BACKGROUND

The Minerals Resource Rent Tax (MRRT or mining tax) has been repealed. The Governor-General fixed, by way of proclamation, 30 September 2014 as the commencement date for the Minerals Resource Rent Tax Repeal and Other Measures Act 2014 (Act No 96 of 2014) which abolishes the MRRT. As a result of the repeal, taxpayers do not incur liabilities for MRRT from 30 September 2014. Abolition of the MRRT therefore applies from 1 October 2014, with taxpayers' final MRRT year (even a part year) ending on 30 September 2014. The ATO has clarified that it will work closely with tax practitioners and industry on the administrative treatment of this change.

OVERVIEW

This essential second edition of Australian Resource Rent Tax Legislation with Regulations is consolidated to 1 October and contains the repealed Minerals Resource Rent Tax Assessment Act 2012 and the Petroleum Resource Rent Tax Assessment Act 1987, plus all relevant related legislation in one handy volume. The book has been specially designed to be an invaluable first point of reference for professionals working in, for or dealing with the mining or petroleum industries. These include tax practitioners, tax profesionals working in the mining or petroleum industries, corporates, regulators and large law firms.

KEY FEATURES

The repealed MRRT legislation, as well as detailed transitional provisions covering the effect of repeals and amendments on preceding MRRT years and continuation of the Commissioner's power to make certain legislative instruments, is reproduced in full in this edition so that users are completely up to date with this major change. With regard to the Petroleum Resource Rent Tax (PRRT) legislation also included in this volume, the Petroleum Resource Rent Tax Assessment Regulations 2005 have been added into this edition.

TABLE OF CONTENTS

• Minerals Resource Rent Tax Act 2012 [Repealed]
• Minerals Resource Rent Tax (Imposition - General) Act 2012 [Repealed]
• Minerals Resource Rent Tax (Imposition - Customs) Act 2012 [Repealed]
• Minerals Resource Rent Tax (Imposition - Excise) Act 2012 [Repealed]
• Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Act 2012 [Extracts - Schedule 4] [Repealed]
• Taxation Administration Act 1953 [Extracts - Schedule 1]
• Petroleum Resource Rent Tax Assessment Act 1987
• Petroleum Resource Rent Tax Assessment Regulations 2005
• Petroleum Resource Rent Tax (Imposition - General) Act 2012
• Petroleum Resource Rent Tax (Imposition - Customs) Act 2012
• Petroleum Resource Rent Tax (Imposition - Excise) Act 2012