On 5 September 2014, Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 received Royal Assent as Act 96 of 2104.
The Bill contains measures which repeals of the Minerals Resource Rent Tax, the company loss carry-back provisions, reduction of the instant asset write-off, abolition of the accelerated depreciation for motor vehicles and abolition of geothermal energy concessions.
In a joint media release issued on 9 September 2014, the Treasurer, Joe Hockey, and the Acting Assistant Treasurer, Mathias Cormann announced that the Government will be recommending to the Governor-General that he affix, by way of proclamation, 30 September 2014 as the commencement date for Schedules 1 to 5 to the Minerals Resource Rent Tax Repeal and Other Measures Act 2014.
As a result the Schedules will have the following dates of effect for most taxpayers:
- Schedule 1 – Abolition of the mining tax from 1 October 2014 (with taxpayers final MRRT year (even if it is a part year) ending on 30 September 2014);
- Schedule 2 – Abolition of the company loss carry-back from 1 July 2013;
- Schedule 3 - Reduction of the instant asset write-off from 1 January 2014;
- Schedule 4 - Abolition of accelerated depreciation for motor vehicles from 1 January 2014; and
- Schedule 5 - Abolition of geothermal energy concessions from 1 July 2014.