Revised Resource Tax Arrangements
Following extensive consultation with the industry, the Government has announced improved resource taxation arrangements to apply from 1 July 2012.
Under the new framework:
- a new Minerals Resource Rent Tax (MRRT) regime will apply to the mining of iron ore and coal in Australia
- the current Petroleum Resource Rent Tax (PRRT) regime will be extended to all Australian onshore and offshore oil and gas projects, including the North West Shelf.
To ensure the smooth implementation of the new arrangements, the Government established a Policy Transition Group (PTG), led by Mr Don Argus AC and the Hon Martin Ferguson MP (Minister for Resources and Energy) to consult with industry and advise the Government on the implementation of the new MRRT and PRRT arrangements.
Release of the Policy Transition Group final reports to Government
After an extensive consultation process, in accordance with its terms of reference, the PTG provided its reports to Government on 21 December 2010. The reports set out the PTG's recommendations for the design and implementation of the new taxation arrangements. They also include the PTG's findings and recommendations in relation to policies to promote minerals and petroleum exploration in Australia. The reports are available on the Future Tax website.