On 10 June 2011 the Treasury released for public comment draft legislation for the introduction of the Minerals Resource Rent Tax (MRRT). The draft Bill is the Minerals Resource Rent Tax Bill 2011.
The preliminary exposure draft legislation is based on the recommendations of the Policy Transition Group and establishes the framework for the operation of the MRRT.
The draft is not exhaustive and is intended to provide stakeholders with an early overview of the legislation. The government intends to release a second and final exposure draft for public consultation later in the year.
The draft Bill provides the legislative framework for the MRRT. The Explanatory Memorandum (EM) explains, in broad terms, how the MRRT will be implemented.
For the full texts of the draft Bill, the EM and a fact sheet go here.