Published on 01 Apr 13
by "THE TAX SPECIALIST" JOURNAL ARTICLE
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.
Rhys is a Law and Commerce graduate, University of Canberra.
Current 1 September 2014