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23 Nov 11 Minerals Resource Rent Tax and related Bills passed by House

In the early hours of the morning of 23 November 2011 (being a continuation of the sitting day of 22 November 2011), the following Bills were passed by the House of Representatives, amended where indicated:

  • Minerals Resource Rent Tax Bill 2011 (amended on the motion of Independent MP, Andrew Wilkie)
  • 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 (amended on the motion of the Government)
  • Superannuation Guarantee (Administration) Amendment Bill 2011(amended on the motion of the Governement)

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 guaranatee 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 (see below).

Superannuation Guarantee (Administration) Amendment Bill 2011 (as amended) 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.

In joint media release No 2011/143, issued 23 November 2011, the Prime Minister, Julia Gillard, the Minister for Resources and Energy, Martin Ferguson, and the Treasurer, Wayne Swan, commented on the passage of the Bills.

The Bills now proceed to the Senate.

 


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