Mineral and Petroleum Resource Rent Taxes Update

Articles Written by Jane Trethewey

The Government appointed a Policy Transition Group (PTG) to develop the detailed technical design of the new taxes. The PTG provided its report to Government in December 2010, making 94 recommendations, all of which were accepted.

On 10 June 2011 Treasury released for public comment exposure draft (ED) legislation and accompanying explanatory memorandum (EM) for the MRRT and on 26 August 2011 it released ED legislation and explanatory notes for the expanded PRRT. Submissions on the MRRT ED were due on 14 July 2011 and a second, more comprehensive ED will be released shortly. Submissions on the PRRT ED are due by 29 September 2011.

The legislation will be introduced into Parliament towards the end of 2011.

This article summarises the key features of the proposed MRRT and expanded PRRT.

Important Disclaimer: The material contained in this article is comment of a general nature only and is not and nor is it intended to be advice on any specific professional matter. In that the effectiveness or accuracy of any professional advice depends upon the particular circumstances of each case, neither the firm nor any individual author accepts any responsibility whatsoever for any acts or omissions resulting from reliance upon the content of any articles. Before acting on the basis of any material contained in this publication, we recommend that you consult your professional adviser. Liability limited by a scheme approved under Professional Standards Legislation (Australia-wide except in Tasmania).

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