Australia

Details

  • Service: Tax, Corporate Tax, Global Transfer Pricing Services, Topics, Tax Reform, Resource Taxation
  • Industry: Energy & Natural Resources, Mining, Oil & Gas
  • Type: Business and industry issue, Regulatory update
  • Date: 30/06/2011

Tax in Focus: Minerals Resource Rent Tax Exposure Draft 

KPMG has prepared a Tax in Focus Brief on the Exposure Draft (ED) and Explanatory Memorandum (EM) released for consultation on the Government's proposed Minerals Resource Rent Tax (MRRT).
Tax in Focus: Minerals Resource Rent Tax Exposure Draft cover
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The proposed MRRT is a potentially complex tax requiring the application of concepts from income tax and goods and services tax (GST) legislation, together with the use of the Organisation for Economic Co-operation and Development (OECD) transfer pricing guidelines, mining law, accounting concepts and market valuation principles.

 

The ED is not exhaustive, and is intended to provide stakeholders with an early overview of the legislation and allows those who wish to make further comment to do so before the legislation is finalised later this year. The Government has indicated it intends to release a second and final ED on the proposed MRRT for public consultation later in the year.

 

Our brief provides a summary of the key concepts within the ED and EM and and includes KPMG’s observations on matters that will be relevant in finalising the MRRT legislation.

 Translations

 

Resource Taxation

Resource Taxation
We look at the resource tax landscape which is experiencing significant change with the repeal of the MRRT and amendments to the PRRT.

Tax

Our Tax Team assists with corporate tax, transfer pricing, indirect tax, international executive services, R&D incentives, superannuation and more.

Energy & Natural Resources

KPMG’s ENR practice provides a wide array of audit, tax and advisory services to all key sectors including Mining and Oil & Gas.