Tax Counsel Tamera Lang ATIA and Amrit MacIntyre FTIA (Baker & McKenzie) attended the inaugural meeting of the NTLG Resources Rent Tax sub-committee on Tuesday 12 April 2011. This new sub-committee has been formed following the Policy Transition Group’s recommendation that the ATO commence consultation as soon as possible on administrative aspects of the new MRRT and extension of the PRRT. At the meeting, the Chair outlined the draft charter of the group as well as its terms of reference. The group also discussed the broad areas of the new regime where ATO “early guidance” will be needed. This early guidance will consist of general, scenario-based information about how the ATO considers it would administer the proposed legislative arrangements. It will not be taxpayer specific, as the ATO cannot provide binding advice until the legislation has been passed. The ATO will be working closely with the sub-committee to develop its early guidance products before they are published on the ATO’s website. Like the newly formed Resources Tax Implementation Group, there are many aspects of the sub-committee’s work that will be confidential until broader community consultation occurs.
We encourage members who have concerns or issues with the new resources tax regime to contact Tax Policy as we may be able to escalate your issue to the sub-committee. If you have resources tax experience and are interested in participating in our resources tax working group, please contact us.