Government releases exposure draft for resources tax
The Federal Government has released draft legislation for the introduction of the Minerals Resource Rent Tax (MRRT) for public comment.
Although the draft is not exhaustive it is intended to provide stakeholders with an early overview of the legislation and will use the public input for the preparation of a second and final exposure draft later in the year.
The Government is encouraging stakeholders to make submissions on the preliminary draft after a round of 'constructive consultation' with the mining industry and tax professionals.
Treasury has said public submissions will 'play an important role' in informing the detailed design of the new resource tax arrangements.
The Government has thanked the Resource Tax Implementation Group (RTIG), which comprises representatives of industry and the tax profession as well as government officials, for the 'substantial input to date' on the draft bill. Consultation with the Group has identified some technical issues in the legislation that the Treasury and RTIG will continue to work on. These issues will be covered in the second exposure draft release.
The Treasury will release exposure draft legislation relating to amendments to the Petroleum Resource Rent Tax (PRRT) in the near future. The introduction of the MRRT and changes to the PRRT, which were announced last year, will come into operation from 1 July 2012.
Copies of the MRRT draft and supporting materials are available on the Treasury website.
Consultation on the preliminary draft closes on 14 July.