The Treasurer has introduced into the House of Reps the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 (MRRT). It proposes to repeal the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Minerals Resource Rent Tax (Imposition – Excise) Act 2012, and the Minerals Resource Rent Tax (Imposition – General) Act 2012.
As a result of the repeal, taxpayers would not incur liabilities for MRRT on or after 1 July 2014. The Bill also proposes to repeal or revise MRRT-related measures.
The Bill would repeal other measures including company loss-carry back, low income super contribution, the schoolkids bonus, geothermal expenditure deduction, and the income support bonus. The Bill would also revise MRRT-related measures including capital allowances for small business entities, and the super guarantee charge percentage increase.