Source: The Tax Specialist Journal Article
Published Date: 1 Apr 2013
This article will explore the recent constitutional challenge in the High Court to the Minerals Resource Rent Tax Act 2012 (Cth) reserved for judgment later in the year. The key points made by the parties will be identified, as well as a consideration of the relevant case law, to provide guidance for the likelihood and consequences of a successful challenge. On the basis of the submissions and relevant case law, it appears that the challenge will not be successful.
The High Court will, however, be likely to provide further clarification to the relevant taxation provisions under the Constitution. In providing context to the High Court challenge, a summary of the Australian Future Tax System’s Recommendations for a resource rent tax will be undertaken, as well as an outline of the current Minerals Resource Rent Tax Act 2012 and why it has failed to achieve its expected revenue targets.
Member profile: Rhys Cormick - Journal 01 Nov 2019
Dividend imputation: A critical review of the future of the system - Journal 01 Apr 2018
The current retirement system in Australia needs to be more attuned to a mobile international workforce: A case for reform - Journal 01 Sep 2014
Strategies for satisfying the Australian residency tests for SMSFs - Journal 01 Nov 2012
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.