals paper which describes the proposed changes to the tax law.

The closing date for submissions is Friday 12 July 2013.


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