Start dates proclaimed: Repeal of mining tax and small business tax breaks

The Governor-General has proclaimed Tuesday 30 September as the start date for Sch 1 to 5 of the Minerals Resource Rent Tax Repeal and Other Measures Act 2014.

As a result, the Schedules will have the following dates of effect for most taxpayers (those with a substituted accounting period may have a different date of effect):

• Sch 1 – abolition of the mining tax from 1 October 2014
• Sch 2 – abolition of the company loss carry-back from 1 July 2013
• Sch 3 – reduction of the instant asset write-off from 1 January 2014
• Sch 4 – abolition of accelerated depreciation for motor vehicles from 1 January 2014
• Sch 5 – abolition of geothermal energy concessions from 1 July 2014