Details

Service: Tax, Special Interests, Tax Reform, Resource Taxation
Type: Regulatory update
Date: 21/03/2012

MRRT and PRRT Bills pass through Parliament

On 19 March 2012, the legislation for the Minerals Resource Rent Tax (MRRT) and extension of the Petroleum Resource Rent Tax (PRRT) passed through the Senate, ushering in a new era in resource taxation in Australia.

The new federal mining taxes will apply to coal, iron ore and oil and gas, including onshore coal seam gas projects.

It is expected that Royal Assent will follow shortly. The laws will apply from 1 July 2012.

Since the first reading in the House of Representatives, the Bills have remained relatively unchanged during their passage through both Houses of Parliament. A notable change was to increase the low profit offset threshold for the MRRT from $50 million to $75 million.

Organisations subject to the new resource taxation regime should be preparing for the 1 July 2012 start date. This includes implementing MRRT and/or PRRT response plans, modelling potential tax costs, understanding the associated accounting disclosures and communicating to shareholders and other stakeholders.

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If you would like to discuss the potential impact of any resource taxation-related reforms, please contact your KPMG adviser or one of the members of our Resource Taxation Services team.

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