Skip to main content
shopping_cart

Your shopping cart is empty

20 Mar 12 Minerals Resource Rent Tax and related Bills await Royal Assent

On 19 March 2012, the following Bills were passed by the Senate without amendment:

  • 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

The first 5 Bills introduce a Minerals Resource Rent Tax (MRRT). The next 4 Bills amend the Petroleum Resource Rent Tax Assessment Act 1987 to expand its coverage to onshore petroleum projects and the North West Shelf project.

Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011 amends:

  • ITAA 1997, Income Tax (Transitional Provisions) Act 1997 and Taxation Administration Act 1953 to abolish the entrepreneurs' tax offset;
  • ITAA 1997 and Income Tax (Transitional Provisions) Act 1997 to increase the small business instant asset write-off threshold to $6500; and consolidate the long life small business pool and the general small business pool into a single pool to be written off at one rate;
  • ITAA 1997 to enable small business entities to claim an accelerated initial deduction for motor vehicles acquired in the 2012-13 and subsequent financial years; and
  • Superannuation (Government Co-contribution for Low Income Earners) Act 2003 to enable eligible low income earners to receive the low income superannuation contribution.

The amendments to Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011 ensure that employers will be entitled to a deduction under s 290-80 ITAA 1997 for superannuation guarantee charge (SGC) contributions made in respect of employees over age 75, following the proposed abolition of the 70 year age limit for SGC contributions from 1 July 2013.

Superannuation Guarantee (Administration) Amendment Bill 2011 amends the Superannuation Guarantee (Administration) Act 1992 to abolish the 70 year age limit for SGC contributions, effective from 1 July 2013; and incrementally increases the superannuation guarantee charge percentage from 9% to reach 12% in the 2019-20 financial year.

The Bills now await Royal Assent.

 


Media Release Search
Keywords
Eg. TD 2005/D52 ALL words EXACT phrase WITHOUT words Date range
From To