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.
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The High Court has delivered its decision in Harvey v Minister for Primary Industries and Resources  HCA 1.
Multinational groups who use intangible assets as part of their operations should be aware of two new guidance documents published by the ATO.
Foreign surcharges are payable in addition to ordinary stamp duty or land tax. Victoria and Queensland offer exemptions from the foreign surcharges for certain large organisations.