\n\tBy Rudi Filapek-Vandyck<\/p>\n
\n\tThe post-Rudd government has finalised its negotiations with miners and energy companies and a new tax regime has been born since. Start saying “Minerals Resource Rent Tax (MRRT)” every morning in the mirror because that's the new term we will all hear a lot from now on.<\/p>\n
\n\tKey characteristic of the new MRRT is that it only applies to iron ore and coal, which reduces the number of affected companies from 2500 to around 320, according to a joint press statement released on Friday morning.<\/p>\n
\n\tThe 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.<\/p>\n
\n\tStarting date of the tax changes is 1 July 2012.<\/p>\n
\n\tOn the government's estimates, the changes will “cost” (less revenues than earlier estimated) some $1.5bn and this has led to other changes in the previous suggestions.<\/p>\n
\n\tChange number one is that small companies can no longer look forward to a cut in tax rate to 28%, they'll have to deal with 29% instead. Similarly, the overall tax for larger companies in Australia will fall to 29% from 30% from 2012-13 onwards, but there will be no second reduction to 28%.<\/p>\n
\n\tAlso, the previously suggested “resource exploration rebate” has now been shelved. Not that big mining companies cared about this government security anyway.<\/p>\n
\n\tThe government maintains the changes will not impact on its intention of bringing the budget back to surplus by 2013.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Australian government and the miners and energy companies have reached an agreement on a new tax regime.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[23,89,24,88,22],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/56825"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=56825"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/56825\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=56825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=56825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=56825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}