INTERNATIONAL TAX PLAZA - Australia: the Minerals Resource Rent Tax Repeal and other Measures Bill 2014 received Royal Assent

(September 10, 2014)

On September 5, 2014, the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014, a new Bill that proposes to repeal the Minerals Resource Rent Tax (MRRT) and related measures, received Royal Assent.

The Australian Government intends to recommend to the Governor - General to fix September 30, 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 following are the dates of effect for most taxpayers (taxpayers with a substituted accounting period may have a different date of effect):

Schedule 1 - Abolition of the mining tax from October 1, 2014 (with taxpayers final MRRT year (even if it is a part year) ending on September 30, 2014);
Schedule 2 - Abolition of the company loss carry-back from July 1, 2013;
Schedule 3 - Reduction of the instant asset write-off from January 1, 2014;
Schedule 4 - Abolition of accelerated depreciation for motor vehicles from January 1, 2014; and
Schedule 5 - Abolition of geothermal energy concessions from July 1, 2014.

Click here to be forwarded to the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014, as published on the website of the Australian Government, which will open in a new window.

For more information, click here to be forwarded to an announcement published in this respect on the website of the Australian Taxation Office, which will open in a new window.