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.
The taxation of multinationals has been a hot topic in Australia for some time. In this Insight we highlight some of the recent developments in this area as well as further developments to look out...
A green light on the last lap (and after two red lights): The High Court by majority of 3:2 recently upheld the taxpayer’s appeal in Automotive Invest Pty Ltd v Commissioner of Taxation [2024] HCA 36.
The Samarco and Brumadinho tailings dam disasters in Brazil were (in no small part) the impetus for the creation of the ‘Global Industry Standard on Tailings Management’. The Standard is now being...